I-3 - Taxation Act

Section 1044 Disposition versions

2021-06-04

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.4, d.1.1 and f to h of section 1012.1, to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year or to reduce an amount included in computing the taxpayer’s income under section 580 for the particular taxation year because of a reduction referred to in section 1012.2 in the foreign accrual property income of a foreign affiliate of the taxpayer for a taxation year of the foreign affiliate that ends in the particular taxation year, the tax payable under this Part by the taxpayer for the particular taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction, exclusion or reduction of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income, the deduction or the reduction, as the case may be, of an amount described in the first paragraph is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012, 1012.2, 1054, 1055.1.2 and 1055.1.3 so as to exclude from the taxpayer’s income, to deduct or to reduce the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year, the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year; and

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216; 2009, c. 15, s. 357; 2011, c. 34, s. 108; 2015, c. 36, s. 153; 2017, c. 1, s. 342; 2021, c. 18, s. 147.

2017-02-08

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.3, d.1.1 and f to h of section 1012.1, to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year or to reduce an amount included in computing the taxpayer’s income under section 580 for the particular taxation year because of a reduction referred to in section 1012.2 in the foreign accrual property income of a foreign affiliate of the taxpayer for a taxation year of the foreign affiliate that ends in the particular taxation year, the tax payable under this Part by the taxpayer for the particular taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction, exclusion or reduction of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income, the deduction or the reduction, as the case may be, of an amount described in the first paragraph is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012, 1012.2, 1054, 1055.1.2 and 1055.1.3 so as to exclude from the taxpayer’s income, to deduct or to reduce the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year, the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year; and

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216; 2009, c. 15, s. 357; 2011, c. 34, s. 108; 2015, c. 36, s. 153; 2017, c. 1, s. 342.

2015-12-04

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.2, d.1.1 and f to h of section 1012.1, to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year or to reduce an amount included in computing the taxpayer’s income under section 580 for the particular taxation year because of a reduction referred to in section 1012.2 in the foreign accrual property income of a foreign affiliate of the taxpayer for a taxation year of the foreign affiliate that ends in the particular taxation year, the tax payable under this Part by the taxpayer for the particular taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction, exclusion or reduction of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income, the deduction or the reduction, as the case may be, of an amount described in the first paragraph is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012, 1012.2, 1054, 1055.1.2 and 1055.1.3 so as to exclude from the taxpayer’s income, to deduct or to reduce the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year, the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year; and

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216; 2009, c. 15, s. 357; 2011, c. 34, s. 108; 2015, c. 36, s. 153.

2011-12-09

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.1, d.1.1 and f to h of section 1012.1, or to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year, the tax payable under this Part by the taxpayer for the taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction or exclusion of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income or the deduction, as the case may be, by an amount described in the first paragraph is, for the purpose of computing interest payable under sections 1037 to 1040, deemed to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012, 1054, 1055.1.2 and 1055.1.3 so as to exclude from the taxpayer’s income or to deduct the amount for the taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year, the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year; and

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216; 2009, c. 15, s. 357; 2011, c. 34, s. 108.

2009-06-04

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.1, d.1.1 and f of section 1012.1, or to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year, the tax payable under this Part by the taxpayer for the taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction or exclusion of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income or the deduction, as the case may be, by an amount described in the first paragraph is, for the purpose of computing interest payable under sections 1037 to 1040, deemed to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012 and 1054 so as to exclude from his income or to deduct the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year, the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year; and

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216; 2009, c. 15, s. 357.

2007-11-07

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1.0.0.1 and d.1.1 to f of section 1012.1, or to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year, the tax payable under this Part by the taxpayer for the taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction or exclusion of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income or the deduction, as the case may be, by an amount described in the first paragraph is, for the purpose of computing interest payable under sections 1037 to 1040, deemed to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012 and 1054 so as to exclude from his income or to deduct the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year;

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291; 2007, c. 12, s. 216.

2006-03-01

1044. Where, for a particular taxation year, a taxpayer is entitled to exclude from the taxpayer’s income under sections 294 to 298 an amount in respect of the exercise of an option in a subsequent taxation year, to exclude from the taxpayer’s income or to deduct an amount by reason of the disposition in a subsequent taxation year of a work of art referred to in section 714.1 or 752.0.10.11.1 by a donee referred to in that section, to deduct an amount relating to a subsequent taxation year, or because of an event in a subsequent taxation year, and referred to in any of paragraphs b to b.1.0.1, c to d.1 and d.1.1 to f of section 1012.1, or to deduct an amount under any of sections 785.2.2 to 785.2.4 from the proceeds of disposition of a property because of an election made in a fiscal return for a subsequent taxation year, the tax payable under this Part by the taxpayer for the taxation year is deemed, for the purpose of computing interest payable under sections 1037 to 1040, to be equal to the tax that the taxpayer would have been required to pay if the consequences of the deduction or exclusion of those amounts were not taken into account.

However, the amount by which the tax payable under this Part by the taxpayer for the particular taxation year is reduced as a consequence of the exclusion from the income or the deduction, as the case may be, by an amount described in the first paragraph is, for the purpose of computing interest payable under sections 1037 to 1040, deemed to have been paid by the taxpayer on account of the taxpayer’s tax payable under this Part for the particular taxation year on the latest of

(a)  the day on which an amended fiscal return of the taxpayer or a prescribed form was filed in accordance with any of sections 297, 716.0.1, 752.0.10.15, 1012 and 1054 so as to exclude from his income or to deduct the amount for the particular taxation year;

(b)  where, as a consequence of a request in writing, the Minister assessed the taxpayer’s tax for the year so as to exclude from his income or deduct the amount for the particular taxation year the day on which the request was made;

(c)  the day immediately following the end of the subsequent taxation year relating to the amount excluded from the taxpayer’s income or deducted for the particular taxation year;

(d)  the day on which the taxpayer or his legal representative files his fiscal return under this Part for the subsequent taxation year referred to in subparagraph c.

1972, c. 23, s. 768; 1983, c. 49, s. 16; 1985, c. 25, s. 152; 1986, c. 19, s. 192; 1987, c. 67, s. 187; 1988, c. 4, s. 129; 1991, c. 25, s. 169; 1993, c. 64, s. 174; 1995, c. 63, s. 214; 1997, c. 31, s. 125; 2000, c. 5, s. 275; 2002, c. 46, s. 4; 2004, c. 8, s. 181; 2005, c. 23, s. 230; 2005, c. 38, s. 291.