I-3 - Taxation Act

Section 570.1 Disposition versions

2006-03-01

570.1. For the purposes of paragraph l of section 570, a corporation formed at any time by the amalgamation or merger of, or by a plan of arrangement or other corporate reorganization in respect of, two or more corporations is a Canadian corporation because it is resident in Canada at that time and was incorporated in Canada only if

(a)  that reorganization took place under the laws of Canada or a province, and

(b)  each of those corporations was, immediately before that time, a Canadian corporation.

The first paragraph does not apply in respect of a reorganization occurring as a result of the acquisition of property of one corporation by another corporation, pursuant to the purchase of the property by the other corporation or as a result of the distribution of the property to the other corporation on the winding-up of the corporation.

1995, c. 49, s. 148; 1997, c. 3, s. 28.