I-3 - Taxation Act

Section 517.5.1 Disposition versions

2006-03-01

517.5.1. For the purpose of determining whether or not a taxpayer referred to in section 517.5 is a member, at any time, of a group referred to in that section, that taxpayer is deemed to be the owner at that time of any share owned by any of the following persons:

(a)   the taxpayer’s child, within the meaning of subparagraph d of the first paragraph of section 451, who is under 18 years of age, or the taxpayer’s spouse;

(b)  a trust of which the taxpayer, a person described in paragraph a or a corporation described in paragraph c is a beneficiary;

(c)  a corporation controlled by the taxpayer, by a person described in paragraph a, by a trust described in paragraph b or by any combination thereof.

Furthermore, that person is deemed, for those purposes, not to be the owner of that share.

1979, c. 18, s. 45; 1980, c. 13, s. 51; 1993, c. 16, s. 206; 1997, c. 3, s. 71; 2004, c. 8, s. 105.