I-3 - Taxation Act

Section 216 Disposition versions

2024-01-01

216. (Repealed).

1972, c. 23, s. 204; 1986, c. 19, s. 38; 2009, c. 5, s. 73; 2021, c. 14, s. 31; 2021, c. 36, s. 59.

2021-06-02

216. If a taxpayer has not, in respect of a business, included any amount in respect of work in progress at the end of a taxation year because of an election referred to in the first paragraph of section 215 made in relation to the year, the taxpayer shall apply that paragraph for the purpose of computing the taxpayer’s income from the business for subsequent taxation years beginning before 22 March 2017, unless the taxation year is a year in relation to which a revocation, made by the taxpayer under paragraph b of section 34 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006, of an election made under paragraph a of section 34 of that Act in respect of the business, is valid.

Any condition determined by the Minister of National Revenue for the revocation referred to in the first paragraph applies, with the necessary modifications, in computing the income from the business.

Chapter V.2 of Title II of Book I applies in relation to a revocation made under paragraph b of section 34 of the Income Tax Act or in relation to a revocation made under this section before 20 December 2006.

1972, c. 23, s. 204; 1986, c. 19, s. 38; 2009, c. 5, s. 73; 2021, c. 14, s. 31.

2009-05-15

216. If a taxpayer has not, in respect of a business, included any amount in respect of work in progress at the end of a taxation year because of an election referred to in the first paragraph of section 215 made in relation to the year, the taxpayer shall apply that paragraph for the purpose of computing the taxpayer’s income from the business for subsequent taxation years, unless the taxation year is a year in relation to which a revocation, made by the taxpayer under paragraph b of section 34 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006, of an election made under paragraph a of section 34 of that Act in respect of the business, is valid.

Any condition determined by the Minister of National Revenue for the revocation referred to in the first paragraph applies, with the necessary modifications, in computing the income from the business.

Chapter V.2 of Title II of Book I applies in relation to a revocation made under paragraph b of section 34 of the Income Tax Act or in relation to a revocation made under this section before 20 December 2006.

1972, c. 23, s. 204; 1986, c. 19, s. 38; 2009, c. 5, s. 73.

2006-03-01

216. A taxpayer who has made an election under section 215 for a taxation year shall apply that section in computing his income from the same business for subsequent taxation years unless he revokes his election with the concurrence of the Minister and on such terms and conditions as the Minister specifies.

1972, c. 23, s. 204; 1986, c. 19, s. 38.