I-3 - Taxation Act

Section 517.5.3 Disposition versions

2017-12-07

517.5.3. In this division,

“eligible business transfer” of an individual means a series of transactions that includes the disposition of eligible shares of the individual in circumstances described in section 517.1, if the conditions of sections 517.5.6 to 517.5.11 are satisfied in respect of the series of transactions;

“eligible share” means

(a)  a share of the capital stock of a family farm or fishing corporation, within the meaning of the first paragraph of section 726.6.1; or

(b)  a qualified small business corporation share, within the meaning of the first paragraph of section 726.6.1.

For the purposes of this division, a corporation has a substantial interest in another corporation at a particular time if it has such an interest in the other corporation under subsection 2 of section 191 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) at that time.

2017, c. 1, s. 137; 2017, c. 29, s. 74.

2017-02-08

517.5.3. In this division,

“eligible business transfer” of an individual means a series of transactions that includes the disposition of eligible primary and manufacturing sectors shares of the individual in circumstances described in section 517.1, if the conditions of sections 517.5.6 to 517.5.11 are satisfied in respect of the series of transactions;

“eligible primary and manufacturing sectors share” means

(a)  a share of the capital stock of a family farm corporation, within the meaning of the first paragraph of section 726.6.1;

(b)  a share of the capital stock of a family fishing corporation, within the meaning of the first paragraph of section 726.6.1; or

(c)  a qualified small business corporation share, within the meaning of the first paragraph of section 726.6.1, of the capital stock of a primary and manufacturing sectors corporation;

“primary and manufacturing sectors corporation”, at the time of the disposition of a share, means a corporation more than 50% of the fair market value of the assets of which is, at that time, attributable to assets used in the primary and manufacturing sectors.

For the purposes of this division, a corporation has a substantial interest in another corporation at a particular time if it has such an interest in the other corporation under subsection 2 of section 191 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) at that time.

2017, c. 1, s. 137.