I-3 - Taxation Act

Section 418.1.5 Disposition versions

2006-03-01

418.1.5. The excess amount which, for the purposes of paragraph b of section 418.1.4, must be determined under this section, is the amount by which the amount determined under the second paragraph exceeds the amount determined under the third paragraph.

The first amount referred to in the first paragraph is the aggregate of all amounts each of which is an amount that would be determined under the second paragraph of section 418.17.3, immediately before the time, in this section referred to as the “relevant time”, when such proceeds of disposition became receivable, in respect of the taxpayer, the foreign country and an original owner of the particular property, or of any other property acquired by the taxpayer with the particular property in circumstances to which section 418.17.3 applied and in respect of which the proceeds of disposition became receivable by the taxpayer at the relevant time, if

(a)  amounts that became receivable at or after the relevant time were not taken into account;

(b)  the second paragraph of section 418.17.3 were read without reference to “30% of”; and

(c)  no reduction under section 485.8 at or after the relevant time were taken into account.

The second amount referred to in the first paragraph is the total of

(a)  the aggregate of all amounts each of which is an amount that would be determined under the second paragraph of section 418.17.3 at the relevant time in respect of the taxpayer, the foreign country and an original owner of the particular property, or of any other property acquired by the taxpayer with the particular property in circumstances to which section 418.17.3 applied and in respect of which the proceeds of disposition became receivable by the taxpayer at the relevant time, if

i.  amounts that became receivable after the relevant time were not taken into account,

ii.  the second paragraph of section 418.17.3 were read without reference to “30% of”, and

iii.  no reduction under section 485.8 at or after the relevant time were taken into account; and

(b)  the portion of the amount otherwise determined under this section that was applied to reduce the amount otherwise determined under paragraph b of section 418.1.4.

2004, c. 8, s. 79.