I-3 - Taxation Act

Section 265 Disposition versions

2006-03-01

265. The taxable net gain from the disposition of precious property for a taxpayer is equal to, subject to the second paragraph, 1/2 of the taxpayer’s net gain for the year from the disposition of precious property that is personal-use property and is all or part of any print, etching, drawing, painting, sculpture or other similar work of art, jewellery, rare folio, rare manuscript or rare book, stamp, or coin.

However, where the taxation year of the taxpayer includes 28 February 2000 or 17 October 2000, or begins after 28 February 2000 and ends before 17 October 2000, the fraction “1/2” in the first paragraph shall be read as a reference to the fraction in paragraphs a to d of section 231.0.1 that applies to the taxpayer for the year.

1972, c. 23, s. 245; 1990, c. 59, s. 127; 2003, c. 2, s. 97.