I-3 - Taxation Act

Section 985.40 Disposition versions

2024-05-07

985.40. (Repealed).

2004, c. 21, s. 243; 2009, c. 5, s. 415; 2011, c. 34, s. 59; 2024, c. 11, s. 100.

2011-12-09

985.40. A recognized political education organization may, with the approval in writing of the Minister, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Any property accumulated after receipt of and in accordance with the approval referred to in the first paragraph, including the income related to that property, is not to be included in computing the prescribed amount in subparagraph i of subparagraph b of the second paragraph of section 985.9 for the portion of any taxation year in the period, except to the extent that the recognized political education organization is not in compliance with the terms and conditions of the approval.

2004, c. 21, s. 243; 2009, c. 5, s. 415; 2011, c. 34, s. 59.

2009-05-15

985.40. A recognized political education organization may, with the approval in writing of the Minister, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Property accumulated in accordance with the first paragraph, including any income related thereto, is deemed to have been expended on educational activities promoting Québec sovereignty or Canadian unity carried on by the recognized political education organization in the taxation year in which the property was so accumulated and not to have been expended in any other taxation year.

However, where property accumulated by a recognized political education organization in accordance with the first paragraph, including any income related thereto, is not used for the particular purpose provided for in that paragraph either before the expiration of the period referred to in that paragraph or at an earlier time at which the organization decides not to use the property for that purpose, it is deemed to be the eligible amount of a gift for which the organization issued a receipt described in section 712 or 752.0.10.3 in its taxation year in which such period expires or such decision is made, as the case may be.

2004, c. 21, s. 243; 2009, c. 5, s. 415.

2006-03-01

985.40. A recognized political education organization may, with the approval in writing of the Minister, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Property accumulated in accordance with the first paragraph, including any income related thereto, is deemed to have been expended on educational activities promoting Québec sovereignty or Canadian unity carried on by the recognized political education organization in the taxation year in which the property was so accumulated and not to have been expended in any other taxation year.

However, where property accumulated by a recognized political education organization in accordance with the first paragraph, including any income related thereto, is not used for the particular purpose provided for in that paragraph either before the expiration of the period referred to in that paragraph or at an earlier time at which the organization decides not to use the property for that purpose, it is deemed to be a gift for which the organization issued a receipt described in section 712 or 752.0.10.3 in its taxation year in which such period expires or such decision is made, as the case may be.

2004, c. 21, s. 243.