I-3 - Taxation Act

Section 1106.0.5 Disposition versions

2017-12-07

1106.0.5. (Repealed).

2003, c. 2, s. 289; 2017, c. 29, s. 207.

2006-03-01

1106.0.5. Where no dividend to which section 1106.0.3 applies is paid by an investment corporation in respect of its net taxable capital gains for its taxation year that includes 28 February 2000 or 17 October 2000, the corporation has net capital gains or net capital losses from dispositions of property in the year, and the corporation so elects under this section in its fiscal return filed under this Part for the year, the following rules apply:

(a)  the portion of those net capital gains and net capital losses that is in respect of capital gains and losses from dispositions of property that occurred before 28 February 2000 is deemed to be that proportion of the net capital gains or net capital losses respectively that the number of days that are in the year and before 28 February 2000 is of the number of days that are in the year;

(b)  the portion of those net capital gains and net capital losses that is in respect of capital gains and losses from dispositions of property that occurred in the year and in the period that began on 28 February 2000 and ended on 17 October 2000, is deemed to be that proportion of the net capital gains or net capital losses respectively that the number of days that are in the year and in that period is of the number of days that are in the year; and

(c)  the portion of those net capital gains and net capital losses that is in respect of capital gains and losses from dispositions of property that occurred in the year and in the period that began on 18 October 2000 and ended at the end of the year, is deemed to be that proportion of the net capital gains or net capital losses respectively that the number of days that are in the year and in that period is of the number of days that are in the year.

In the first paragraph,

(a)  the net capital gains of the corporation from dispositions of property in the year is the amount by which the corporation’s capital gains from dispositions of property in the year exceeds the corporation’s capital losses from dispositions of property in the year; and

(b)  the net capital losses of the corporation from dispositions of property in the year is the amount by which the corporation’s capital losses from dispositions of property in the year exceeds the corporation’s capital gains from dispositions of property in the year.

2003, c. 2, s. 289.