Versions of s. 14(1.01)

I-3.3 — Income Tax Act · 2 versions

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

2007-02-21 to 2017-01-01 View Source

~~Where,~~A taxpayer may, in the taxpayer’s return of income for a taxation year, or with an election under subsection 83(2) filed on or before the taxpayer’s filing-due date for the taxation year, elect that the following rules apply to a disposition made at any time in athe ~~taxation year, a taxpayer disposes~~year of an eligible capital property ~~(other than goodwill)~~ in respect of a business, ~~the cost of~~if the ~~property~~taxpayer’s ~~to the taxpayer can be determined, the~~actual proceeds of the disposition ~~(in this subsection referred to as~~exceed the ~~“actual~~taxpayer’s ~~proceeds”)~~eligible ~~exceed~~capital expenditure in respect of the acquisition of the property, that ~~cost,~~eligible capital expenditure can be determined and, for taxpayers who are individuals, the taxpayer’s exempt gains balance in respect of the business for the taxation year is ~~nil and the taxpayer so elects under this subsection in the taxpayer’s return of income for the year,~~nil:

Full text

A taxpayer may, in the taxpayer’s return of income for a taxation year, or with an election under subsection 83(2) filed on or before the taxpayer’s filing-due date for the taxation year, elect that the following rules apply to a disposition made at any time in the year of an eligible capital property in respect of a business, if the taxpayer’s actual proceeds of the disposition exceed the taxpayer’s eligible capital expenditure in respect of the acquisition of the property, that eligible capital expenditure can be determined and, for taxpayers who are individuals, the taxpayer’s exempt gains balance in respect of the business for the taxation year is nil:
2004-08-31 to 2007-02-21 View Source

Where, at any time in a taxation year, a taxpayer disposes of an eligible capital property (other than goodwill) in respect of a business, the cost of the property to the taxpayer can be determined, the proceeds of the disposition (in this subsection referred to as the “actual proceeds”) exceed that cost, the taxpayer’s exempt gains balance in respect of the business for the year is nil and the taxpayer so elects under this subsection in the taxpayer’s return of income for the year,