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Versions of s. 110.6(1), definition “annual gains limit”

I-3.3 — Income Tax Act · 5 versions · View current text

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

  1. 2026-03-26 to present available View Source
    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses,losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)), and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)) exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;year (except any portion that reduced the amount otherwise deductible by the individual in the year under subsection 110.61(2) or 110.62(2)); (plafond annuel des gains)
    Full text

    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)), and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)) exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year (except any portion that reduced the amount otherwise deductible by the individual in the year under subsection 110.61(2) or 110.62(2)); (plafond annuel des gains)

  2. 2017-01-01 to 2026-03-26 View Source
    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year; (plafond annuel des gains)
    Full text

    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year; (plafond annuel des gains)

  3. 2014-12-16 to 2017-01-01 View Source
    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties disposed of by the individ­ual after 1984,and qualified small business corporation shares disposed of by the individual after June 17, 1987 and qualified fishing properties disposed of by the individual on or after May 2, 2006,shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;
    Full text

    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;

  4. 2007-02-21 to 2014-12-16 View Source
    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were qualified farm properties disposed of by the individualindivid­ual after 1984 and1984, qualified small business corporation shares disposed of by the individual after June 17, 1987,1987 and qualified fishing properties disposed of by the individual on or after May 2, 2006, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;
    Full text

    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were qualified farm properties disposed of by the individ­ual after 1984, qualified small business corporation shares disposed of by the individual after June 17, 1987 and qualified fishing properties disposed of by the individual on or after May 2, 2006, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;

  5. 2004-08-31 to 2007-02-21 View Source

    annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses, and the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were qualified farm properties disposed of by the individual after 1984 and qualified small business corporation shares disposed of by the individual after June 17, 1987, and B is the total of the amount, if any, by which the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses exceeds the amount determined for A in respect of the individual for the year, and all of the individual’s allowable business investment losses for the year;