I-3 - Taxation Act

Section 105.2 Disposition versions

2019-06-19

105.2. (Repealed).

1996, c. 39, s. 33; 2003, c. 2, s. 38; 2019, c. 14, s. 78.

2006-03-01

105.2. The formula to which paragraph b of section 105 refers is the following:

2/3 × [A − (B + C + D)].

For the purposes of the formula in the first paragraph,

(a)  A is the excess referred to in section 105;

(b)  B is the amount determined under subparagraph a of the second paragraph of section 107 at the end of the year in respect of the business;

(c)  C is 1/2 of the amount determined under subparagraph ii of subparagraph a of the second paragraph of section 107 at the end of the year in respect of the business; and

(d)  D is, where the taxpayer was resident in Canada throughout the year, the amount claimed by the taxpayer, not exceeding the taxpayer’s exempt gains balance in respect of the business for the year determined in accordance with section 107.2 and, in any other case, nil.

For the purposes of subparagraph d of the second paragraph, an individual who is resident in Canada at any time in a taxation year is deemed to be resident in Canada throughout the year if the individual is resident in Canada throughout the preceding taxation year or the following taxation year.

1996, c. 39, s. 33; 2003, c. 2, s. 38.