I-3 - Taxation Act

Section 455.0.1 Disposition versions

2009-05-15

455.0.1. Where, in respect of the property referred to in section 454 and by virtue of subsection 3.2 of section 220 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), the time for making the election referred to in the second paragraph of section 454 is extended or such an election made previously is rescinded, the taxpayer

(a)  shall notify the Minister in writing and attach to the notice a copy of the document to that effect sent by the taxpayer to the Minister of Revenue of Canada; and

(b)  incurs a penalty equal to $100 for each complete month from the taxpayer’s filing-due date for the year in which the transfer is made and ending on the day on which the notice referred to in subparagraph a is sent to the Minister, up to $5,000.

Notwithstanding sections 1010 to 1011, such assessments of tax, interest and penalties under this Part shall be made as are necessary by the Minister for any taxation year to take into account the election or the rescinded election referred to in the first paragraph.

1997, c. 85, s. 77; 2000, c. 5, s. 293; 2003, c. 2, s. 124; 2009, c. 5, s. 154.

2006-03-01

455.0.1. Where, in respect of the property referred to in section 454 and by virtue of subsection 3.2 of section 220 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), the time for making the election referred to in the second paragraph of section 454 is extended or such an election made previously is revoked, the taxpayer

(a)  shall notify the Minister in writing and attach to the notice a copy of the document to that effect sent by the taxpayer to the Minister of Revenue of Canada; and

(b)  incurs a penalty equal to $100 for each complete month from the taxpayer’s filing-due date for the year in which the transfer is made and ending on the day on which the notice referred to in subparagraph a is sent to the Minister, up to $5,000.

Notwithstanding sections 1010 to 1011, such assessments of tax, interest and penalties under this Part shall be made as are necessary by the Minister for any taxation year to take into account the election or the revoked election referred to in the first paragraph.

1997, c. 85, s. 77; 2000, c. 5, s. 293; 2003, c. 2, s. 124.