Versions of s. 126(4.2)

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.

2018-01-01 to present available View Source

If at any particular time a taxpayer disposes of a property that is a share or debt obligation and the period that began at the time the taxpayer last acquired the property and ended at the particular time is one year or less, the amount included in business-income tax or non-business-income tax paid by the taxpayer for a particular taxation year on account of all taxes (referred to in this subsection and subsections (4.3) and 161(6.1) as the “foreign tax”) that are A × (B - C) × D/E where A is if the foreign tax would otherwise be included in business-income tax, the total of that proportion of 26.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 25% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, and if the foreign tax would otherwise be included in non-business-income tax, the total of if the taxpayer is a corporation that is a Canadian-controlled private corporation throughout the taxation year, that proportion of 28% that the number of days in the taxation year that are after 2010 is of the number of days in the taxation year, and if the taxpayer is not a Canadian-controlled private corporation throughout the taxation year, the total of that proportion of 16.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 15% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, B is the total of the taxpayer’s proceeds from the disposition of the property at the particular time and the amount of all dividends or interest from the property in respect of the period included in computing the taxpayer’s income for any taxation year, C is the total of the cost at which the taxpayer last acquired the property and any outlays or expenses made or incurred by the taxpayer for the purpose of disposing of the property at the particular time, D is the amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for the particular year, and E is the total amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for all taxation years.

Full text

If at any particular time a taxpayer disposes of a property that is a share or debt obligation and the period that began at the time the taxpayer last acquired the property and ended at the particular time is one year or less, the amount included in business-income tax or non-business-income tax paid by the taxpayer for a particular taxation year on account of all taxes (referred to in this subsection and subsections (4.3) and 161(6.1) as the “foreign tax”) that are A × (B - C) × D/E where A is if the foreign tax would otherwise be included in business-income tax, the total of that proportion of 26.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 25% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, and if the foreign tax would otherwise be included in non-business-income tax, the total of if the taxpayer is a corporation that is a Canadian-controlled private corporation throughout the taxation year, that proportion of 28% that the number of days in the taxation year that are after 2010 is of the number of days in the taxation year, and if the taxpayer is not a Canadian-controlled private corporation throughout the taxation year, the total of that proportion of 16.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 15% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, B is the total of the taxpayer’s proceeds from the disposition of the property at the particular time and the amount of all dividends or interest from the property in respect of the period included in computing the taxpayer’s income for any taxation year, C is the total of the cost at which the taxpayer last acquired the property and any outlays or expenses made or incurred by the taxpayer for the purpose of disposing of the property at the particular time, D is the amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for the particular year, and E is the total amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for all taxation years.
2013-06-26 to 2018-01-01 View Source

If at any particular time a taxpayer disposes of a property that is a share or debt obligation and the period that began at the time the taxpayer last acquired the property and ended at the particular time is one year or less, the amount included in business-income tax or non-business-income tax paid by the taxpayer for a particular taxation year on account of all taxes (referred to in this subsection and subsections (4.3) and 161(6.1) as the “foreign tax”) that are A × (B - C) × D/E where A is ~~40%,~~ if the foreign tax would otherwise be included in business-income tax, the total of that proportion of 26.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and ~~30%,~~that proportion of 25% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, and if the foreign tax would otherwise be included in non-business-income tax, the total of if the taxpayer is a corporation that is a Canadian-controlled private corporation throughout the taxation year, that proportion of 28% that the number of days in the taxation year that are after 2010 is of the number of days in the taxation year, and if the taxpayer is not a Canadian-controlled private corporation throughout the taxation year, the total of that proportion of 16.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 15% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, B is the total of the taxpayer’s proceeds from the disposition of the property at the particular time and the amount of all dividends or interest from the property in respect of the period included in computing the taxpayer’s income for any taxation year, C is the total of the cost at which the taxpayer last acquired the property and any outlays or expenses made or incurred by the taxpayer for the purpose of disposing of the property at the particular time, D is the amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for the particular year, and E is the total amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for all taxation years.

Full text

If at any particular time a taxpayer disposes of a property that is a share or debt obligation and the period that began at the time the taxpayer last acquired the property and ended at the particular time is one year or less, the amount included in business-income tax or non-business-income tax paid by the taxpayer for a particular taxation year on account of all taxes (referred to in this subsection and subsections (4.3) and 161(6.1) as the “foreign tax”) that are A × (B - C) × D/E where A is if the foreign tax would otherwise be included in business-income tax, the total of that proportion of 26.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 25% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, and if the foreign tax would otherwise be included in non-business-income tax, the total of if the taxpayer is a corporation that is a Canadian-controlled private corporation throughout the taxation year, that proportion of 28% that the number of days in the taxation year that are after 2010 is of the number of days in the taxation year, and if the taxpayer is not a Canadian-controlled private corporation throughout the taxation year, the total of that proportion of 16.5% that the number of days in the taxation year that are in 2011 is of the number of days in the taxation year, and that proportion of 15% that the number of days in the taxation year that are after 2011 is of the number of days in the taxation year, B is the total of the taxpayer’s proceeds from the disposition of the property at the particular time and the amount of all dividends or interest from the property in respect of the period included in computing the taxpayer’s income for any taxation year, C is the total of the cost at which the taxpayer last acquired the property and any outlays or expenses made or incurred by the taxpayer for the purpose of disposing of the property at the particular time, D is the amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for the particular year, and E is the total amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for all taxation years.
2004-08-31 to 2013-06-26 View Source

If at any particular time a taxpayer disposes of a property that is a share or debt obligation and the period that began at the time the taxpayer last acquired the property and ended at the particular time is one year or less, the amount included in business-income tax or non-business-income tax paid by the taxpayer for a particular taxation year on account of all taxes (referred to in this subsection and subsections (4.3) and 161(6.1) as the “foreign tax”) that are A × (B - C) × D/E where A is 40%, if the foreign tax would otherwise be included in business-income tax, and 30%, if the foreign tax would otherwise be included in non-business-income tax, B is the total of the taxpayer’s proceeds from the disposition of the property at the particular time and the amount of all dividends or interest from the property in respect of the period included in computing the taxpayer’s income for any taxation year, C is the total of the cost at which the taxpayer last acquired the property and any outlays or expenses made or incurred by the taxpayer for the purpose of disposing of the property at the particular time, D is the amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for the particular year, and E is the total amount of foreign tax that would otherwise be included in computing the taxpayer’s business-income tax or non-business-income tax for all taxation years.