I-3 - Taxation Act

Section 21.6 Disposition versions

2010-04-20

21.6. For the purposes of section 21.5, a term preferred share does not include

(a)  a share issued after 16 November 1978 and before 1980 pursuant to an agreement in writing to do so made before 17 November 1978;

(b)  a share issued as a stock dividend before 22 April 1980 on a share of the capital stock of a public corporation that was not a term preferred share, or after 21 April 1980 on a share that was, at the time such dividend was paid, a share prescribed for the purposes of paragraph e;

(c)  a share described in section 21.6.1;

(d)  a share that is listed on a designated stock exchange located in Canada and was issued before 22 April 1980 by

i.  a corporation referred to in any of paragraphs a to d of the definition of “specified financial institution” in section 1,

ii.  a corporation whose principal business is the lending of money or the purchasing of debt obligations or a combination thereof, or

iii.  an issuing corporation associated with a corporation described in subparagraph i or ii;

(e)  a share that is, at that time, a prescribed share;

(f)  a share that is a taxable preferred share held by a specified financial institution that acquired the share before 16 December 1987 or before 1 January 1989 pursuant to an agreement in writing entered into before 16 December 1987, other than a share that is

i.  a share deemed, under section 21.9.4.2 or paragraph a of section 21.11.12, to have been issued after 15 December 1987, or

ii.  a share that would be deemed, under paragraph c of section 21.11.16, to have been issued after 15 December 1987 if the reference in the said section to “8:00 p.m. Eastern Daylight Saving Time, 18 June 1987” were read as a reference to “15 December 1987”.

1980, c. 13, s. 3; 1982, c. 5, s. 8; 1984, c. 15, s. 8; 1989, c. 5, s. 27; 1990, c. 59, s. 15; 1997, c. 3, s. 71; 2001, c. 7, s. 6; 2010, c. 5, s. 12.

2006-03-01

21.6. For the purposes of section 21.5, a term preferred share does not include

(a)  a share issued after 16 November 1978 and before 1980 pursuant to an agreement in writing to do so made before 17 November 1978;

(b)  a share issued as a stock dividend before 22 April 1980 on a share of the capital stock of a public corporation that was not a term preferred share, or after 21 April 1980 on a share that was, at the time such dividend was paid, a share prescribed for the purposes of paragraph e;

(c)  a share described in section 21.6.1;

(d)  a share that is listed on a Canadian stock exchange and was issued before 22 April 1980 by

i.  a corporation referred to in any of paragraphs a to d of the definition of “specified financial institution” in section 1,

ii.  a corporation whose principal business is the lending of money or the purchasing of debt obligations or a combination thereof, or

iii.  an issuing corporation associated with a corporation described in subparagraph i or ii;

(e)  a share that is, at that time, a prescribed share;

(f)  a share that is a taxable preferred share held by a specified financial institution that acquired the share before 16 December 1987 or before 1 January 1989 pursuant to an agreement in writing entered into before 16 December 1987, other than a share that is

i.  a share deemed, under section 21.9.4.2 or paragraph a of section 21.11.12, to have been issued after 15 December 1987, or

ii.  a share that would be deemed, under paragraph c of section 21.11.16, to have been issued after 15 December 1987 if the reference in the said section to “8:00 p.m. Eastern Daylight Saving Time, 18 June 1987” were read as a reference to “15 December 1987”.

1980, c. 13, s. 3; 1982, c. 5, s. 8; 1984, c. 15, s. 8; 1989, c. 5, s. 27; 1990, c. 59, s. 15; 1997, c. 3, s. 71; 2001, c. 7, s. 6.