I-3 - Taxation Act

Section 21.4.2.3 Disposition versions

2017-02-08

21.4.2.3. The rules to which section 21.4.2.2 refers at a particular time in respect of a corporation are as follows:

(a)  the person or group of persons referred to in section 21.4.2.2

i.  is deemed to acquire control of the corporation, and each corporation controlled by the corporation, at the particular time, and

ii.  is not deemed to have control of the corporation, and each corporation controlled by the corporation, at any time after the particular time solely because this paragraph applied at the particular time; and

(b)  during the period that the condition in paragraph a of section 21.4.2.2 is satisfied, each corporation referred to in paragraph a—and any corporation incorporated subsequent to the particular time and controlled by that corporation—is deemed not to be related to, or affiliated with, any person to which it was related to, or affiliated with, immediately before paragraph a applies.

2017, c. 1, s. 78.