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← Historical versions

Versions of s. 104(21.2)(b)(ii)

I-3.3 — Income Tax Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

  1. 2018-06-21 to present available View Source
    deemed to have a taxable capital gain for the beneficiary’s taxation year in which the designation year ends and
    Full text

    deemed to have a taxable capital gain for the beneficiary’s taxation year in which the designation year ends and

  2. 2007-02-21 to 2018-06-21 View Source
    fromdeemed to have a disposition oftaxable capital propertygain that is a qualified small business corporation share offor the beneficiarybeneficiary’s equaltaxation toyear thein amount determined by the formula(A × B × F)/(D × E) where A is the lesser of the amount determined by the formula G - H where G is the total of amounts designated under subsection 104(21) forwhich the designation year by the trust,ends and H is the total of amounts designated under subsection 104(13.2) for the designation year by the trust, and the trust’s eligible taxable capital gains for the designation year, B is the amount, if any, by which the amount designated under subsection 104(21) for the designation year by the trust in respect of the beneficiary exceeds the amount designated under subsection 104(13.2) for the year by the trust in respect of the beneficiary, C is the amount, if any, that would be determined under paragraph 3(b) for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified farm properties of the trust disposed of by it after 1984, D is the total of all amounts each of which is the amount determined for B for the designation year in respect of a beneficiary under the trust, E is the total of the amounts determined for C and F for the designation year in respect of the beneficiary, and F is the amount, if any, that would be determined under paragraph 3(b) for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust, other than qualified farm property, disposed of by it after June 17, 1987,
    Full text

    deemed to have a taxable capital gain for the beneficiary’s taxation year in which the designation year ends and

  3. 2004-08-31 to 2007-02-21 View Source

    from a disposition of capital property that is a qualified small business corporation share of the beneficiary equal to the amount determined by the formula(A × B × F)/(D × E) where A is the lesser of the amount determined by the formula G - H where G is the total of amounts designated under subsection 104(21) for the designation year by the trust, and H is the total of amounts designated under subsection 104(13.2) for the designation year by the trust, and the trust’s eligible taxable capital gains for the designation year, B is the amount, if any, by which the amount designated under subsection 104(21) for the designation year by the trust in respect of the beneficiary exceeds the amount designated under subsection 104(13.2) for the year by the trust in respect of the beneficiary, C is the amount, if any, that would be determined under paragraph 3(b) for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified farm properties of the trust disposed of by it after 1984, D is the total of all amounts each of which is the amount determined for B for the designation year in respect of a beneficiary under the trust, E is the total of the amounts determined for C and F for the designation year in respect of the beneficiary, and F is the amount, if any, that would be determined under paragraph 3(b) for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust, other than qualified farm property, disposed of by it after June 17, 1987,