I-3 - Taxation Act

Section 494 Disposition versions

2006-03-01

494. An individual is not required to include in computing his income the income for the year from property acquired by or on behalf of a person as indemnity for, or pursuant to an action for, damages in respect of physical or mental injury to the person, or from any property substituted for the first property and any taxable capital gain for the year from the disposition of any such property,

(a)  where the income was income from the property, if the income was earned in respect of a period before the end of the taxation year in which the person attained the age of 21 years; and

(b)  in any other case, if the person was less than 21 years of age during any part of the year.

1973, c. 17, s. 57; 1974, c. 18, s. 22; 1982, c. 5, s. 115; 1986, c. 19, s. 115; 1995, c. 1, s. 46.