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I-3 - Taxation Act

Section 277.2
Disposition versions

Full text
277.2. Where, as a result of an individual’s death, a life estate to which section 277.1 has applied is terminated,
(a)  the holder of the life estate immediately before the death is deemed to have disposed of the life estate immediately before the death for proceeds of disposition equal to the adjusted cost base to that person of the life estate immediately before the death; and
(b)  where a person who is the holder of the remainder interest in the immovable property immediately before the death was not dealing at arm’s length with the holder of the life estate, there shall, after the death, be added in computing the adjusted cost base to that person of the immovable property an amount equal to the lesser of
i.  the adjusted cost base of the life estate in the property immediately before the death, and
ii.  the amount by which the fair market value of the immovable property immediately after the death exceeds the adjusted cost base to that person of the remainder interest immediately before the death.
1994, c. 22, s. 134; 1996, c. 39, s. 89.
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