I-3 - Taxation Act

Section 776.56 Disposition versions

2015-10-21

776.56. For the purposes of section 776.51, except in respect of a disposition of property occurring before 1 January 1986 or to which sections 484 to 484.6 apply,

(a)  the first paragraph of section 231 shall be construed as if the taxable capital gain, the allowable capital loss or the allowable business investment loss represented 80% of the capital gain, of the capital loss or of the business investment loss, as the case may be, from the disposition of property;

(b)  section 265 shall be construed as if the taxable net gain represented 80% of the net gain from the disposition of precious property;

(c)  each amount that is designated by a trust for a particular taxation year of the trust in respect of the individual and deemed by section 668 to be a taxable capital gain for the year of the individual is deemed to be equal to 80% of the quotient obtained when that amount is divided by the fraction provided for the purposes of section 231 in respect of the trust for the particular taxation year.

(d)  (paragraph repealed).

1988, c. 4, s. 79; 1989, c. 5, s. 148; 1994, c. 22, s. 275; 1996, c. 39, s. 213; 2003, c. 2, s. 244; 2005, c. 23, s. 117; 2009, c. 5, s. 330; 2015, c. 21, s. 325.

2009-05-15

776.56. For the purposes of section 776.51, except in respect of a disposition of property occurring before 1 January 1986 or to which sections 484 to 484.6 apply,

(a)  the first paragraph of section 231 shall be construed as if the taxable capital gain, the allowable capital loss or the allowable business investment loss represented 3/4 of the capital gain, of the capital loss or of the business investment loss, as the case may be, from the disposition of property;

(b)  section 265 shall be construed as if the taxable net gain represented 3/4 of the net gain from the disposition of precious property;

(c)  each amount that is designated by a trust for a particular taxation year of the trust in respect of the individual and deemed by section 668 to be a taxable capital gain for the year in respect of the individual is, except in respect of an amount to which section 668.5 applies, deemed to be equal to 3/4 of the quotient obtained when that amount is divided by the fraction provided for the purposes of section 231 in respect of the trust for the particular taxation year;

(d)  this Part is to be read without reference to section 668.7.

1988, c. 4, s. 79; 1989, c. 5, s. 148; 1994, c. 22, s. 275; 1996, c. 39, s. 213; 2003, c. 2, s. 244; 2005, c. 23, s. 117; 2009, c. 5, s. 330.

2006-03-01

776.56. For the purposes of section 776.51, except in respect of a disposition of property occurring before 1 January 1986 or to which sections 484 to 484.6 apply,

(a)  the first paragraph of section 231 shall be construed as if the taxable capital gain, the allowable capital loss or the allowable business investment loss represented 3/4 of the capital gain, of the capital loss or of the business investment loss, as the case may be, from the disposition of property;

(b)  section 265 shall be construed as if the taxable net gain represented 3/4 of the net gain from the disposition of precious property;

(c)  each amount that is designated by a trust for a particular taxation year of the trust in respect of the individual and deemed by section 668 to be a taxable capital gain for the year in respect of the individual is, except in respect of an amount to which section 668.5 applies, deemed to be equal to 3/4 of the quotient obtained when that amount is divided by the fraction provided for the purposes of section 231 in respect of the trust for the particular taxation year.

1988, c. 4, s. 79; 1989, c. 5, s. 148; 1994, c. 22, s. 275; 1996, c. 39, s. 213; 2003, c. 2, s. 244; 2005, c. 23, s. 117.