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← Historical versions

Versions of s. 142.5(4)

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. 2018-12-13 to present available View Source
    ThereFor maygreater becertainty, deductedif a taxpayer is a financial institution in computinga thetaxation incomeyear and disposes of a share that is mark-to-market property of the taxpayer for the year, the taxpayer’s taxationproceeds yearfrom the disposition do not include any amount that includeswould Octoberotherwise 31,be 1994proceeds suchfrom the disposition to the extent that the amount asis deemed by subsection 84(2) or (3) to be a dividend received except to the taxpayerextent claimsthe dividend is deemed by subparagraph 88(2)(b)(ii) not exceedingto be a prescribed amount in respect of properties (other than capital properties) disposed of by the taxpayer because of subsection 142.5(2).dividend.
    Full text

    For greater certainty, if a taxpayer is a financial institution in a taxation year and disposes of a share that is mark-to-market property of the taxpayer for the year, the taxpayer’s proceeds from the disposition do not include any amount that would otherwise be proceeds from the disposition to the extent that the amount is deemed by subsection 84(2) or (3) to be a dividend received except to the extent the dividend is deemed by subparagraph 88(2)(b)(ii) not to be a dividend.

  2. 2004-08-31 to 2013-06-26 View Source

    There may be deducted in computing the income of a taxpayer for the taxpayer’s taxation year that includes October 31, 1994 such amount as the taxpayer claims not exceeding a prescribed amount in respect of properties (other than capital properties) disposed of by the taxpayer because of subsection 142.5(2).