I-3 - Taxation Act

Section 935.2 Disposition versions

2006-03-01

935.2. For the purposes of this Title,

(a)  an individual is deemed to have acquired a qualifying home if the individual acquired it jointly with one or more other persons;

(a.1)  an individual is deemed to have an owner-occupied home at any time where, at that time, the individual owns, whether jointly with another person or otherwise, a housing unit or a share of the capital stock of a housing cooperative and the housing unit is inhabited by the individual as the individual’s principal place of residence at that time, or the share was acquired for the purpose of acquiring a right to possess a housing unit owned by the cooperative and that unit is inhabited by the individual as the individual’s principal place of residence at that time;

(b)  where an individual agrees to acquire a housing unit held in co-ownership, the individual is deemed to have acquired it on the day the individual is entitled to take possession of it;

(c)  except for the purposes of subparagraph ii of paragraph g of the definition of “regular eligible amount” in the first paragraph of section 935.1 and of subparagraph ii of paragraph f of the definition of “supplemental eligible amount” in that paragraph, an individual or a specified disabled person in respect of the individual is deemed to have acquired, before the completion date in respect of a designated withdrawal received by the individual, the qualifying home in respect of which the designated withdrawal was received if

i.  neither a qualifying home nor a replacement property for the qualifying home was acquired by the individual or the specified disabled person before that completion date, and

ii.  either

(1)  the individual or the specified disabled person is obliged under the terms of a written agreement in effect on that completion date to acquire the qualifying home, or a replacement property for the qualifying home, on or after that date, and the individual or the specified disabled person acquires the qualifying home or a replacement property for the qualifying home before the day that is one year after that completion date, or

(2)  the individual or the specified disabled person made payments to persons with whom the individual was dealing at arm’s length, in the period described in the second paragraph, in respect of the construction of the qualifying home or a replacement property for the qualifying home, and the aggregate of all payments so made was not less than the aggregate of all designated withdrawals that were received by the individual in respect of the qualifying home;

(d)  (subparagraph repealed);

(e)  (subparagraph repealed);

(f)  an amount received by an individual in a particular calendar year is deemed to have been received by the individual at the end of the preceding calendar year and not at any other time if

i.  the amount is received in January of the particular year or at such later time as is acceptable to the Minister,

ii.  the amount would not be an eligible amount if this Title were read without reference to this paragraph, and

iii.  the amount would be an eligible amount if the definition of “regular eligible amount” in the first paragraph of section 935.1 were read without reference to subparagraph i thereof and the definition of “supplemental eligible amount” in that paragraph were read without reference to paragraph h thereof.

The period to which subparagraph 2 of subparagraph ii of subparagraph c of the first paragraph refers is the period that begins at the time the individual first benefited from a designated withdrawal in respect of the qualifying home and that ends before the completion date in respect of the designated withdrawal.

1994, c. 22, s. 290; 1995, c. 49, s. 204; 1996, c. 39, s. 238; 1997, c. 3, s. 71; 1997, c. 85, s. 330; 2000, c. 5, s. 213; 2001, c. 53, s. 195.