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Versions of s. 80(7)

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
    Where[Repealed, a2016, commercialc. obligation12, issueds. by a debtor is settled at any time, 3/4 of the remaining unapplied portion of the forgiven amount at that time in respect of the obligation shall be applied (to the extent designated in a prescribed form filed with the debtor’s return of income under this Part for the taxation year that includes that time) to reduce immediately after that time the cumulative eligible capital of the debtor in respect of each business of the debtor (or, where the debtor is at that time non-resident, in respect of each business carried on in Canada by the debtor).23]
    Full text

    [Repealed, 2016, c. 12, s. 23]

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

    Where a commercial obligation issued by a debtor is settled at any time, 3/4 of the remaining unapplied portion of the forgiven amount at that time in respect of the obligation shall be applied (to the extent designated in a prescribed form filed with the debtor’s return of income under this Part for the taxation year that includes that time) to reduce immediately after that time the cumulative eligible capital of the debtor in respect of each business of the debtor (or, where the debtor is at that time non-resident, in respect of each business carried on in Canada by the debtor).