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Versions of s. 128.1(1.2)

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. 2018-12-13 to present available View Source

    For the purposes of this subsection and paragraph (1)(c.1), if at any time shares of the capital stock of a corporation resident in Canada are owned by a trust or a partnership (each referred to in this subsection as a “conduit”), each person or partnership with an interest as a beneficiary under the conduit or that is a member of the conduit (each referred to in this subsection as a “holder”), as the case may be, is deemed to own the shares of each class of the capital stock of the corporation that are owned by the conduit the number of which is determined by the formula A × B/C where A is the total number of shares of the class of the capital stock of the corporation that is owned by the conduit at that time; B is the fair market value, at that time, of the holder’s interest in the conduit; and C is the total fair market value, at that time, of all interests in the conduit.