I-3 - Taxation Act

Section 289 Disposition versions

2006-12-06

289. For the purposes of this Title, if a taxpayer disposes of a personal-use property, other than an excluded property disposed of in circumstances to which section 710 or the definition of “total charitable gifts”, “total cultural gifts”, “total gifts of qualified property” or “total musical instrument gifts” in the first paragraph of section 752.0.10.1 applies, owned by the taxpayer, the following rules apply:

(a)  the adjusted cost base to the taxpayer of the property immediately before the disposition is deemed to be equal to the greater of $1,000 and the amount otherwise determined to be its adjusted cost base to the taxpayer immediately before the disposition; and

(b)  the taxpayer’s proceeds of disposition of the property is deemed to be equal to the greater of $1,000 and the taxpayer’s proceeds of disposition of the property otherwise determined.

1972, c. 23, s. 266; 2003, c. 2, s. 101; 2006, c. 36, s. 33.

2006-03-01

289. For the purposes of this Title, where a taxpayer disposes of a personal-use property, other than an excluded property disposed of in circumstances to which section 710 or the definition of "total charitable gifts", "total gifts of qualified property" or "total cultural gifts" in the first paragraph of section 752.0.10.1 applies, owned by the taxpayer, the following rules apply:

(a)  the adjusted cost base to the taxpayer of the property immediately before the disposition is deemed to be equal to the greater of $1,000 and the amount otherwise determined to be its adjusted cost base to the taxpayer immediately before the disposition; and

(b)  the taxpayer’s proceeds of disposition of the property is deemed to be equal to the greater of $1,000 and the taxpayer’s proceeds of disposition of the property otherwise determined.

1972, c. 23, s. 266; 2003, c. 2, s. 101.