I-3 - Taxation Act

Section 782.1 Disposition versions

2006-03-01

782.1. For the purpose of determining an individual’s cumulative gains limit within the meaning of subparagraph c of the first paragraph of section 726.6 for a taxation year occurring after the taxation year in which section 782 last applied in respect of the individual, the rule set forth in the second paragraph applies.

The portion of the individual’s non-capital loss for a particular taxation year in which section 782 applied in respect of the individual and any preceding taxation year is deemed not to be a business investment loss to the extent that it does not exceed the lesser of

(a)  the amount of the individual’s business investment losses for the particular taxation year, and

(b)  any portion of the individual’s non-capital loss for that particular taxation year that was not deducted in computing his taxable income for any taxation year in which section 782 applied in respect of the individual or any preceding taxation year.

1987, c. 67, s. 161.