I-3 - Taxation Act

Section 7.27 Disposition versions

2015-10-26

7.27. Section 7.25 does not apply to a gift

(a)  of a property described in an inventory;

(b)  of an immovable property situated in Canada;

(c)  of a cultural property described in the third paragraph of section 232, other than property acquired under a gifting arrangement, within the meaning assigned to that expression by the first paragraph of section 1079.1, that is a tax shelter;

(d)  of a property to which section 231.2 applies;

(e)  of a share of the capital stock of a corporation if

i.  the share was issued by the corporation to the donor,

ii.  immediately before the gift, the corporation was controlled by the donor, a person related to the donor or a group of persons each of whom is related to the donor, and

iii.  section 7.25 would not have applied in respect of the consideration for which the share was issued had that consideration been donated by the donor to the qualified donee when the share was so donated;

(f)  by a corporation of a property if

i.  the property was acquired by the corporation in circumstances to which section 518 or 529 applied,

ii.  immediately before the gift, the shareholder from whom the corporation acquired the property controlled the corporation or was related to a person or each member of a group of persons that controlled the corporation, and

iii.  section 7.25 would not have applied in respect of the property had the property not been transferred to the corporation and had the shareholder made the gift to the qualified donee when the corporation so made the gift;

(g)  of a property that was acquired in circumstances where any of sections 440, 444, 454, 459 and 460 applied, unless section 7.26 would have applied if this section were read without reference to this paragraph;

(h)  of a work of art to a Québec museum;

(i)  of the bare ownership of a work of art or of a cultural property described in the third paragraph of section 232;

(j)  of a musical instrument to an entity referred to in the definition of “total musical instrument gifts” in the first paragraph of section 752.0.10.1; or

(k)  of a work of public art, the fair market value of which is determined by the Minister of Culture and Communications, referred to in subparagraph i of subparagraph b of the second paragraph of section 716.0.1.1 or 752.0.10.15.1 or the second paragraph of section 716.0.1.2 or 752.0.10.15.2.

2009, c. 5, s. 23; 2011, c. 1, s. 18; 2015, c. 21, s. 96; 2015, c. 24, s. 12.

2015-10-21

7.27. Section 7.25 does not apply to a gift

(a)  of a property described in an inventory;

(b)  of an immovable property situated in Canada;

(c)  of a cultural property described in the third paragraph of section 232;

(d)  of a property to which section 231.2 would apply, if paragraph b of that section were read without reference to “, other than a private foundation,”;

(e)  of a share of the capital stock of a corporation if

i.  the share was issued by the corporation to the donor,

ii.  immediately before the gift, the corporation was controlled by the donor, a person related to the donor or a group of persons each of whom is related to the donor, and

iii.  section 7.25 would not have applied in respect of the consideration for which the share was issued had that consideration been donated by the donor to the qualified donee when the share was so donated;

(f)  by a corporation of a property if

i.  the property was acquired by the corporation in circumstances to which section 518 or 529 applied,

ii.  immediately before the gift, the shareholder from whom the corporation acquired the property controlled the corporation or was related to a person or each member of a group of persons that controlled the corporation, and

iii.  section 7.25 would not have applied in respect of the property had the property not been transferred to the corporation and had the shareholder made the gift to the qualified donee when the corporation so made the gift;

(g)  of a property that was acquired in circumstances where any of sections 440, 444, 454, 459 and 460 applied, unless section 7.26 would have applied if this section were read without reference to this paragraph;

(h)  of a work of art to a Québec museum;

(i)  of the bare ownership of a work of art or of a cultural property described in the third paragraph of section 232;

(j)  of a musical instrument to an entity referred to in the definition of “total musical instrument gifts” in the first paragraph of section 752.0.10.1; or

(k)  of a work of public art, the fair market value of which is determined by the Minister of Culture and Communications, referred to in subparagraph i of subparagraph b of the second paragraph of section 716.0.1.1 or 752.0.10.15.1 or the second paragraph of section 716.0.1.2 or 752.0.10.15.2.

2009, c. 5, s. 23; 2011, c. 1, s. 18; 2015, c. 21, s. 96.

2011-02-17

7.27. Section 7.25 does not apply to a gift

(a)  of a property described in an inventory;

(b)  of an immovable property situated in Canada;

(c)  of a cultural property described in the third paragraph of section 232;

(d)  of a property to which section 231.2 would apply, if paragraph b of that section were read without reference to “, other than a private foundation,”;

(e)  of a share of the capital stock of a corporation if

i.  the share was issued by the corporation to the donor,

ii.  immediately before the gift, the corporation was controlled by the donor, a person related to the donor or a group of persons each of whom is related to the donor, and

iii.  section 7.25 would not have applied in respect of the consideration for which the share was issued had that consideration been donated by the donor to the qualified donee when the share was so donated;

(f)  by a corporation of a property if

i.  the property was acquired by the corporation in circumstances to which section 518 or 529 applied,

ii.  immediately before the gift, the shareholder from whom the corporation acquired the property controlled the corporation or was related to a person or each member of a group of persons that controlled the corporation, and

iii.  section 7.25 would not have applied in respect of the property had the property not been transferred to the corporation and had the shareholder made the gift to the qualified donee when the corporation so made the gift;

(g)  of a property that was acquired in circumstances where any of sections 440, 444, 454, 459 and 460 applied, unless section 7.26 would have applied if this section were read without reference to this paragraph;

(h)  of a work of art to a Québec museum;

(i)  of the bare ownership of a work of art or of a cultural property described in the third paragraph of section 232; or

(j)  of a musical instrument to an entity referred to in the definition of “total musical instrument gifts” in the first paragraph of section 752.0.10.1.

2009, c. 5, s. 23; 2011, c. 1, s. 18.

2009-05-15

7.27. Section 7.25 does not apply to a gift

(a)  of a property described in an inventory;

(b)  of an immovable property situated in Canada;

(c)  of a cultural property described in the third paragraph of section 232;

(d)  of a property to which section 231.2 would apply, if the portion of paragraph a of that section before subparagraph i were read without reference to “, other than a private foundation,”;

(e)  of a share of the capital stock of a corporation if

i.  the share was issued by the corporation to the donor,

ii.  immediately before the gift, the corporation was controlled by the donor, a person related to the donor or a group of persons each of whom is related to the donor, and

iii.  section 7.25 would not have applied in respect of the consideration for which the share was issued had that consideration been donated by the donor to the qualified donee when the share was so donated;

(f)  by a corporation of a property if

i.  the property was acquired by the corporation in circumstances to which section 518 or 529 applied,

ii.  immediately before the gift, the shareholder from whom the corporation acquired the property controlled the corporation or was related to a person or each member of a group of persons that controlled the corporation, and

iii.  section 7.25 would not have applied in respect of the property had the property not been transferred to the corporation and had the shareholder made the gift to the qualified donee when the corporation so made the gift;

(g)  of a property that was acquired in circumstances where any of sections 440, 444, 454, 459 and 460 applied, unless section 7.26 would have applied if this section were read without reference to this paragraph;

(h)  of a work of art to a Québec museum;

(i)  of the bare ownership of a work of art or of a cultural property described in the third paragraph of section 232; or

(j)  of a musical instrument to an entity referred to in the definition of “total musical instrument gifts” in the first paragraph of section 752.0.10.1.

2009, c. 5, s. 23.