I-3 - Taxation Act

Section 851.16.1 Disposition versions

2017-02-08

851.16.1. (Repealed).

2003, c. 2, s. 253; 2017, c. 1, s. 246.

2006-03-01

851.16.1. Where an amount is deemed under section 851.16 to be a capital gain or capital loss of a holder of a segregated fund policy relating to a segregated fund trust or of another beneficiary of the trust, in respect of capital gains or losses realized or sustained in a taxation year of the trust that includes 28 February 2000 or 17 October 2000, and the trust so elects under this section in its fiscal return filed under this Part for the year, the following rules apply:

(a)  the portion of the gains and losses that is in respect of capital gains or losses from dispositions of property that occurred before 28 February 2000 is deemed to be that proportion of the gains or losses that the number of days that are in the year and before 28 February 2000 is of the number of days that are in the year;

(b)   the portion of the gains and losses that is in respect of capital gains or losses from dispositions of property that occurred in the year and in the period that began on 28 February 2000 and ended on 17 October 2000, is deemed to be that proportion of the gains or losses that the number of days that are in the year and in that period is of the number of days that are in the year; and

(c)  the portion of the gains and losses that is in respect of capital gains or losses from dispositions of property that occurred in the year and in the period that began on 18 October 2000 and ended at the end of the year, is deemed to be that proportion of the gains or losses that the number of days that are in the year and in that period is of the number of days that are in the year.

2003, c. 2, s. 253.