I-3 - Taxation Act

Section 851.22.42 Disposition versions

2019-06-19

851.22.42. Where an entrant bank and its Canadian affiliate have at any time made a joint election under section 851.22.34 or 851.22.41, the following rules apply:

(a)  in respect of any transfer of property, directly or indirectly, by the Canadian affiliate to the entrant bank or a person with whom the entrant bank does not deal at arm’s length,

i.  subparagraph iii of subparagraph b of the second paragraph of section 93.3.1 shall be read without reference to subparagraph 5 thereof,

ii.  (subparagraph repealed);

iii.  subparagraph b of the first paragraph of section 175.9 shall be read without reference to subparagraph iv thereof, and

iv.  subparagraph b of the second paragraph of section 238.1 shall be read without reference to subparagraph v thereof;

(b)  in respect of any property of the Canadian affiliate appropriated to or for the benefit of the entrant bank or any person with whom the entrant bank does not deal at arm’s length, section 424 shall be read without reference to subparagraph d of its second paragraph; and

(c)  for the purpose of applying sections 93.3.1, 175.9 and 238.1 in relation to any property that was disposed of by the affiliate, after the dissolution or winding-up of the affiliate, the entrant bank is deemed to be the same corporation as, and a continuation of, the affiliate.

2004, c. 8, s. 170; 2009, c. 5, s. 357; 2019, c. 14, s. 278.

2009-05-15

851.22.42. Where an entrant bank and its Canadian affiliate have at any time made a joint election under section 851.22.34 or 851.22.41, the following rules apply:

(a)  in respect of any transfer of property, directly or indirectly, by the Canadian affiliate to the entrant bank or a person with whom the entrant bank does not deal at arm’s length,

i.  subparagraph iii of subparagraph b of the second paragraph of section 93.3.1 shall be read without reference to subparagraph 5 thereof,

ii.  subparagraph a of the second paragraph of section 106.4 shall be read without reference to subparagraph v thereof,

iii.  subparagraph b of the first paragraph of section 175.9 shall be read without reference to subparagraph iv thereof, and

iv.  subparagraph b of the second paragraph of section 238.1 shall be read without reference to subparagraph v thereof;

(b)  in respect of any property of the Canadian affiliate appropriated to or for the benefit of the entrant bank or any person with whom the entrant bank does not deal at arm’s length, section 424 shall be read without reference to subparagraph d of its second paragraph; and

(c)  for the purposes of sections 93.3.1, 106.4, 175.9 and 238.1 in relation to any property that was disposed of by the affiliate, after the dissolution or winding-up of the affiliate, the entrant bank is deemed to be the same corporation as, and a continuation of, the affiliate.

2004, c. 8, s. 170; 2009, c. 5, s. 357.

2006-03-01

851.22.42. Where an entrant bank and its Canadian affiliate have at any time made a joint election under section 851.22.34 or 851.22.41, the following rules apply:

(a)  in respect of any transfer of property, directly or indirectly, by the Canadian affiliate to the entrant bank or a person with whom the entrant bank does not deal at arm’s length,

i.   subparagraph iii of subparagraph b of the second paragraph of section 93.3.1 shall be read without reference to subparagraph 5 thereof,

ii.  subparagraph a of the second paragraph of section 106.4 shall be read without reference to subparagraph v thereof,

iii.  subparagraph b of the first paragraph of section 175.9 shall be read without reference to subparagraph iv thereof, and

iv.  subparagraph b of the second paragraph of section 238.1 shall be read without reference to subparagraph v thereof;

(b)  in respect of any property of the Canadian affiliate appropriated to or for the benefit of the entrant bank or any person with whom the entrant bank does not deal at arm’s length, section 424 shall be read without reference to subsection 2 thereof; and

(c)  for the purposes of sections 93.3.1, 106.4, 175.9 and 238.1 in relation to any property that was disposed of by the affiliate, after the dissolution or winding-up of the affiliate, the entrant bank is deemed to be the same corporation as, and a continuation of, the affiliate.

2004, c. 8, s. 170.