I-3 - Taxation Act

Section 49.2.2 Disposition versions

2011-12-09

49.2.2. For the purposes of this section, section 49.2, Title IV, sections 725.2.2 and 725.2.3, paragraph a of section 725.3 and section 888.1, and subject to section 49.2.3, a taxpayer is deemed to dispose of securities that are identical properties in the order in which the taxpayer acquired them and the following rules apply for that purpose:

(a)  if the taxpayer acquires a particular security (other than under the circumstances to which section 49.2 or 886 applies) at a time when the taxpayer also acquires or holds one or more other securities that are identical to the particular security and are, or were, acquired under circumstances to which any of those sections applied, the taxpayer is deemed to have acquired the particular security at the time immediately preceding the earliest of the times at which the taxpayer acquired those other securities; and

(b)  if the taxpayer acquires, at the same time, two or more identical securities under the circumstances to which section 49.2 applied, the taxpayer is deemed to have acquired the securities in the order in which the agreements under which the taxpayer acquired the rights to acquire the securities were made.

2003, c. 2, s. 17; 2011, c. 34, s. 17.

2006-03-01

49.2.2. For the purposes of this section, sections 49.2 and 58.0.1, Title IV, sections 725.2.2 and 725.2.3, paragraph a of section 725.3 and section 888.1, and subject to section 49.2.3 and paragraph c of section 58.0.5, a taxpayer is deemed to dispose of securities that are identical properties in the order in which the taxpayer acquired them and the following rules apply for that purpose:

(a)  where a taxpayer acquires a particular security, other than under the circumstances to which section 49.2, 58.0.1 or 886 applies, at a time when the taxpayer also acquires or holds one or more other securities that are identical to the particular security and are, or were, acquired under circumstances to which any of those sections applied, the taxpayer is deemed to have acquired the particular security at the time immediately preceding the earliest of the times at which the taxpayer acquired those other securities; and

(b)  where a taxpayer acquires, at the same time, two or more identical securities under the circumstances to which section 49.2 or 58.0.1 applied, the taxpayer is deemed to have acquired the securities in the order in which the agreements under which the taxpayer acquired the rights to acquire the securities were made.

2003, c. 2, s. 17.