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Versions of s. 261(15)(a)

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.

  1. 2017-12-14 to present available View Source
    if the later year is a functional currency year of the taxpayer and the current year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:
    Full text

    if the later year is a functional currency year of the taxpayer and the current year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

  2. 2009-03-12 to 2017-12-14 View Source
    subjectif tothe subsectionlater (16),year where there has beenis a winding-upfunctional currency year of athe taxpayer (referredand tothe current year is a Canadian currency year of the taxpayer, the following amounts (expressed in this subsection and subsection (16) as the “subsidiary”)taxpayer’s intoelected anotherfunctional taxpayercurrency) (referred to in this subsection and subsection (16) as the “parent”) to which subsection 88(1) has applied, the parent is deemedare to be converted to Canadian currency using the samerelevant corporationspot asrate andfor athe continuationlast day of the subsidiary;taxpayer’s andlast Canadian currency year:
    Full text

    if the later year is a functional currency year of the taxpayer and the current year is a Canadian currency year of the taxpayer, the following amounts (expressed in the taxpayer’s elected functional currency) are to be converted to Canadian currency using the relevant spot rate for the last day of the taxpayer’s last Canadian currency year:

  3. 2007-12-14 to 2009-03-12 View Source

    subject to subsection (16), where there has been a winding-up of a taxpayer (referred to in this subsection and subsection (16) as the “subsidiary”) into another taxpayer (referred to in this subsection and subsection (16) as the “parent”) to which subsection 88(1) has applied, the parent is deemed to be the same corporation as and a continuation of the subsidiary; and