I-3 - Taxation Act

Section 86 Disposition versions

2015-10-26

86. Subject to sections 217.2 to 217.9.1, where an individual is a proprietor of a business, the individual’s income from the business for a taxation year is deemed to be the income from the business for the fiscal periods of the business that end in the year.

Where an individual’s income for a taxation year includes income from a business the fiscal period of which does not coincide with the calendar year, any reference in respect of the business to the taxation year or the year, in this Title and in sections 487 to 487.0.4, is to be read as a reference to the fiscal period ending in the year, unless the context otherwise requires.

1972, c. 23, s. 80; 1991, c. 25, s. 19; 1995, c. 49, s. 31; 1997, c. 31, s. 10; 2000, c. 5, s. 293; 2015, c. 24, s. 24.

2006-03-01

86. (1)  Subject to sections 217.2 to 217.17, where an individual is a proprietor of a business, the individual’s income from the business for a taxation year is deemed to be the individual’s income from the business for the fiscal periods of the business that end in the year.

(2)  Where an individual’s income for a taxation year includes income from a business the fiscal period of which does not coincide with the calendar year, any reference in respect of the business to the taxation year or the year shall, in this Title and in sections 487 to 487.0.4, be read as a reference to the fiscal period ending in the year, unless the context otherwise requires.

1972, c. 23, s. 80; 1991, c. 25, s. 19; 1995, c. 49, s. 31; 1997, c. 31, s. 10; 2000, c. 5, s. 293.