I-3 - Taxation Act

Section 503.2 Disposition versions

2015-10-21

503.2. (Repealed).

1988, c. 4, s. 37; 1997, c. 3, s. 71; 2001, c. 53, s. 80; 2015, c. 21, s. 179.

2006-03-01

503.2. Where a corporation has made an election under section 502 in respect of the total amount of a dividend payable by the corporation at a particular time after 3 December 1985 and before 1 January 1986 and has later made a valid prescribed election in respect of that dividend, the following rules apply:

(a)  the whole or the part of the dividend for which the prescribed election was made is, for the purposes of this Part, deemed to be not a dividend but a loan in respect of which sections 111 to 119.1 and 487.1 to 487.5.4 do not apply, made at the particular time by the corporation to the persons who received the whole or a part of the dividend if the full amount of the loan is repaid to the corporation according to the prescribed terms and conditions;

(b)  the corporation shall upon or before making the prescribed election notify the Minister and send to the Minister the prescribed documents.

1988, c. 4, s. 37; 1997, c. 3, s. 71; 2001, c. 53, s. 80.