I-3 - Taxation Act

Section 274.4 Disposition versions

2006-03-01

274.4. Where a person not resident in Canada disposes of a taxable Québec property that the person last acquired before 27 April 1995, that would not be a taxable Québec property immediately before the disposition if sections 1087 to 1096.2 were read as they applied in respect of dispositions that occurred on 26 April 1995 and that would be a taxable Québec property immediately before the disposition if those sections were read as they applied in respect of dispositions that occurred on 1 January 1996, the person’s gain or loss from the disposition is deemed to be the amount determined by the formula

A × B / C.

In the formula provided for in the first paragraph,

(a)  A is the amount of the gain or loss determined without reference to this section;

(b)  B is the number of calendar months in the period that begins with May 1995 and ends with the calendar month that includes the time of the disposition; and

(c)  C is the number of calendar months in the period that begins with the calendar month in which the person last acquired the property and ends with the calendar month that includes the time of the disposition.

2001, c. 7, s. 37; 2004, c. 8, s. 53.