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I-3 - Taxation Act

Section 429
Disposition versions

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429. The rights and property that an individual owned when the individual died, if they are not property referred to in section 428, or capital property, and if the proceeds thereof when realized or disposed of would have been included in computing the individual’s income, must be included at their value in computing the individual’s income for the year of the individual’s death.
However, the legal representative of an individual may elect, not later than the day that is one year after the date of death or the day that is 90 days after the sending of a notice of assessment, whichever is the later, in respect of the individual’s tax for the year of the individual’s death, not to include such value in computing the individual’s income for the year of the individual’s death; in that case, the individual shall file a separate fiscal return for the year under this Part and pay the tax for the year under this Part as if
(a)  the individual were another person;
(b)  that other person’s only income for the year were the value of the rights and property; and
(c)  subject to sections 693.1, 752.0.26 and 776.1.5.0.19, that other person were entitled to the deductions to which the individual was entitled under sections 725 to 725.5, 752.0.0.1 to 752.0.13.3, 752.0.14 to 752.0.18.15, 776.1.5.0.17 and 776.1.5.0.18 in computing the individual’s taxable income or the individual’s tax payable under this Part, as the case may be, for the year.
Within the time limit provided for in the second paragraph, the legal representative may revoke the election made under that paragraph by means of a notice filed with the Minister.
1972, c. 23, s. 361; 1985, c. 25, s. 87; 1986, c. 19, s. 94; 1987, c. 67, s. 100; 1989, c. 5, s. 67; 1993, c. 64, s. 34; 1994, c. 22, s. 159; 1997, c. 14, s. 76; 1999, c. 83, s. 273; 2001, c. 53, s. 69; 2004, c. 4, s. 4; 2005, c. 1, s. 101; 2006, c. 36, s. 41; 2007, c. 12, s. 56; 2011, c. 6, s. 131; 2019, c. 14, s. 124.
429. The rights and property that an individual owned when the individual died, if they are not property referred to in section 428, or capital property, and if the proceeds thereof when realized or disposed of would have been included in computing the individual’s income, must be included at their value in computing the individual’s income for the year of the individual’s death.
However, the legal representative of an individual may elect, not later than the day that is one year after the date of death or the day that is 90 days after the sending of a notice of assessment, whichever is the later, in respect of the individual’s tax for the year of the individual’s death, not to include such value in computing the individual’s income for the year of the individual’s death; in that case, the individual shall file a separate fiscal return for the year under this Part and pay the tax for the year under this Part as if
(a)  the individual were another person;
(b)  that other person’s only income for the year were the value of the rights and property; and
(c)  subject to sections 693.1, 752.0.26 and 776.1.5.0.19, that other person were entitled to the deductions to which the individual was entitled under sections 725 to 725.7, 752.0.0.1 to 752.0.13.3, 752.0.14 to 752.0.18.15, 776.1.5.0.17 and 776.1.5.0.18 in computing the individual’s taxable income or the individual’s tax payable under this Part, as the case may be, for the year.
Within the time limit provided for in the second paragraph, the legal representative may revoke the election made under that paragraph by means of a notice filed with the Minister.
1972, c. 23, s. 361; 1985, c. 25, s. 87; 1986, c. 19, s. 94; 1987, c. 67, s. 100; 1989, c. 5, s. 67; 1993, c. 64, s. 34; 1994, c. 22, s. 159; 1997, c. 14, s. 76; 1999, c. 83, s. 273; 2001, c. 53, s. 69; 2004, c. 4, s. 4; 2005, c. 1, s. 101; 2006, c. 36, s. 41; 2007, c. 12, s. 56; 2011, c. 6, s. 131.
429. The rights and property that the taxpayer owned when he died, if they are not property contemplated in section 428, or capital property, and if the proceeds thereof when realized or disposed of would have been included in computing the taxpayer’s income, shall be included at their value in computing his income for the year in which he died.
However, the legal representative of an individual may elect, not later than the day that is one year after the date of death or the day that is 90 days after the sending of a notice of assessment, whichever is the later, in respect of the tax of the individual for the year of his death, not to include such value in computing the income of the individual for the year of his death; in that case, he shall file a separate fiscal return for that year under this Part and pay the tax for the year under this Part as if
(a)  the individual were another person;
(b)  that other person’s only income for the year were the value of the rights and property; and
(c)  subject to sections 693.1, 752.0.26 and 776.1.5.0.19, that other person were entitled to the deductions to which the individual was entitled under sections 725 to 725.7, 752.0.0.1 to 752.0.13.3, 752.0.14 to 752.0.18.15, 776.1.5.0.17 and 776.1.5.0.18 in computing the individual’s taxable income or the individual’s tax payable under this Part, as the case may be, for the year.
Within the time limit provided for in the second paragraph, the legal representative may revoke the election made under that paragraph by means of a notice filed with the Minister.
1972, c. 23, s. 361; 1985, c. 25, s. 87; 1986, c. 19, s. 94; 1987, c. 67, s. 100; 1989, c. 5, s. 67; 1993, c. 64, s. 34; 1994, c. 22, s. 159; 1997, c. 14, s. 76; 1999, c. 83, s. 273; 2001, c. 53, s. 69; 2004, c. 4, s. 4; 2005, c. 1, s. 101; 2006, c. 36, s. 41; 2007, c. 12, s. 56.
429. The rights and property that the taxpayer owned when he died, if they are not property contemplated in section 428, or capital property, and if the proceeds thereof when realized or disposed of would have been included in computing the taxpayer’s income, shall be included at their value in computing his income for the year in which he died.
However, the legal representative of an individual may elect, not later than the day that is one year after the date of death or the day that is 90 days after the sending of a notice of assessment, whichever is the later, in respect of the tax of the individual for the year of his death, not to include such value in computing the income of the individual for the year of his death; in that case, he shall file a separate fiscal return for that year under this Part and pay the tax for the year under this Part as if
(a)  the individual were another person;
(b)  that other person’s only income for the year were the value of the rights and property; and
(c)  subject to sections 693.1, 752.0.26 and 776.1.5.0.19, that other person were entitled to the deductions to which the individual was entitled under sections 725 to 725.7, 752.0.0.1 to 752.0.13.3, 752.0.14 to 752.0.18.15, 776.1.5.0.17 and 776.1.5.0.18 in computing the individual’s taxable income or the individual’s tax payable under this Part, as the case may be, for the year.
Within the above delay, the legal representative may revoke such election by means of a notice signed by him and filed with the Minister.
1972, c. 23, s. 361; 1985, c. 25, s. 87; 1986, c. 19, s. 94; 1987, c. 67, s. 100; 1989, c. 5, s. 67; 1993, c. 64, s. 34; 1994, c. 22, s. 159; 1997, c. 14, s. 76; 1999, c. 83, s. 273; 2001, c. 53, s. 69; 2004, c. 4, s. 4; 2005, c. 1, s. 101; 2006, c. 36, s. 41.
429. The rights and property that the taxpayer owned when he died, if they are not property contemplated in section 428, or capital property, and if the proceeds thereof when realized or disposed of would have been included in computing the taxpayer’s income, shall be included at their value in computing his income for the year in which he died.
However, the legal representative of an individual may elect, not later than the day that is one year after the date of death or the day that is 90 days after the sending of a notice of assessment, whichever is the later, in respect of the tax of the individual for the year of his death, not to include such value in computing the income of the individual for the year of his death; in that case, he shall file a separate fiscal return for that year under this Part and pay the tax for the year under this Part as if
(a)  the individual were another person;
(b)  that other person’s only income for the year were the value of the rights and property; and
(c)  subject to sections 693.1 and 752.0.26, that other person were entitled to the deductions to which the individual was entitled under sections 725 to 725.7, 752.0.0.1 to 752.0.13.3 and 752.0.14 to 752.0.18.15 in computing his taxable income or his tax payable under this Part, as the case may be, for the year.
Within the above delay, the legal representative may revoke such election by means of a notice signed by him and filed with the Minister.
1972, c. 23, s. 361; 1985, c. 25, s. 87; 1986, c. 19, s. 94; 1987, c. 67, s. 100; 1989, c. 5, s. 67; 1993, c. 64, s. 34; 1994, c. 22, s. 159; 1997, c. 14, s. 76; 1999, c. 83, s. 273; 2001, c. 53, s. 69; 2004, c. 4, s. 4; 2005, c. 1, s. 101.
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