I-3 - Taxation Act

Section 158.18 Disposition versions

2017-02-08

158.18. Despite any other provision of this Act, in computing the income of a particular entity for a taxation year from a business or property, no deduction may be made in respect of an amount

(a)  that is paid or payable after 19 July 2011, unless the amount is paid or payable in respect of the particular entity’s transition period; and

(b)  that is

i.  interest paid or payable on a liability of the particular entity that is a stapled security, unless each reference security in respect of the stapled security is a liability, or

ii.  if a security of the particular entity, a subsidiary of the particular entity or an entity of which the particular entity is a subsidiary is a reference security in respect of a stapled security of a real estate investment trust or a subsidiary of a real estate investment trust, an amount paid or payable to

(1)  the real estate investment trust,

(2)  a subsidiary of the real estate investment trust, or

(3)  any person or partnership on condition that any person or partnership pays or makes payable an amount to the real estate investment trust or a subsidiary of the real estate investment trust.

2017, c. 1, s. 95.