I-3 - Taxation Act

Section 418.1.4 Disposition versions

2006-03-01

418.1.4. The aggregate which, for the purposes of section 418.1.3, must be determined under this section, is the aggregate of

(a)  each amount deducted in computing the taxpayer’s income for a taxation year ending before the particular time and at a resident time, in respect of the taxpayer’s cumulative foreign resource expense in relation to the foreign country;

(b)  each amount in respect of a foreign resource property, in relation to the foreign country, in section 418.1.5 referred to as the “particular property”, disposed of by the taxpayer equal to the amount by which the amount designated under subparagraph ii of paragraph a of section 330 by the taxpayer in respect of the portion of the proceeds of that disposition that became receivable before the particular time and at a resident time exceeds the excess amount determined under section 418.1.5;

(c)  each amount in respect of the foreign country that is included in the amount determined under this paragraph by reason of section 390.1 that became receivable by the taxpayer before the particular time and at a resident time;

(d)  each amount received by the taxpayer before the particular time and at a resident time in respect of a debt referred to in paragraph c of section 418.1.3;

(e)  each amount by which the cumulative foreign resource expense of the taxpayer, in relation to the foreign country, is required, by reason of section 485.8, to be reduced at or before the particular time and at a resident time; and

(f)  each amount that is required to be deducted, before the particular time and at a resident time, under paragraph a of section 418.32.1 in computing the taxpayer’s cumulative foreign resource expense, in relation to the foreign country.

2004, c. 8, s. 79.