I-3 - Taxation Act

Section 784 Disposition versions

2006-03-01

784. An individual in bankruptcy shall file a separate fiscal return for the individual’s income for any taxation year during which the individual was a bankrupt, computed as if

(a)  the income required to be reported in respect of the year by the trustee under section 782 was not the income of the individual;

(b)  in computing the individual’s income for the year, the individual was not entitled to deduct any loss from transactions of the bankruptcy nor any amount under section 336.6;

(c)  in computing the individual’s taxable income for the year, the individual was not entitled to deduct an amount under section 725.2 or 725.2.2 or sections 725.3 to 725.5 or under Title VI.5 of Book IV in respect of an amount included in computing income under section 782, or an amount under sections 727 to 737; and

(d)  in computing the individual’s tax payable for the year, the individual was not entitled

i.  to deduct an amount under Chapter I.0.2.1 of Title I of Book V in respect of a gift made before the day on which the individual became bankrupt,

ii.  to take into account in computing a deduction under section 752.0.18.10 any tuition fees and examination fees paid in respect of a taxation year preceding the year in respect of which the return is filed,

iii.  to deduct an amount under section 752.0.18.15 in respect of interest paid before the day on which the individual became bankrupt, or

iv.  to deduct an amount under section 752.12.

An individual referred to in the first paragraph is liable to pay any tax payable under this Part by the individual for that taxation year.

1972, c. 23, s. 593; 1993, c. 64, s. 94; 1997, c. 85, s. 192; 2001, c. 7, s. 112; 2001, c. 53, s. 161; 2003, c. 2, s. 249; 2005, c. 38, s. 202.