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Versions of s. 120.4(1), definition “safe harbour capital return”

I-3.3 — Income Tax Act · 1 version · 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

    safe harbour capital return, of a specified individual for a taxation year, means an amount that does not exceed the amount determined by the formula A × B where A is the rate equal to the highest rate of interest prescribed under paragraph 4301(c) of the Income Tax Regulations in effect for a quarter in the year; and B is the total of all amounts each of which is determined by the formula C × D/E where C is the fair market value of property contributed by the specified individual in support of a related business at the time it was contributed, D is the number of days in the year that the property (or property substituted for it) is used in support of the related business and has not directly or indirectly, in any manner whatever, been returned to the specified individual, and E is the number of days in the year. (rendement exonéré)