I-3 - Taxation Act

Section 217.8 Disposition versions

2015-10-26

217.8. (Repealed).

1997, c. 31, s. 27; 2015, c. 24, s. 42.

2006-03-01

217.8. Where an amount was included under section 217.2 in computing an individual’s income for the taxation year 1995 from a business and the individual’s income on 31 December 1995 in respect of the business, otherwise determined under section 217.5 for the purposes of Division VIII.2, exceeds the amount determined under the second paragraph, the individual’s income on 31 December 1995 in respect of the business is deemed, for the purposes of section 217.13 in respect of the individual’s taxation year 1996 and subsequent taxation years, to be equal to the amount determined under the second paragraph.

The amount to which the first paragraph refers is equal to the amount that would be the individual’s income on 31 December 1995, otherwise determined under section 217.5 for the purposes of Division VIII.2, in respect of the business referred to therein, if

(a)  subparagraph a of the second paragraph of section 217.2 were read as follows:

“(a) A is the individual’s income from the business for the particular fiscal period, determined as if paragraphs a to d of section 217.11 applied in computing that income;”;

(b)  subparagraph ii of subparagraph b of the second paragraph of section 217.2 were read as follows:

“ii. the aggregate of the maximum amounts deductible under the said Title VI.5 in computing the individual’s taxable income for the individual’s taxation year that includes the end of the particular fiscal period;”; and

(c)  subparagraph d of the second paragraph of section 217.2 were read as follows:

“(d) D is the number of days on which the individual carries on the business that are in the particular fiscal period.”

1997, c. 31, s. 27.