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Versions of s. 70(5.1)

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. 2017-01-01 to present available View Source
    Notwithstanding subsection 24(1),(6), whereif atproperty anyincluded timein aClass taxpayer14.1 diesof andSchedule any person (in this subsection referredII to as the beneficiary),Income asTax a consequence of the taxpayer’s death, acquires an eligible capital propertyRegulations of the taxpayer in respect of a business carried on by the taxpayer immediately before the taxpayer’s death that timeis a property to which subsection (5) would otherwise apply is, as a consequence of the death, transferred or distributed (otherwise than by way of a distribution of property by a trust that claimed a deduction under paragraph 20(1)(b)20(1)(a) or (b) in respect of the property or in circumstances to which subsection 24(2) applies),applies) to any person (in this subsection referred to as the beneficiary), the following rules apply:
    Full text

    Notwithstanding subsection (6), if property included in Class 14.1 of Schedule II to the Income Tax Regulations of the taxpayer in respect of a business carried on by the taxpayer immediately before the taxpayer’s death that is a property to which subsection (5) would otherwise apply is, as a consequence of the death, transferred or distributed (otherwise than by way of a distribution of property by a trust that claimed a deduction under paragraph 20(1)(a) or (b) in respect of the property or in circumstances to which subsection 24(2) applies) to any person (in this subsection referred to as the beneficiary), the following rules apply:

  2. 2004-08-31 to 2017-01-01 View Source

    Notwithstanding subsection 24(1), where at any time a taxpayer dies and any person (in this subsection referred to as the beneficiary), as a consequence of the taxpayer’s death, acquires an eligible capital property of the taxpayer in respect of a business carried on by the taxpayer immediately before that time (otherwise than by way of a distribution of property by a trust that claimed a deduction under paragraph 20(1)(b) in respect of the property or in circumstances to which subsection 24(2) applies),