I-3 - Taxation Act

Section 250.1 Disposition versions

2009-05-15

250.1. Subject to section 250.3, if a Canadian security is disposed of by a taxpayer in a taxation year and the taxpayer makes a valid election under subsection 4 of section 39 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 as a consequence of the disposition, every Canadian security owned by the taxpayer in the year or any subsequent taxation year is deemed to be a capital property owned by the taxpayer and every disposition by the taxpayer of any such Canadian security is deemed to be a disposition of a capital property.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 4 of section 39 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1978, c. 26, s. 41; 1984, c. 15, s. 59; 2001, c. 51, s. 31; 2009, c. 5, s. 85.

2006-03-01

250.1. Subject to section 250.3, where a Canadian security has been disposed of by a taxpayer in a taxation year, the taxpayer may elect, in prescribed form, in the taxpayer’s fiscal return under this Part for that year, that every Canadian security owned by the taxpayer in that year and any subsequent taxation year be deemed to have been a capital property owned by the taxpayer and that every disposition by the taxpayer of any such Canadian security be deemed to be a disposition by the taxpayer of a capital property.

1978, c. 26, s. 41; 1984, c. 15, s. 59; 2001, c. 51, s. 31.