I-3 - Taxation Act

Section 592.1 Disposition versions

2021-06-02

592.1. For the purpose of determining whether a corporation not resident in Canada is a foreign affiliate of a corporation resident in Canada for the purposes of a provision among those mentioned in the second paragraph, the shares of a class of the capital stock of a corporation that, based on the assumptions contained in paragraph c of section 600, are owned at a particular time by a partnership or are deemed under this section to be owned at a particular time by the partnership, are deemed to be owned at that time by each member of the partnership in proportion to the number of all of those shares that the fair market value of the member’s interest in the partnership at that time is of the fair market value of all members’ interests in the partnership at that time.

The provisions to which the first paragraph refers are the following:

(a)  sections 146.1, 262.0.1, 576.2, 577, 577.2 to 577.11, 589 to 592, 592.2, 592.7 to 592.10 and 746 to 749 and paragraph d of section 785.1;

(b)  sections 571 to 576.1, 578 and 579, where those sections apply for the purposes of the provisions mentioned in subparagraph a;

(c)  the regulations made under the provisions mentioned in subparagraph a; and

(d)  sections 572.2.1 to 572.2.3 and the provisions of Chapter I of Title III of Book V.

2004, c. 8, s. 123; 2015, c. 21, s. 205; 2017, c. 1, s. 143; 2021, c. 14, s. 48.

2017-02-08

592.1. For the purpose of determining whether a corporation not resident in Canada is a foreign affiliate of a corporation resident in Canada for the purposes of a provision among those mentioned in the second paragraph, the shares of a class of the capital stock of a corporation that, based on the assumptions contained in paragraph c of section 600, are owned at a particular time by a partnership or are deemed under this section to be owned at a particular time by the partnership, are deemed to be owned at that time by each member of the partnership in proportion to the number of all of those shares that the fair market value of the member’s interest in the partnership at that time is of the fair market value of all members’ interests in the partnership at that time.

The provisions to which the first paragraph refers are the following:

(a)  sections 146.1, 262.0.1, 576.2, 577, 577.2 to 577.11, 589 to 592, 592.2, 592.7 to 592.10 and 746 to 749 and paragraph d of section 785.1;

(b)  sections 571 to 576.1, 578 and 579, where those sections apply for the purposes of the provisions mentioned in subparagraph a;

(c)  the regulations made under the provisions mentioned in subparagraph a; and

(d)  the provisions of Chapter I of Title III of Book V.

2004, c. 8, s. 123; 2015, c. 21, s. 205; 2017, c. 1, s. 143.

2015-10-21

592.1. For the purpose of determining whether a corporation not resident in Canada is a foreign affiliate of a corporation resident in Canada for the purposes of sections 146.1, 262.0.1, 576.2, 577, 577.2 to 577.11, 589 to 592, 592.2 and 746 to 749, paragraph d of section 785.1, any regulations made under those provisions, sections 571 to 576.1, 578 and 579, where those sections apply for the purposes of those provisions, and sections 772.2 to 772.13, the shares of a class of the capital stock of a corporation that, based on the assumptions contained in paragraph c of section 600, are owned at a particular time by a partnership or are deemed under this section to be owned at a particular time by the partnership, are deemed to be owned at that time by each member of the partnership in proportion to the number of all of those shares that the fair market value of the member’s interest in the partnership at that time is of the fair market value of all members’ interests in the partnership at that time.

2004, c. 8, s. 123; 2015, c. 21, s. 205.

2006-03-01

592.1. For the purpose of determining whether a corporation not resident in Canada is a foreign affiliate of a corporation resident in Canada for the purposes of sections 146.1, 589 to 592, 592.2 and 746 to 749, paragraph d of section 785.1, any regulations made under those provisions, sections 571 to 576.1, 578 and 579, where those sections applied for the purposes of those provisions, and sections 772.2 to 772.13, the shares of a class of the capital stock of a corporation that, based on the assumptions contained in paragraph c of section 600 are owned at a particular time by a partnership or are deemed under this section to be owned by the partnership at a particular time, are deemed to be owned at that time by each member of the partnership in proportion to the number of all of those shares that the fair market value of the member’s interest in the partnership at that time is of the fair market value of the aggregate of all members’ interests in the partnership at that time.

2004, c. 8, s. 123.