I-3 - Taxation Act

Section 95 Disposition versions

2006-03-01

95. Where a taxpayer is an individual and his income for a taxation year includes income from a business the fiscal period of which does not coincide with the calendar year, and the taxpayer has disposed of depreciable property acquired for the purpose of gaining or producing income from the business,

(a)  each reference in sections 94, 94.1 and 130.1 to “year” and “taxation year” shall read as a reference to “fiscal period”, except so far as the said sections apply to a disposition by a taxpayer, after ceasing to operate a business, of depreciable property of a prescribed class he had acquired to gain income from the business and had subsequently used for no other purpose; and

(b)  the expression “the taxpayer’s income”, in section 94, means “the taxpayer’s income from the business”.

1972, c. 23, s. 85; 1977, c. 26, s. 12; 1978, c. 26, s. 16; 1991, c. 25, s. 40.