I-3 - Taxation Act

Section 37.1.2 Disposition versions

2015-10-21

37.1.2. In this division,

“eligible housing loss” in respect of a residence designated by an individual means a housing loss in respect of an eligible relocation of the individual or a person who does not deal at arm’s length with the individual and, for the purposes of this definition, no more than one residence may be so designated in respect of an eligible relocation;

“housing loss” at any time in respect of a residence of an individual means the amount by which the greater of the adjusted cost base of the residence at that time to the individual or to another person who does not deal at arm’s length with the individual and the highest fair market value of the residence within the six-month period that ends at that time exceeds

(a)  if the residence is disposed of by the individual or the other person before the end of the first taxation year that begins after that time, the lesser of the proceeds of disposition of the residence and the fair market value of the residence at that time; and

(b)  in any other case, the fair market value of the residence at that time.

2001, c. 53, s. 12; 2015, c. 21, s. 101.

2006-03-01

37.1.2. In this division,

“eligible housing loss” in respect of a residence designated by an individual means a housing loss in respect of an eligible relocation of the individual or a person who does not deal at arm’s length with the individual and, for the purposes of this definition, no more than one residence may be so designated in respect of an eligible relocation;

“housing loss” at any time in respect of a residence of an individual means the amount by which the greater of the adjusted cost base of the residence at that time to the individual or to another person who does not deal at arm’s length with the individual and the highest fair market value of the residence within the six-month period that ends at that time exceeds

(a)  if the residence is disposed of by the individual or the other person before the end of the first taxation year that begins after that time, the lesser of the proceeds of disposition of the residence and the fair market value of the residence at that time; and

(b)  in any other case, the fair market value of the residence at that time.

Where sections 37.1.1 to 37.1.4 apply in respect of a relocation of an individual who is absent from Canada but resident in Québec, the definition of “eligible relocation” in section 349.1 shall be read, for the purposes of those sections 37.1.1 to 37.1.4, without reference to the words “in Canada” in subparagraph a of the first paragraph of that section  349.1 and without reference to subparagraph b of that paragraph.

2001, c. 53, s. 12.