I-3 - Taxation Act

Section 298 Disposition versions

2006-03-01

298. Where a taxpayer has granted a renewal or extension of an option referred to in section 294, 295 or 295.1, the following rules apply:

(a)  for the purposes of the said sections, each renewal or extension is deemed to be an option on the day the renewal or extension is granted;

(b)  for the purposes of subparagraph iv of subparagraph b of the first paragraph of section 248 and sections 295 to 297, the option and each renewal or extension are deemed to be the same option; and

(c)  section 297 applies to each taxation year in which a renewal or extension was granted.

1975, c. 22, s. 54; 1993, c. 16, s. 120; 2003, c. 2, s. 103.