I-3 - Taxation Act

Section 965.20 Disposition versions

2017-12-07

965.20. (Repealed).

1983, c. 44, s. 37; 1986, c. 15, s. 145; 1987, c. 21, s. 61; 1988, c. 4, s. 111; 1990, c. 7, s. 127; 1992, c. 1, s. 127; 1995, c. 1, s. 105; 2017, c. 29, s. 166.

2006-03-01

965.20. An individual resident in Québec on 31 December of a year who, in the year, withdraws a share, a security or a non-guaranteed convertible security from a stock savings plan under which he is a beneficiary, shall include in computing his income for the year, in respect of the aggregate of the plans, the lesser of

(a)  the adjusted cost of the shares, securities and non-guaranteed convertible securities withdrawn by him from the plans during the year; and

(b)  the amounts deducted by him under section 726.1 for the preceding two years less any amount described in section 310 which he was to include in computing his income for the preceding year in respect of a stock savings plan, and less the adjusted cost of the shares, securities and non-guaranteed convertible securities included in the plans at the end of the year, including those acquired by him in the year that he included in the plans during the month of January of the following year.

For the purposes of the first paragraph, where the individual is a member of an investment group and, in the taxation year, the investment group withdraws a share or a non-guaranteed convertible security from a stock savings plan under which it is a beneficiary, that share or that non-guaranteed convertible security, as the case may be, constitutes, up to the amount of the individual’s interest in the investment group indicated in the declaration filed with the dealer or, where such is the case, determined in paragraph c of section 965.6.5 or in paragraph b of section 965.6.6, a share or a non-guaranteed convertible security, as the case may be, withdrawn by the individual from a stock savings plan under which he is a beneficiary.

1983, c. 44, s. 37; 1986, c. 15, s. 145; 1987, c. 21, s. 61; 1988, c. 4, s. 111; 1990, c. 7, s. 127; 1992, c. 1, s. 127; 1995, c. 1, s. 105.