I-3 - Taxation Act

Section 547.1 Disposition versions

2006-03-01

547.1. For the purposes of determining either the non-capital loss, the net capital loss, the restricted farm loss, the farm loss or the limited partnership loss, as the case may be, of the new corporation for any taxation year, or the extent to which sections 734 to 736.0.4 and paragraph e of section 999.1 have the effect of restricting the deductibility by the new corporation of such a loss, the new corporation is deemed to continue the corporate existence of any predecessor corporation.

However, this section shall not affect the determination of the fiscal period or of the income of the new corporation or any predecessor corporation or that of the taxable income of, or the tax payable under this Act by, any predecessor corporation other than a corporation which, where the new corporation is formed by the amalgamation of a particular corporation and one or more of its subsidiary wholly-owned corporations, is the particular corporation.

1978, c. 26, s. 98; 1984, c. 15, s. 114; 1985, c. 25, s. 97; 1988, c. 4, s. 38; 1989, c. 77, s. 60; 1994, c. 22, s. 201; 1997, c. 3, s. 71; 2000, c. 5, s. 123.