I-3 - Taxation Act

Section 737.18.27 Disposition versions

2010-10-27

737.18.27. (Repealed).

2003, c. 9, s. 57; 2010, c. 25, s. 70.

2006-03-01

737.18.27. In this Title,

“eligibility date” relating to the eligible activities of an eligible individual means the later of

(a)  1 January 2001; and

(b)  the effective date of the qualification certificate referred to in the definition of “eligible individual” ;

“eligibility period” applicable to the eligible activities of an eligible individual means the period beginning on the eligibility date relating to those activities and ending on the earliest of

(a)  the date on which the eligible individual ceases to carry on the eligible activities;

(b)  the effective date of the revocation of the qualification certificate referred to in the definition of “eligible individual” ; and

(c)  30 June 2004;

“eligible activities” of an eligible individual means the trading activities carried on by the eligible individual as an independent trader in financial derivatives and that relate to eligible financial derivatives;

“eligible financial derivative” means, for the year 2001, a financial derivative that is electronically listed on the Montréal stock exchange and that began before 1 January 2002 to be traded on an electronic platform operated by that stock exchange and, for subsequent years, a financial derivative that is electronically listed on that stock exchange and that is traded on an electronic platform operated by that stock exchange;

“eligible individual”, for a taxation year, means an individual other than a trust who, in the year, carries on in Québec a business of independent trading in financial derivatives and who holds for that purpose a qualification certificate issued by the Minister of Finance;

“financial derivative” means a contract, instrument or security, the market price, value or payment obligations of which is derived from an underlying interest or from the relationship between certain underlying interests;

“underlying interest” means any security, commodity, financial instrument, currency, interest rate, foreign exchange rate, economic indicator, index, basket, contract, benchmark or other reference, interest or variable.

For the purposes of the definition of “eligible activities” in the first paragraph, the eligible individual shall keep separate accounts in respect of the eligible activities.

2003, c. 9, s. 57.