I-3 - Taxation Act

Section 217.15 Disposition versions

2015-10-26

217.15. (Repealed).

1997, c. 31, s. 27; 2015, c. 24, s. 43.

2006-03-01

217.15. No deduction shall be made under section 217.13 in computing a taxpayer’s income for a taxation year from a business where

(a)  at the end of the year or at any time in the following taxation year,

i.  the taxpayer’s income from the business is exempt from tax under this Part, or

ii.  the taxpayer is not resident in Canada and does not carry on the business through an establishment in Canada;

(b)  the taxpayer is a corporation and its taxation year ends immediately before another taxation year

i.  at the beginning of which the business is not carried on principally by the corporation nor by members of a partnership of which the corporation is a member,

ii.  in which the corporation becomes a bankrupt, or

iii.  in which the corporation is dissolved, otherwise than in circumstances to which the rules in sections 556 to 564.1 and 565 apply, or wound up; or

(c)  the taxpayer is an individual, and

i.  at the beginning of the taxation year, the business is not carried on principally by the individual nor by members of a partnership of which the individual is a member,

ii.  the individual dies or becomes a bankrupt in the calendar year in which the taxation year ends, or

iii.  the individual is a trust that ceases to exist in the taxation year.

1997, c. 31, s. 27.