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I-3 - Taxation Act
Section 85.3.0.1
Disposition versions
85.3.0.1. (Repealed).
2021, c. 142021, c. 14, s. 2511; 2021, c. 362021, c. 36, s. 541.
85.3.0.1. Where the first paragraph of section 215 applies for the purpose of computing a taxpayer’s income from a business for the last taxation year of the taxpayer that begins before 22 March 2017, the following rules apply:
(a) for the purpose of computing the taxpayer’s income from the business at the end of the first taxation year that begins after 21 March 2017,
i. the amount of the cost of the taxpayer’s work in progress is deemed to be equal to 20% of that amount, determined without reference to this paragraph, and
ii. the amount of the fair market value of the taxpayer’s work in progress is deemed to be equal to 20% of that amount, determined without reference to this paragraph;
(b) for the purpose of computing the taxpayer’s income from the business at the end of the second taxation year that begins after 21 March 2017,
i. the amount of the cost of the taxpayer’s work in progress is deemed to be equal to 40% of that amount, determined without reference to this paragraph, and
ii. the amount of the fair market value of the taxpayer’s work in progress is deemed to be equal to 40% of that amount, determined without reference to this paragraph;
(c) for the purpose of computing the taxpayer’s income from the business at the end of the third taxation year that begins after 21 March 2017,
i. the amount of the cost of the taxpayer’s work in progress is deemed to be equal to 60% of that amount, determined without reference to this paragraph, and
ii. the amount of the fair market value of the taxpayer’s work in progress is deemed to be equal to 60% of that amount, determined without reference to this paragraph; and
(d) for the purpose of computing the taxpayer’s income from the business at the end of the fourth taxation year that begins after 21 March 2017,
i. the amount of the cost of the taxpayer’s work in progress is deemed to be equal to 80% of that amount, determined without reference to this paragraph, and
ii. the amount of the fair market value of the taxpayer’s work in progress is deemed to be equal to 80% of that amount, determined without reference to this paragraph.
