I-3 - Taxation Act

Section 577.5 Disposition versions

2015-10-21

577.5. Except where section 113 applies, if a person or partnership receives at any time a loan from, or becomes at that time indebted to, a creditor that is at that time a foreign affiliate of a taxpayer resident in Canada, or a partnership of which such an affiliate is a member, (in subparagraph i of paragraph d of the definition of “specified debtor” in section 576.2 referred to respectively as “creditor affiliate” and “creditor partnership”), and the person or partnership is at that time a specified debtor in respect of the taxpayer, the specified amount in respect of the loan or indebtedness is to be included in computing the income of the taxpayer for the taxpayer’s taxation year that includes that time.

2015, c. 21, s. 191.