I-3 - Taxation Act

Section 336.5 Disposition versions

2015-10-26

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph, paragraphs c.1 and c.2 and subparagraphs 2 to 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to the maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c.1)  where paragraphs b and c do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$500,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007;

(c.2)  where paragraph c does not apply, where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this paragraph and subparagraph 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$500,000” was replaced by “$250,000”, and where the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of that Title VI.5 and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007; and

(d)  in cases other than those provided for in paragraphs b to c.2, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(a.1)  for the purposes of subparagraph i of that subparagraph a.2, any amount deducted by the individual under paragraph a of section 141 in computing the individual’s income for the year from a property were equal to zero;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount deducted in respect of the following expenses were equal to zero:

i.  expenses renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, and

ii.  expenses described in section 336.5.1 that were not renounced in respect of a flow-through share and were incurred after 11 March 2005 by a partnership, or that were renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a designation made by a trust under section 668, despite the exception provided for in section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2, subparagraphs 2.1 and 2.2 and paragraphs c to c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to the maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title,

(2.1) where subparagraphs 1 and 2 do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$500,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007,

(2.2) where subparagraph 2 does not apply, where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this subparagraph 2.2 and to paragraph c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$500,000” was replaced by “$250,000”, and where the individual deducts under this Title in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71; 2007, c. 12, s. 52; 2009, c. 5, s. 120; 2009, c. 15, s. 79; 2011, c. 1, s. 29; 2015, c. 24, s. 58.

2011-02-17

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph, paragraphs c.1 and c.2 and subparagraphs 2 to 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to the maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c.1)  where paragraphs b and c do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007;

(c.2)  where paragraph c does not apply, where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this paragraph and subparagraph 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, and where the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of that Title VI.5 and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007; and

(d)  in cases other than those provided for in paragraphs b to c.2, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(a.1)  for the purposes of subparagraph i of that subparagraph a.2, any amount deducted by the individual under paragraph a of section 141 in computing the individual’s income for the year from a property were equal to zero;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount deducted in respect of the following expenses were equal to zero:

i.  expenses renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, and

ii.  expenses described in section 336.5.1 that were not renounced in respect of a flow-through share and were incurred after 11 March 2005 by a partnership, or that were renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a designation made by a trust under section 668, despite the exception provided for in section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2, subparagraphs 2.1 and 2.2 and paragraphs c to c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to the maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title,

(2.1) where subparagraphs 1 and 2 do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007,

(2.2) where subparagraph 2 does not apply, where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this subparagraph 2.2 and to paragraph c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, and where the individual deducts under this Title in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71; 2007, c. 12, s. 52; 2009, c. 5, s. 120; 2009, c. 15, s. 79; 2011, c. 1, s. 29.

2009-06-04

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph, paragraphs c.1 and c.2 and subparagraphs 2 to 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to the maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c.1)  where paragraphs b and c do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007;

(c.2)  where paragraph c does not apply, where the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this paragraph and subparagraph 2.2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, and where the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of that Title VI.5 and if the amount determined in respect of the individual for the year under subparagraph 1 of subparagraph ii of subparagraph b of the first paragraph of section 726.6 were determined, for the purposes of subparagraph 2 of subparagraph i of subparagraph b of the first paragraph of section 726.6, without reference to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007; and

(d)  in cases other than those provided for in paragraphs b to c.2, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount deducted in respect of the following expenses were equal to zero:

i.  expenses renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, and

ii.  expenses described in section 336.5.1 renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a designation made by a trust under section 668, despite the exception provided for in section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) where the year begins after 19 March 2007 and the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2, subparagraphs 2.1 and 2.2 and paragraphs c to c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to the maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title,

(2.1) where subparagraphs 1 and 2 do not apply and the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, is equal to zero, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007,

(2.2) where subparagraph 2 does not apply, where the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year in respect of property disposed of before 19 March 2007, if no reference were made to this subparagraph 2.2 and to paragraph c.2 of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount that would be determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, if the formula were read as if “$375,000” was replaced by “$250,000”, and where the individual deducts under this Title in computing the individual’s taxable income for the year an amount at least equal to the maximum amount, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title and if, for the purposes of subparagraph 2 of that subparagraph i, no reference were made to qualified farm property, eligible small business corporation shares and qualified fishing property disposed of before 19 March 2007, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a designation made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71; 2007, c. 12, s. 52; 2009, c. 5, s. 120; 2009, c. 15, s. 79.

2009-05-15

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  if the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph and subparagraph 2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to that maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year; and

(d)  in cases other than those provided for in paragraphs b and c, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount deducted in respect of the following expenses were equal to zero:

i.  expenses renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, and

ii.  expenses described in section 336.5.1 renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a distribution made by a trust under section 668, despite the exception provided for in section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) if the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2 and paragraph c of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to that maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71; 2007, c. 12, s. 52; 2009, c. 5, s. 120.

2007-11-07

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  if the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph and subparagraph 2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to that maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year; and

(d)  in cases other than those provided for in paragraphs b and c, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in subsection 1 of section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount deducted in respect of the following expenses were equal to zero:

i.  expenses renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, and

ii.  expenses described in section 336.5.1 renounced in respect of a flow-through share that was

(1)  issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date, or

(2)  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made after 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made after that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a distribution made by a trust under section 668, despite the exception provided for in subsection 1 of section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) if the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2 and paragraph c of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to that maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in subsection 1 of section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71; 2007, c. 12, s. 52.

2006-03-01

336.5. In this section and sections 336.6 and 336.7,

“additional investment expense” of an individual for a taxation year means the aggregate of

(a)  the amount determined in respect of the individual for the year under subparagraph 2 of subparagraph iii of subparagraph a.2 of the first paragraph of section 726.6;

(b)  if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year;

(c)  if the maximum amount that the individual could deduct under Title VI.5 of Book IV in computing the individual’s taxable income for the year, if no reference were made to this paragraph and subparagraph 2 of subparagraph vi of subparagraph e of the first paragraph of section 726.6, enacted by paragraph c of the definition of “investment income”, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under that Title VI.5 in computing the individual’s taxable income for the year an amount equal to that maximum amount, the aggregate of the individual’s net capital losses for other taxation years deducted, without reference to subparagraph b of the first paragraph of section 729.1, under section 729 in computing the individual’s taxable income for the year; and

(d)  in cases other than those provided for in paragraphs b and c, the amount that would be determined in respect of the individual for the year under subparagraph vi of subparagraph a.2 of the first paragraph of section 726.6 if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in subsection 1 of section 668 in respect of Title VI.5 of Book IV;

“investment expense” of an individual for a taxation year means the investment expense of the individual for that year within the meaning that would be assigned to that expression by subparagraph a.2 of the first paragraph of section 726.6 if,

(a)  the portion of that subparagraph a.2 before subparagraph i were read as follows:

“(a.2) “investment expense” of an individual for a taxation year means the aggregate of”;

(b)  the amount determined under subparagraph 2 of subparagraph iii of that subparagraph a.2 were equal to zero;

(c)  for the purposes of subparagraph iv of that subparagraph a.2, any amount described as follows were equal to zero: any amount deducted in respect of expenses renounced in respect of a flow-through share that was

i.  issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date, or

ii.  acquired out of the proceeds of a public issue of securities that are interest in a partnership issued as a consequence of an investment made on or before 11 March 2005 or of an application for a receipt for the preliminary prospectus or an application for an exemption from filing a prospectus made on or before that date;

(d)  for the purposes of subparagraph v of that subparagraph a.2, the loss from renting or leasing a property were equal to zero; and

(e)  the amounts determined under subparagraphs vi and vii of that subparagraph a.2 were equal to zero;

“investment income” of an individual for a taxation year means the investment income of the individual for that year within the meaning that would be assigned to that expression by subparagraph e of the first paragraph of section 726.6 if,

(a)  for the purposes of subparagraphs i and iv of that subparagraph e, an amount included in computing the individual’s income for the year under section 94 in respect of a property the income from which would be income from the renting or leasing of a property were equal to zero;

(b)  for the purposes of subparagraph iv of that subparagraph e, the income from the renting or leasing of a property were equal to zero;

(c)  subparagraph vi of that subparagraph e were read as follows:

“vi. the amount by which the aggregate of all amounts, including the amount resulting from a distribution made by a trust under section 668, despite the exception provided for in subsection 1 of section 668 in respect of this Title, that are included under paragraph b of section 28, in respect of capital gains and capital losses, in computing the individual’s income for the year, exceeds

(1) if the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7 is equal to zero, an amount equal to zero,

(2) if the maximum amount that the individual could deduct under this Title in computing the individual’s taxable income for the year, if no reference were made to this subparagraph 2 and paragraph c of the definition of “additional investment expense” in section 336.5, is greater than zero and equal to the amount determined in respect of the individual for the year by the formula in subparagraph a of the first paragraph of section 726.7, and the individual deducts under this Title in computing the individual’s taxable income for the year an amount equal to that maximum amount, the amount deducted by the individual in computing the individual’s taxable income for the year under this Title, and

(3) in any other case, the amount that would be determined in respect of the individual for the year under subparagraph i of subparagraph b if the amount resulting from a distribution made by a trust under section 668 were taken into account, despite the exception provided for in subsection 1 of section 668 in respect of this Title.”;

“total investment expense” of an individual for a taxation year means the aggregate of the individual’s investment expense for the year and the individual’s additional investment expense for the year;

“unused portion of the total investment expense” of an individual for a taxation year means

(a)  in the case of a taxation year subsequent to the taxation year 2003, the aggregate of the amount included in computing the individual’s income for the year under section 313.10 and the amount included in computing the individual’s taxable income for the year under section 737.0.1; and

(b)  in any other case, an amount equal to zero.

2005, c. 38, s. 71.