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I-3 - Taxation Act

Section 502
Disposition versions

Full text
502. If, at a particular time after 1971, a dividend becomes payable by a private corporation on a share of its capital stock and the corporation makes an election, at the latest at the particular time or, if it is earlier, on the day on which a portion of the dividend was paid, the following rules apply:
(a)  the dividend is deemed a capital dividend to the extent of its capital dividend account immediately before the particular time; and
(b)  no portion of the dividend shall be included in computing the income of a shareholder of the corporation.
1972, c. 23, s. 396; 1973, c. 17, s. 60; 1978, c. 26, s. 87; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 2006, c. 13, s. 39.
502. Where a dividend becomes payable at a particular time after 1971 by a private corporation on a share of its capital stock, the corporation may elect that the following rules apply:
(a)  the dividend is deemed a capital dividend to the extent of its capital dividend account immediately before the particular time; and
(b)  no portion of the dividend shall be included in computing the income of a shareholder of the corporation.
1972, c. 23, s. 396; 1973, c. 17, s. 60; 1978, c. 26, s. 87; 1996, c. 39, s. 273; 1997, c. 3, s. 71.
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