I-3 - Taxation Act

Section 287 Disposition versions

2006-03-01

287. (1)  For the purposes of this Title, personal-use property includes any property owned in whole or in part by the taxpayer which is used primarily:

(a)  for his personal use or enjoyment;

(b)  for the personal use or enjoyment of one or more persons who form part of a group to which the taxpayer and persons related to him belong;

(c)  if the taxpayer is a trust, for the personal use or enjoyment of the beneficiary under the trust or of a person related to the beneficiary.

(2)  The expression “personal-use property” also includes any debt of the taxpayer resulting from the disposition of such property and any option to acquire such a property.

(3)  The personal-use property of a partnership includes the property of the partnership that is used primarily for the personal use or enjoyment of one or more members of the partnership or of a person related to one of them.

1972, c. 23, s. 264; 1997, c. 3, s. 71.