I-3 - Taxation Act

Section 450.6 Disposition versions

2007-11-07

450.6. Section 444 applies in respect of the transfer of a property as if “to a child” and “in the child” were replaced by “to the father or mother” and “in the father or mother”, respectively, and as if “the child” were replaced by “the father or mother”, if

(a)  the property was acquired by an individual in circumstances where any of sections 444, 450 and 460 to 462 applied in respect of the acquisition;

(b)  the property is transferred to the father or mother of the individual because of the individual’s death; and

(c)  the individual’s legal representative makes a valid election in the fiscal return filed under Part I of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) for the taxation year in which the individual died, to have subsection 9.6 of section 70 of that Act apply in respect of the transfer.

1986, c. 15, s. 83; 1997, c. 85, s. 75; 2007, c. 12, s. 60.

2006-03-01

450.6. Where any property has been acquired by an individual in circumstances where any of sections 444, 450 or 459 applied, where as a consequence of the death of the individual occurring after 31 December 1983 the property has been transferred or distributed to the father or mother of the individual, and where the individual’s legal representative makes a valid election under paragraph c of subsection 9.6 of section 70 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of the property, section 444 applies to the transfer or distribution as if the words “to a child” and “in the child” were replaced respectively by the words “to the father or mother” and “in the father or mother”, and the words “the child” were replaced by the words “the father or mother”.

1986, c. 15, s. 83; 1997, c. 85, s. 75.