I-3 - Taxation Act

Section 247.5 Disposition versions

2006-03-01

247.5. For the purposes of section 247.2.1, where an individual makes a valid election for a taxation year in respect of a share, under subsection 1 of section 48.1 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), and the individual files with the Minister, after the individual’s filing-due date for the year, the prescribed form along with a copy of every document sent to the Minister of National Revenue in connection with that election, the individual is required to pay a penalty equal to the lesser of

(a)  0.25% of the amount by which the proceeds of disposition, determined under section 247.2, of the share exceed the amount referred to in subparagraph i of paragraph a of that section in respect of the share, for each month or part of a month during the period beginning on the individual’s filing-due date for the year and ending on the day on which the prescribed form and required documents are filed with the Minister; and

(b)  an amount equal to the product obtained by multiplying $100 by the number of months each of which is a month all or part of which is during the period referred to in paragraph a.

1993, c. 16, s. 110; 2003, c. 2, s. 75.