I-3 - Taxation Act

Section 451 Disposition versions

2017-12-07

451. In this division and sections 234 to 236, 236.2, 237, 240, 241, 261, 264, 271 to 273, 274.1, 278 to 280.4, 288, 293, 428 to 430, 432 to 435, 454 to 455.1 and 459 to 462:

(a)  (subparagraph repealed);

(a.1)  (subparagraph repealed);

(a.2)  “share of the capital stock of a family farm or fishing corporation”, of an individual at any time, means a share of the capital stock of a corporation owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to

i.  property that has been used principally in the course of carrying on a farming or fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis (or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot), by

(1)  the corporation or any other corporation, a share of the capital stock of which was a share of the capital stock of a family farm or fishing corporation of the individual or of the spouse, a child or the father or mother of the individual,

(2)  a corporation controlled by a corporation described in subparagraph 1,

(3)  the individual,

(4)  the spouse, a child or the father or mother of the individual, or

(5)  a partnership, a partnership interest in which was an interest in a family farm or fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in subparagraph iv,

iii.  partnership interests in or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(b)  (subparagraph repealed);

(c)  (subparagraph repealed);

(d)  “child” of a taxpayer includes

i.  a grandchild or a great grandchild of the taxpayer,

ii.  a person who was a child of the taxpayer immediately before the death of the person’s spouse, and

iii.  a person who, at any time before attaining the age of 19 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, in law or in fact, the custody and control;

(e)  (subparagraph repealed);

(f)  (subparagraph repealed);

(g)  (subparagraph repealed);

(h)  “interest in a family farm or fishing partnership”, of an individual at any time, means a partnership interest owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used principally in the course of carrying on a farming or fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis (or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot), by the partnership or by

(1)  the individual,

(2)  the spouse, a child or the father or mother of the individual,

(3)  a corporation, a share of the capital stock of which was a share of the capital stock of a family farm or fishing corporation of the individual or of the spouse, a child or the father or mother of the individual, or

(4)  a partnership, a partnership interest in which was an interest in a family farm or fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in subparagraph iv,

iii.  partnership interests in or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii.

For the purposes of subparagraph a.2 of the first paragraph, the fair market value of a net income stabilization account or of a farm income stabilization account is deemed to be nil.

1977, c. 26, s. 55; 1979, c. 18, s. 34; 1980, c. 13, s. 46; 1982, c. 5, s. 107; 1984, c. 15, s. 100; 1985, c. 25, s. 91; 1986, c. 15, s. 84; 1987, c. 67, s. 107; 1989, c. 5, s. 68; 1994, c. 22, s. 179; 1997, c. 3, s. 71; 2001, c. 7, s. 46; 2004, c. 8, s. 95; 2004, c. 21, s. 81; 2007, c. 12, s. 62; 2010, c. 5, s. 43; 2017, c. 29, s. 68.

2010-04-20

451. In this division and sections 234 to 236, 236.2, 237, 240, 241, 261, 264, 271 to 273, 274.1, 278 to 280.4, 288, 293, 428 to 430, 432 to 435, 454 to 455.1 and 459 to 462:

(a)  “share of the capital stock of a family farm corporation” of an individual at any time means a share of the capital stock of a corporation owned by the individual at that time where, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by any of the following persons or partnerships:

(1)  the corporation or any other corporation, a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual,

(1.1)  a corporation controlled by a corporation referred to in subparagraph 1,

(2)  the individual,

(3)  a spouse, a child or the father or mother of the individual, or

(4)  a partnership, an interest in which was an interest in a family farm partnership of the individual or of a spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(a.1)  “share of the capital stock of a family fishing corporation” of an individual at any time means a share of the capital stock of a corporation owned by the individual at that time if all or substantially all of the fair market value of the property owned by the corporation at that time was attributable to

i.  property that has been used principally in the course of carrying on a fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis, by

(1)  the corporation or another corporation, a share of the capital stock of which is a share of the capital stock of a family fishing corporation of the individual or of the spouse, a child or the father or mother of the individual,

(2)  a corporation controlled by a corporation described in subparagraph 1,

(3)  the individual,

(4)  the spouse, a child or the father or mother of the individual, or

(5)  a partnership, a partnership interest in which is an interest in a family fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(b)  (subparagraph repealed);

(c)  (subparagraph repealed);

(d)  “child” of a taxpayer includes a grandchild and a great grandchild of the taxpayer and a person who, at any time before he attained the age of 19 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, in law or in fact, the custody and control;

(e)  (subparagraph repealed);

(f)  “interest in a family farm partnership” of an individual at any time means an interest owned by the individual at that time in a partnership where, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by the partnership or by

(1)  the individual,

(2)  a spouse, a child or the father or mother of the individual,

(3)  a corporation a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual, or

(4)  a partnership, a partnership interest in which is an interest in a family farm partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(g)  “interest in a family fishing partnership” of an individual at any time means a partnership interest owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used principally in the course of carrying on a fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis by the partnership or by

(1)  the individual,

(2)  the spouse, a child or the father or mother of the individual,

(3)  a corporation, a share of the capital stock of which is a share of the capital stock of a family fishing corporation of the individual or of the spouse, a child or the father or mother of the individual, or

(4)  a partnership, a partnership interest in which is an interest in a family fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii.

For the purposes of subparagraph a of the first paragraph, the fair market value of a net income stabilization account or of a farm income stabilization account is deemed to be nil.

1977, c. 26, s. 55; 1979, c. 18, s. 34; 1980, c. 13, s. 46; 1982, c. 5, s. 107; 1984, c. 15, s. 100; 1985, c. 25, s. 91; 1986, c. 15, s. 84; 1987, c. 67, s. 107; 1989, c. 5, s. 68; 1994, c. 22, s. 179; 1997, c. 3, s. 71; 2001, c. 7, s. 46; 2004, c. 8, s. 95; 2004, c. 21, s. 81; 2007, c. 12, s. 62; 2010, c. 5, s. 43.

2007-11-07

451. In this division and sections 234 to 236, 236.2, 237, 239 to 241, 261, 264, 271 to 273, 274.1, 278 to 280.4, 288, 293, 428 to 430, 432 to 435, 454 to 455.1 and 459 to 462:

(a)  “share of the capital stock of a family farm corporation” of an individual at any time means a share of the capital stock of a corporation owned by the individual at that time where, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by any of the following persons or partnerships:

(1)  the corporation or any other corporation, a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual,

(1.1)  a corporation controlled by a corporation referred to in subparagraph 1,

(2)  the individual,

(3)  a spouse, a child or the father or mother of the individual, or

(4)  a partnership, an interest in which was an interest in a family farm partnership of the individual or of a spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(a.1)  “share of the capital stock of a family fishing corporation” of an individual at any time means a share of the capital stock of a corporation owned by the individual at that time if all or substantially all of the fair market value of the property owned by the corporation at that time was attributable to

i.  property that has been used principally in the course of carrying on a fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis, by

(1)  the corporation or another corporation, a share of the capital stock of which is a share of the capital stock of a family fishing corporation of the individual or of the spouse, a child or the father or mother of the individual,

(2)  a corporation controlled by a corporation described in subparagraph 1,

(3)  the individual,

(4)  the spouse, a child or the father or mother of the individual, or

(5)  a partnership, a partnership interest in which is an interest in a family fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(b)  (subparagraph repealed);

(c)  (subparagraph repealed);

(d)  “child” of a taxpayer includes a grandchild and a great grandchild of the taxpayer and a person who, at any time before he attained the age of 19 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, in law or in fact, the custody and control;

(e)  (subparagraph repealed);

(f)  “interest in a family farm partnership” of an individual at any time means an interest owned by the individual at that time in a partnership where, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by the partnership or by

(1)  the individual,

(2)  a spouse, a child or the father or mother of the individual,

(3)  a corporation a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual, or

(4)  a partnership, a partnership interest in which is an interest in a family farm partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii;

(g)  “interest in a family fishing partnership” of an individual at any time means a partnership interest owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used principally in the course of carrying on a fishing business in Canada in which the individual or the spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis by the partnership or by

(1)  the individual,

(2)  the spouse, a child or the father or mother of the individual,

(3)  a corporation, a share of the capital stock of which is a share of the capital stock of a family fishing corporation of the individual or of the spouse, a child or the father or mother of the individual, or

(4)  a partnership, a partnership interest in which is an interest in a family fishing partnership of the individual or of the spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv,

iii.  partnership interests or indebtedness of one or more partnerships all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iv, or

iv.  property described in any of subparagraphs i to iii.

For the purposes of subparagraph a of the first paragraph, the fair market value of a net income stabilization account or of a farm income stabilization account is deemed to be nil.

1977, c. 26, s. 55; 1979, c. 18, s. 34; 1980, c. 13, s. 46; 1982, c. 5, s. 107; 1984, c. 15, s. 100; 1985, c. 25, s. 91; 1986, c. 15, s. 84; 1987, c. 67, s. 107; 1989, c. 5, s. 68; 1994, c. 22, s. 179; 1997, c. 3, s. 71; 2001, c. 7, s. 46; 2004, c. 8, s. 95; 2004, c. 21, s. 81; 2007, c. 12, s. 62.

2006-03-01

451. In this division and sections 234 to 236, 236.2, 237, 239 to 241, 261, 264, 271 to 273, 274.1, 278 to 280.4, 288, 293, 428 to 430, 432 to 435, 454 to 455.1 and 459 to 462:

(a)  “share of the capital stock of a family farm corporation” of an individual at a particular time means a share of the capital stock of a corporation owned by the individual at that time where, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by any of the following persons or partnerships:

(1)  the corporation or any other corporation, a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual,

(1.1)  a corporation controlled by a corporation referred to in subparagraph 1,

(2)  the individual,

(3)  a spouse, a child or the father or mother of the individual, or

(4)  a partnership, an interest in which was an interest in a family farm partnership of the individual or of a spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iii, or

iii.  property described in subparagraph i or ii;

(b)  (subparagraph repealed);

(c)  (subparagraph repealed);

(d)  “child” of a taxpayer includes a grandchild and a great grandchild of the taxpayer and a person who, at any time before he attained the age of 19 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, in law or in fact, the custody and control;

(e)  (subparagraph repealed);

(f)  “interest in a family farm partnership” of an individual at a particular time means an interest owned by the individual at that time in a partnership where, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to

i.  property that has been used, principally in the course of carrying on the business of farming in Canada in which the individual or a spouse, a child or the father or mother of the individual was actively engaged on a regular and continuous basis or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot, by the partnership or any of the following persons:

(1)  the individual,

(2)  a spouse, a child or the father or mother of the individual, or

(3)  a corporation a share of the capital stock of which was a share of the capital stock of a family farm corporation of the individual or of a spouse, a child or the father or mother of the individual,

ii.  shares of the capital stock or indebtedness of one or more corporations all or substantially all of the fair market value of the property of which was attributable to property described in subparagraph iii, or

iii.  property described in subparagraph i or ii.

For the purposes of subparagraph a of the first paragraph, the fair market value of a net income stabilization account or of a farm income stabilization account is deemed to be nil.

1977, c. 26, s. 55; 1979, c. 18, s. 34; 1980, c. 13, s. 46; 1982, c. 5, s. 107; 1984, c. 15, s. 100; 1985, c. 25, s. 91; 1986, c. 15, s. 84; 1987, c. 67, s. 107; 1989, c. 5, s. 68; 1994, c. 22, s. 179; 1997, c. 3, s. 71; 2001, c. 7, s. 46; 2004, c. 8, s. 95; 2004, c. 21, s. 81.