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Versions of s. 110.61(2)(a)

I-3.3 — Income Tax Act · 2 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
    the amount thatdetermined wouldby bethe determinedformula A × B × C − D where A is the elected amount (within the meaning of clause (1)(e)(ii)(A)) included in the joint election referred to in paragraph (1)(e), B is 1, if only one individual is entitled to a deduction under this subsection in respect of the individualqualifying forbusiness transfer, the yearpercentage underassigned paragraph 3(b) (toto the extent that that amount is not includedindividual in computing an amount determined under paragraph 110.6(2)(d) or (2.1)(d) for the individual)joint in respect of capital gains and capital losses if the only propertieselection referred to in paragraph 3(b)(1)(e), wereif a percentage is assigned to the individual in accordance with clause (1)(e)(ii)(B), and in any other case, nil, C is the fraction of the taxpayer’s capital gain from the disposition of the subject shares that is a taxable capital gain under paragraph 38(a) that applies to the subject shares in the year, and D is the total of each amount claimed by the taxpayer under this subsection in a prior taxation year in respect of the individual,disposition of the subject shares multiplied by the amount determined by the formula E ÷ F where E is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the current year, and F is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the prior year in respect of the disposition of the subject shares; and
    Full text

    the amount determined by the formula A × B × C − D where A is the elected amount (within the meaning of clause (1)(e)(ii)(A)) included in the joint election referred to in paragraph (1)(e), B is 1, if only one individual is entitled to a deduction under this subsection in respect of the qualifying business transfer, the percentage assigned to the individual in the joint election referred to in paragraph (1)(e), if a percentage is assigned to the individual in accordance with clause (1)(e)(ii)(B), and in any other case, nil, C is the fraction of the taxpayer’s capital gain from the disposition of the subject shares that is a taxable capital gain under paragraph 38(a) that applies to the subject shares in the year, and D is the total of each amount claimed by the taxpayer under this subsection in a prior taxation year in respect of the disposition of the subject shares multiplied by the amount determined by the formula E ÷ F where E is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the current year, and F is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the prior year in respect of the disposition of the subject shares; and

  2. 2024-06-20 to 2026-03-26 View Source

    the amount that would be determined in respect of the individual for the year under paragraph 3(b) (to the extent that that amount is not included in computing an amount determined under paragraph 110.6(2)(d) or (2.1)(d) for the individual) in respect of capital gains and capital losses if the only properties referred to in paragraph 3(b) were the subject shares of the individual, and