I-3 - Taxation Act

Section 507 Disposition versions

2006-03-01

507. A corporation resident in Canada which has, at any time after 31 March 1977, reduced the paid-up capital in respect of any class of shares of its capital stock in a manner other than those referred to in sections 505 to 506.1, is deemed to have paid at that time, on the shares of that class, a dividend equal to the amount by which the amount it pays in respect to that reduction, exceeds the amount of that reduction.

1972, c. 23, s. 401; 1978, c. 26, s. 89; 1979, c. 18, s. 42; 1997, c. 3, s. 71.