I-3 - Taxation Act

Section 359.5 Disposition versions

2006-03-01

359.5. Subject to sections 359.11 to 359.12.0.1, where a corporation renounces an amount to a person under section 359.4, the following rules apply:

(a)  the Canadian development expenses to which the amount relates are deemed to be Canadian development expenses incurred in that amount by the person on the effective date of the renunciation;

(b)  the Canadian development expenses to which the amount relates are, except for the purposes of that renunciation, deemed on and after the effective date of the renunciation never to have been Canadian development expenses incurred by the corporation.

1988, c. 18, s. 27; 1993, c. 16, s. 144; 1997, c. 3, s. 71.