I-3 - Taxation Act

Section 1101.1 Disposition versions

2009-06-04

1101.1. This section applies to the acquisition of a property by a person (in this section referred to as the “purchaser”) from a person not resident in Canada (in this section referred to as the “vendor”) if

(a)  the purchaser concludes after reasonable inquiry that the vendor is, under a tax agreement, within the meaning of section 1, that Canada has with a particular country, a person resident in the particular country;

(b)  the property would be tax-agreement-protected property, within the meaning of section 1, of the vendor if the vendor were, under the tax agreement referred to in paragraph a, a person resident in the particular country; and

(c)  the purchaser provides notice in accordance with section 1101.2 in respect of the acquisition.

2009, c. 15, s. 370.