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I-3 - Taxation Act

Section 254.1.1
Disposition versions

Full text
254.1.1. For the purposes of section 254 and Divisions II to IV, other than section 259, if an individual encumbers a property that is the individual’s principal residence or a qualified farm or fishing property within the meaning of section 726.6 with a real servitude, the following rules apply:
(a)  the establishment of the servitude is deemed to be a disposition under section 254 of a portion of the property so encumbered; and
(b)  the portion of the adjusted cost base to the individual of the property immediately before the disposition that can reasonably be considered to be attributable to the servitude is deemed to be equal to zero.
2006, c. 13, s. 33; 2007, c. 12, s. 44; 2017, c. 29, s. 56.
254.1.1. For the purposes of section 254 and Divisions II to IV, other than section 259, if an individual encumbers a property that is the individual’s principal residence, a qualified farm property within the meaning of section 726.6 or a qualified fishing property within the meaning of that section with a real servitude, the following rules apply:
(a)  the establishment of the servitude is deemed to be a disposition under section 254 of a portion of the property so encumbered; and
(b)  the portion of the adjusted cost base to the individual of the property immediately before the disposition that can reasonably be considered to be attributable to the servitude is deemed to be equal to zero.
2006, c. 13, s. 33; 2007, c. 12, s. 44.
254.1.1. For the purposes of section 254 and Divisions II to IV, other than section 259, if an individual encumbers a property that is the individual’s principal residence or a qualified farm property within the meaning of section 726.6 with a real servitude, the following rules apply:
(a)  the establishment of the servitude is deemed to be a disposition under section 254 of a portion of the property so encumbered; and
(b)  the portion of the adjusted cost base to the individual of the property immediately before the disposition that can reasonably be considered to be attributable to the servitude is deemed to be equal to zero.
2006, c. 13, s. 33.
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