I-3 - Taxation Act

Section 726.19.1 Disposition versions

2017-12-07

726.19.1. Where an amount is included in computing an individual’s income for a particular taxation year because of the second paragraph of section 234 in respect of a disposition of property in a preceding taxation year that, at the time of the disposition, is qualified farm property or qualified fishing property, within the meaning assigned by section 726.6, as it read before subparagraphs a and a.0.1 of the first paragraph of that section were struck out, a qualified small business corporation share or qualified farm or fishing property, the total of all amounts deductible by the individual for the particular year under this Title is reduced by the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an amount deductible under this Title by the individual for the particular year or a preceding taxation year, computed without reference to this section; and

(b)  B is the aggregate of all amounts each of which is an amount that would be deductible under this Title by the individual for the particular year or a preceding taxation year if the individual had not for any preceding taxation year claimed a reserve under subparagraph b of the first paragraph of section 234 and had claimed, for each taxation year ending before the particular year, the amount that would have been deductible under this Title.

This section does not apply in respect of a disposition of qualified farm or fishing property after 2 December 2014.

2009, c. 15, s. 122; 2015, c. 24, s. 97; 2017, c. 29, s. 110.

2015-10-26

726.19.1. Where an amount is included in computing an individual’s income for a particular taxation year because of the second paragraph of section 234 in respect of a disposition of property in a preceding taxation year that is qualified farm property, qualified fishing property or a qualified small business corporation share, the total of all amounts deductible by the individual for the particular year under this Title is reduced by the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the aggregate of all amounts each of which is an amount deductible under this Title by the individual for the particular year or a preceding taxation year, computed without reference to this section; and

(b)  B is the aggregate of all amounts each of which is an amount that would be deductible under this Title by the individual for the particular year or a preceding taxation year if the individual had not for any preceding taxation year claimed a reserve under subparagraph b of the first paragraph of section 234 and had claimed, for each taxation year ending before the particular year, the amount that would have been deductible under this Title.

This section does not apply in respect of a disposition of qualified farm property or qualified fishing property after 2 December 2014.

2009, c. 15, s. 122; 2015, c. 24, s. 97.

2009-06-04

726.19.1. The second paragraph applies to an individual for a taxation year that begins after 19 March 2007 if

(a)  in the taxation year the individual has a taxable capital gain from the disposition, before 19 March 2007, of a qualified farm property of the individual, a qualified small business corporation share of the individual or a qualified fishing property of the individual; and

(b)  the aggregate of all amounts each of which is an amount of a taxable capital gain of the individual described in subparagraph a exceeds the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 if the formula were read as if “$375,000” was replaced by “$250,000” (the amount of which excess being referred to in the second paragraph as the “denied excess”).

Despite sections 726.7 to 726.7.2, no amount may be deducted under this Title for the taxation year by the individual in respect of the individual’s taxable capital gains for the year described in subparagraph a of the first paragraph to the extent of the denied excess.

2009, c. 15, s. 122.