I-3 - Taxation Act

Section 1079.13 Disposition versions

2006-06-13

1079.13. Without restricting the generality of section 1079.10 and despite any other legislative or regulatory provision, in determining the tax consequences to a person as is reasonable in the circumstances in order to deny a tax benefit that, but for this Title, would result, directly or indirectly, from an avoidance transaction,

(a)  any deduction, exemption or exclusion in computing income, taxable income, taxable income earned in Canada or tax payable or any part thereof may be allowed or disallowed in whole or in part;

(b)  any deduction, exemption or exclusion referred to in paragraph a, any income, loss or other amount or part thereof may be allocated to any person;

(c)  the nature of any payment or other amount may be recharacterized;

(d)  the tax effects that would otherwise result from the application of other provisions of this Act may be ignored.

1990, c. 59, s. 351; 2006, c. 13, s. 205.

2006-03-01

1079.13. Without restricting the generality of section 1079.10, in determining the tax consequences to a person as is reasonable in the circumstances in order to deny a tax benefit that, but for this Title, would result, directly or indirectly, from an avoidance transaction,

(a)  any deduction in computing income, taxable income, taxable income earned in Canada or tax payable or any part thereof may be allowed or disallowed in whole or in part;

(b)  any deduction referred to in paragraph a, any income, loss or other amount or part thereof may be allocated to any person;

(c)  the nature of any payment or other amount may be recharacterized;

(d)  the tax effects that would otherwise result from the application of other provisions of this Act may be ignored.

1990, c. 59, s. 351.