I-3 - Taxation Act

Section 1094 Disposition versions

2019-06-19

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, property used in Québec and included in Class 14.1 of Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1) in relation to a business, or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly (otherwise than through a corporation, partnership or trust the shares or interests in which were not themselves taxable Québec property) from one or any combination of

i.  an immovable property situated in Québec,

ii.  a Québec resource property within the meaning of subparagraph d of the first paragraph of section 1089,

iii.  a Québec timber resource property within the meaning of subparagraph e of the first paragraph of section 1089, and

iv.  a right in or an option in respect of a property described in any of subparagraphs i to iii, whether or not the property exists; and

(c.1)  (paragraph repealed);

(d)  a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any time during the 60-month period that ends at the particular time,

i.  25% or more of the issued shares of any class of shares of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of the taxpayer, persons with whom the taxpayer did not deal at arm’s length and partnerships in which the taxpayer or a person with whom the taxpayer did not deal at arm’s length holds an interest directly or indirectly through one or more other partnerships, and

ii.  more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described in subparagraphs i to iv of paragraph c;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed);

(h.1)  (paragraph repealed);

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279; 2010, c. 5, s. 188; 2011, c. 6, s. 215; 2015, c. 24, s. 155; 2017, c. 1, s. 370; 2019, c. 14, s. 436.

2017-02-08

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, incorporeal capital property used in Québec in relation to a business or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly (otherwise than through a corporation, partnership or trust the shares or interests in which were not themselves taxable Québec property) from one or any combination of

i.  an immovable property situated in Québec,

ii.  a Canadian resource property,

iii.  a timber resource property, and

iv.  a right in or an option in respect of a property described in any of subparagraphs i to iii, whether or not the property exists; and

(c.1)  (paragraph repealed);

(d)  a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any time during the 60-month period that ends at the particular time,

i.  25% or more of the issued shares of any class of shares of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of the taxpayer, persons with whom the taxpayer did not deal at arm’s length and partnerships in which the taxpayer or a person with whom the taxpayer did not deal at arm’s length holds an interest directly or indirectly through one or more other partnerships, and

ii.  more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described in subparagraphs i to iv of paragraph c;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed);

(h.1)  (paragraph repealed);

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279; 2010, c. 5, s. 188; 2011, c. 6, s. 215; 2015, c. 24, s. 155; 2017, c. 1, s. 370.

2015-10-26

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, incorporeal capital property used in Québec in relation to a business or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly (otherwise than through a corporation, partnership or trust the shares or interests in which were not themselves taxable Québec property) from one or any combination of

i.  an immovable property situated in Québec,

ii.  a Canadian resource property,

iii.  a timber resource property, and

iv.  a right in or an option in respect of a property described in any of subparagraphs i to iii, whether or not the property exists; and

(c.1)  (paragraph repealed);

(d)  a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any time during the 60-month period that ends at the particular time,

i.  25% or more of the issued shares of any class of shares of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of the taxpayer and persons with whom the taxpayer did not deal at arm’s length, and

ii.  more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described in subparagraphs i to iv of paragraph c;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed);

(h.1)  (paragraph repealed);

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279; 2010, c. 5, s. 188; 2011, c. 6, s. 215; 2015, c. 24, s. 155.

2011-06-06

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, incorporeal capital property used in Québec in relation to a business or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly from one or any combination of

i.  an immovable property situated in Québec,

ii.  a Canadian resource property,

iii.  a timber resource property, and

iv.  a right in or an option in respect of a property described in any of subparagraphs i to iii, whether or not the property exists; and

(c.1)  (paragraph repealed);

(d)  a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any time during the 60-month period that ends at the particular time,

i.  25% or more of the issued shares of any class of shares of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of the taxpayer and persons with whom the taxpayer did not deal at arm’s length, and

ii.  more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described in subparagraphs i to iv of paragraph c;

(e)  (paragraph repealed);

(f)  (paragraph repealed);

(g)  (paragraph repealed);

(h)  (paragraph repealed);

(h.1)  (paragraph repealed);

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279; 2010, c. 5, s. 188; 2011, c. 6, s. 215.

2010-04-20

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, incorporeal capital property used in Québec in relation to a business or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation resident in Québec, other than a mutual fund corporation, that is not listed on a designated stock exchange;

(c.1)  a share of the capital stock of a corporation not resident in Canada that is not listed on a designated stock exchange where, at any time during the 60-month period that ends at the particular time,

i.  more than 50% of the fair market value of all the properties of the corporation was attributable to the following properties of the corporation:

(1)  a taxable Québec property,

(2)  a Canadian resource property,

(3)  a timber resource property,

(4)  an income interest in a trust resident in Canada, or

(5)  an interest in or option in respect of a property described in any of subparagraphs 2 to 4, whether or not the property exists, and

ii.  more than 50% of the fair market value of the share is derived directly or indirectly from one or any combination of

(1)  immovable property situated in Québec,

(2)  Canadian resource property, and

(3)  timber resource property;

(d)  a share that is listed on a designated stock exchange and that would be described in paragraph c or c.1 if those paragraphs were read without reference to “that is not listed on a designated stock exchange”, or a share of the capital stock of a mutual fund corporation, if at any time during the 60-month period that ends at the particular time the taxpayer, persons with whom the taxpayer did not deal at arm’s length, or the taxpayer together with all such persons owned 25% or more of the issued shares of any class of the capital stock of the corporation;

(e)  an interest in a partnership where, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of all the properties of the partnership was attributable to the following properties of the partnership:

i.  a taxable Québec property,

ii.  a Canadian resource property,

iii.  a timber resource property,

iv.  an income interest in a trust resident in Canada, or

v.  an interest in or option in respect of a property described in any of subparagraphs ii to iv, whether or not the property exists;

(f)  a capital interest in a trust, other than a unit trust, resident in Québec;

(g)  a unit of a unit trust resident in Québec which is not a mutual fund trust;

(h)  a unit of a mutual fund trust resident in Québec where, at any time during the 60-month period that ends at the particular time, at least 25% of the issued units belonged to the taxpayer, to persons with whom the taxpayer did not deal at arm’s length, or to the taxpayer and persons with whom the taxpayer did not deal at arm’s length; and

(h.1)  an interest in a trust not resident in Canada where, at any time during the 60-month period that ends at the particular time,

i.  more than 50% of the fair market value of all the properties of the trust was attributable to the following properties of the trust:

(1)  a taxable Québec property,

(2)  a Canadian resource property,

(3)  a timber resource property,

(4)  an income interest in a trust resident in Canada, or

(5)  an interest in or an option in respect of a property described in any of subparagraphs 2 to 4, whether or not the property exists, and

ii.  more than 50% of the fair market value of the interest is derived directly or indirectly from one or any combination of

(1)  immovable property situated in Québec,

(2)  Canadian resource property, and

(3)  timber resource property;

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279; 2010, c. 5, s. 188.

2006-03-01

1094. For the purposes of this Part, taxable Québec property of a taxpayer at a particular time in a taxation year means

(a)  an immovable property situated in Québec;

(b)  property used in Québec by the taxpayer in carrying on a business, incorporeal capital property used in Québec in relation to a business or property used in Québec and included in the inventory of a business, other than

i.  property used in carrying on an insurance business, and

ii.  where the taxpayer is not resident in Canada, ships and aircraft used principally in international traffic and movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property;

(b.1)  any capital property used or held in Québec by an insurer in the year that is its designated insurance property, within the meaning of section 818, for the year;

(c)  a share of the capital stock of a corporation resident in Québec, other than a mutual fund corporation, that is not listed on a Canadian stock exchange or a foreign stock exchange;

(c.1)  a share of the capital stock of a corporation not resident in Canada that is not listed on a Canadian stock exchange or a foreign stock exchange where, at any time during the 60-month period that ends at the particular time,

i.  more than 50% of the fair market value of all the properties of the corporation was attributable to the following properties of the corporation:

(1)  a taxable Québec property,

(2)  a Canadian resource property,

(3)  a timber resource property,

(4)  an income interest in a trust resident in Canada, or

(5)  an interest in or option in respect of a property described in any of subparagraphs 2 to 4, whether or not the property exists, and

ii.  more than 50% of the fair market value of the share is derived directly or indirectly from one or any combination of

(1)  immovable property situated in Québec,

(2)  Canadian resource property, and

(3)  timber resource property;

(d)  a share that is listed on a Canadian stock exchange or a foreign stock exchange and that would be described in paragraph c or c.1 if those paragraphs were read without reference to “that is not listed on a Canadian stock exchange or a foreign stock exchange”, or a share of the capital stock of a mutual fund corporation, if at any time during the 60-month period that ends at the particular time the taxpayer, persons with whom the taxpayer did not deal at arm’s length, or the taxpayer together with all such persons owned 25% or more of the issued shares of any class of the capital stock of the corporation;

(e)  an interest in a partnership where, at any time during the 60-month period that ends at the particular time, more than 50% of the fair market value of all the properties of the partnership was attributable to the following properties of the partnership:

i.  a taxable Québec property,

ii.  a Canadian resource property,

iii.  a timber resource property,

iv.  an income interest in a trust resident in Canada, or

v.  an interest in or option in respect of a property described in any of subparagraphs ii to iv, whether or not the property exists;

(f)  a capital interest in a trust, other than a unit trust, resident in Québec;

(g)  a unit of a unit trust resident in Québec which is not a mutual fund trust;

(h)  a unit of a mutual fund trust resident in Québec where, at any time during the 60-month period that ends at the particular time, at least 25% of the issued units belonged to the taxpayer, to persons with whom the taxpayer did not deal at arm’s length, or to the taxpayer and persons with whom the taxpayer did not deal at arm’s length; and

(h.1)  an interest in a trust not resident in Canada where, at any time during the 60-month period that ends at the particular time,

i.  more than 50% of the fair market value of all the properties of the trust was attributable to the following properties of the trust:

(1)  a taxable Québec property,

(2)  a Canadian resource property,

(3)  a timber resource property,

(4)  an income interest in a trust resident in Canada, or

(5)  an interest in or an option in respect of a property described in any of subparagraphs 2 to 4, whether or not the property exists, and

ii.  more than 50% of the fair market value of the interest is derived directly or indirectly from one or any combination of

(1)  immovable property situated in Québec,

(2)  Canadian resource property, and

(3)  timber resource property;

(i)  (paragraph repealed).

1972, c. 23, s. 818; 1973, c. 17, s. 128; 1973, c. 18, s. 29; 1975, c. 22, s. 246; 1984, c. 15, s. 241; 1986, c. 19, s. 199; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 1998, c. 16, s. 243; 2001, c. 7, s. 155; 2004, c. 8, s. 191; 2005, c. 1, s. 279.