I-3 - Taxation Act

Section 313.10 Disposition versions

2022-06-08

313.10. An individual, other than a trust that is not a personal trust, shall also include in computing the individual’s income for a taxation year an amount equal to the amount by which the individual’s investment expense for the year exceeds the individual’s investment income for the year.

If the individual benefits for the year from the deduction provided for in section 737.16 or 737.18.10 in respect of an employment, the amount determined under the first paragraph must be determined with reference to the following rules:

(a)  in the case of the deduction provided for in section 737.16, any particular amount otherwise included in the investment expense or investment income of the individual for the year, to the extent that that particular amount is taken into account in computing an income realized, or a loss sustained, in a specified period of the individual established under the fourth paragraph of section 65 of the Act respecting international financial centres (chapter C-8.3), in relation to the employment, or is such an income or loss, is deemed to be equal to the product obtained by multiplying that particular amount by the amount by which 100% exceeds the percentage determined under subparagraph 1 of the second paragraph of that section 65 in respect of that period; and

(b)  in the case of the deduction provided for in section 737.18.10, any particular amount otherwise included in the investment expense or investment income of the individual for the year, to the extent that that particular amount is taken into account in computing an income realized, or a loss sustained, in the individual’s exemption period, within the meaning of section 737.18.6, in relation to the employment, or is such an income or loss, is deemed to be equal to zero;

(c)  (subparagraph repealed).

In this section, “investment expense” and “investment income” have the meaning assigned by section 336.5.

2005, c. 38, s. 68; 2022, c. 23, s. 33.

2006-03-01

313.10. An individual, other than a trust that is not a personal trust, shall also include in computing the individual’s income for a taxation year an amount equal to the amount by which the individual’s investment expense for the year exceeds the individual’s investment income for the year.

If the individual benefits for the year from the deduction provided for in any of sections 737.16, 737.18.10 and 737.18.34 in respect of an employment, the amount determined under the first paragraph must be determined with reference to the following rules:

(a)  in the case of the deduction provided for in section 737.16, any particular amount otherwise included in the investment expense or investment income of the individual for the year, to the extent that that particular amount is taken into account in computing an income realized, or a loss sustained, in a specified period of the individual established under the fourth paragraph of section 65 of the Act respecting international financial centres (chapter C-8.3), in relation to the employment, or is such an income or loss, is deemed to be equal to the product obtained by multiplying that particular amount by the amount by which 100% exceeds the percentage determined under subparagraph 1 of the second paragraph of that section 65 in respect of that period;

(b)  in the case of the deduction provided for in section 737.18.10, any particular amount otherwise included in the investment expense or investment income of the individual for the year, to the extent that that particular amount is taken into account in computing an income realized, or a loss sustained, in the individual’s exemption period, within the meaning of section 737.18.6, in relation to the employment, or is such an income or loss, is deemed to be equal to zero; and

(c)  in the case of the deduction provided for in section 737.18.34, any particular amount otherwise included in the investment expense or investment income of the individual for the year, to the extent that that particular amount is taken into account in computing an income realized, or a loss sustained, in a specified period of the individual, within the meaning of section 737.18.29, in relation to the employment, or is such an income or loss, is deemed to be equal to the product obtained by multiplying that particular amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.18.34 in respect of that period.

In this section, “investment expense” and “investment income” have the meaning assigned by section 336.5.

2005, c. 38, s. 68.