I-3 - Taxation Act

Section 280 Disposition versions

2005-05-15

280. For the purposes of this Part, if a taxpayer has disposed of a property for which there are proceeds of disposition referred to in any of subparagraphs ii, iii and iv of subparagraph f of the first paragraph of section 93, the time of disposition of that property and the time when those proceeds become receivable by the taxpayer are deemed to be the earliest of the following times, and the taxpayer is deemed to have owned the property continuously until that time:

(a)  the day the taxpayer has agreed to an amount as final compensation for that property;

(b)  where a claim or other proceeding has been taken before a competent court or tribunal, the day on which the compensation is finally determined by that tribunal or court;

(c)  where a claim or other proceeding referred to in paragraph b has not been taken within two years of the event giving rise to the compensation, the day that is two years following the day of that event;

(d)  the time at which the taxpayer is deemed, under sections 433 to 451 or subparagraph b of the first paragraph of section 785.2, to have disposed of the property; and

(e)  where the taxpayer is a corporation other than a subsidiary referred to in section 556, the time immediately before the winding-up of the corporation.

1975, c. 22, s. 51; 1977, c. 26, s. 27; 1978, c. 26, s. 47; 1995, c. 49, s. 67; 1997, c. 3, s. 71; 2001, c. 53, s. 260; 2005, c. 23, s. 44; 2009, c. 5, s. 97.