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I-3 - Taxation Act

Section 487.0.3
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487.0.3. The amount deducted under section 487.0.2 or 487.0.2.1 in computing the income of a taxpayer for a particular taxation year from a farming business carried on in a region referred to in the first paragraph of section 487.0.2 or 487.0.2.1,
(a)  must, up to the amount determined under the second paragraph, be included in computing the taxpayer’s income from the business for a given taxation year ending after the particular taxation year; and
(b)  is deemed, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a preceding taxation year after the particular taxation year, to be income of the taxpayer from the business for the taxation year that is the earliest of
i.  the taxpayer’s first taxation year beginning after the end of the period or series of continuous periods, as the case may be, for which the region was referred to in the first paragraph of section 487.0.2 or 487.0.2.1,
ii.  the taxpayer’s first taxation year, following the particular taxation year, at the end of which the taxpayer was not resident in Canada and not carrying on business through a fixed place of business in Canada, and
iii.  the taxpayer’s taxation year in which the taxpayer died.
The amount to which subparagraph a of the first paragraph refers is equal to the lesser of
(a)  the amount deducted under section 487.0.2 or 487.0.2.1 in computing the taxpayer’s income for the particular taxation year from the farming business, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a taxation year preceding the given taxation year but after the particular taxation year; and
(b)  the amount included for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), under subsection 5 of section 80.3 of that Act, in computing the taxpayer’s income from the business for the given taxation year because of an election made in accordance with that subsection 5 in respect of the amount deducted under subsection 4 or 4.1 of that section 80.3 in that computation for the particular taxation year.
Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 5 of section 80.3 of the Income Tax Act.
1991, c. 25, s. 79; 1993, c. 16, s. 197; 1996, c. 39, s. 273; 2009, c. 5, s. 170; 2010, c. 25, s. 34; 2017, c. 1, s. 128.
487.0.3. The amount deducted under section 487.0.2 in computing the income of a taxpayer for a particular taxation year from a farming business carried on in a region referred to in the first paragraph of that section,
(a)  must, up to the amount determined under the second paragraph, be included in computing the taxpayer’s income from the business for a given taxation year ending after the particular taxation year; and
(b)  is deemed, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a preceding taxation year after the particular taxation year, to be income of the taxpayer from the business for the taxation year that is the earliest of
i.  the taxpayer’s first taxation year beginning after the end of the period or series of continuous periods for which the region was referred to in the first paragraph of section 487.0.2,
ii.  the taxpayer’s first taxation year, following the particular taxation year, at the end of which the taxpayer was not resident in Canada and not carrying on business through a fixed place of business in Canada, and
iii.  the taxpayer’s taxation year in which the taxpayer died.
The amount to which subparagraph a of the first paragraph refers is equal to the lesser of
(a)  the amount deducted under section 487.0.2 in computing the taxpayer’s income for the particular taxation year from the farming business, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a taxation year preceding the given taxation year but after the particular taxation year; and
(b)  the amount included for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), under subsection 5 of section 80.3 of that Act, in computing the taxpayer’s income from the business for the given taxation year because of an election made in accordance with that subsection 5 after 19 December 2006 in respect of the amount deducted under subsection 4 of section 80.3 of that Act in that computation for the particular taxation year.
Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 5 of section 80.3 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.
1991, c. 25, s. 79; 1993, c. 16, s. 197; 1996, c. 39, s. 273; 2009, c. 5, s. 170; 2010, c. 25, s. 34.
487.0.3. The amount deducted under section 487.0.2 in computing the income of a taxpayer for a particular taxation year from a farming business carried on in a drought region, within the meaning of the regulations made under that section,
(a)  must, up to the amount determined under the second paragraph, be included in computing the taxpayer’s income from the business for a given taxation year ending after the particular taxation year; and
(b)  is deemed, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a preceding taxation year after the particular taxation year, to be income of the taxpayer from the business for the taxation year that is the earliest of
i.  the taxpayer’s first taxation year beginning after the end of the period or series of continuous periods for which the region was a drought region,
ii.  the taxpayer’s first taxation year, following the particular taxation year, at the end of which the taxpayer was not resident in Canada and not carrying on business through a fixed place of business in Canada, and
iii.  the taxpayer’s taxation year in which the taxpayer died.
The amount to which subparagraph a of the first paragraph refers is equal to the lesser of
(a)  the amount deducted under section 487.0.2 in computing the taxpayer’s income for the particular taxation year from the farming business, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a taxation year preceding the given taxation year but after the particular taxation year; and
(b)  the amount included for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), under subsection 5 of section 80.3 of that Act, in computing the taxpayer’s income from the business for the given taxation year because of an election made in accordance with that subsection 5 after 19 December 2006 in respect of the amount deducted under subsection 4 of section 80.3 of that Act in that computation for the particular taxation year.
Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 5 of section 80.3 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.
1991, c. 25, s. 79; 1993, c. 16, s. 197; 1996, c. 39, s. 273; 2009, c. 5, s. 170.
487.0.3. The amount deducted under section 487.0.2 in computing the income of a taxpayer for a particular taxation year from a farming business carried on in a drought region, within the meaning of the regulations made under this section, may, to the extent that the taxpayer so elects, be included in computing the taxpayer’s income from the business for a taxation year ending after the particular taxation year, and is deemed, except to the extent that the amount has been included under this section in computing the taxpayer’s income from the business for a preceding taxation year after the particular year, to be income of the taxpayer from the business for the taxation year that is the earliest of
(a)  the taxpayer’s first taxation year commencing after the end of the period or series of continuous periods, as the case may be, for which the region was a drought region,
(b)  the taxpayer’s first taxation year, following the particular taxation year, at the end of which the taxpayer was not resident in Canada and not carrying on business through a fixed place of business in Canada, and
(c)  the taxpayer’s taxation year in which the taxpayer died.
1991, c. 25, s. 79; 1993, c. 16, s. 197; 1996, c. 39, s. 273.
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