I-3 - Taxation Act

Section 740.1 Disposition versions

2017-12-07

740.1. Sections 738 and 740 do not apply in respect of a dividend received by a specified financial institution on a share acquired in the ordinary course of carrying on its business and that is, at the time the dividend is received, a term preferred share.

For the purposes of the first paragraph, where a restricted financial institution received a dividend on a share of the capital stock of a mutual fund corporation or an investment corporation at any time after that mutual fund corporation or investment corporation has elected, pursuant to section 1106.1 or section 1118.1, not to be a restricted financial institution, the share is deemed to be a term preferred share acquired in the ordinary course of carrying on a business.

1980, c. 13, s. 66; 1982, c. 5, s. 144; 1986, c. 19, s. 162; 1989, c. 5, s. 99; 1990, c. 59, s. 282; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 2017, c. 29, s. 116.

2006-03-01

740.1. Sections 738 and 740 do not apply in respect of a dividend received by a specified financial institution on a share acquired in the ordinary course of carrying on its business and that is, at the time the dividend is paid, a term preferred share.

For the purposes of the first paragraph, where a restricted financial institution received a dividend on a share of the capital stock of a mutual fund corporation or an investment corporation at any time after that mutual fund corporation or investment corporation has elected, pursuant to section 1106.1 or section 1118.1, not to be a restricted financial institution, the share is deemed to be a term preferred share acquired in the ordinary course of carrying on a business.

1980, c. 13, s. 66; 1982, c. 5, s. 144; 1986, c. 19, s. 162; 1989, c. 5, s. 99; 1990, c. 59, s. 282; 1996, c. 39, s. 273; 1997, c. 3, s. 71.