I-3 - Taxation Act

Section 496 Disposition versions

2009-05-15

496. An individual referred to in section 494 who makes, for the taxation year in which a person who suffered physical or mental injury reached 21 years of age, a valid election under subsection 5 of section 81 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 in relation to a property described in section 494, is deemed to have disposed of the property on the day preceding the date on which the person reached 21 years of age for proceeds of disposition equal to the fair market value of the property on that day and to have reacquired it immediately after at a cost equal to those proceeds.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 5 of section 81 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1977, c. 26, s. 60; 1995, c. 1, s. 46; 2005, c. 23, s. 52; 2009, c. 5, s. 171.

2006-03-01

496. An individual contemplated in section 494 may, in his fiscal return for the taxation year in which the person who suffered physical or mental injury attained the age of 21 years, elect to be deemed to have disposed of the property described therein on the day preceding the day on which the person attained the age of 21 years for proceeds of disposition equal to the fair market value of the property on that day and to have reacquired it immediately thereafter at a cost equal to those proceeds.

1977, c. 26, s. 60; 1995, c. 1, s. 46; 2005, c. 23, s. 52.