I-3 - Taxation Act

Section 597.1 Disposition versions

2020-09-24

597.1. In this chapter, the expression

(a)  “offshore investment fund property” of a taxpayer means a share of the capital stock of, an interest in, or a debt of, a particular foreign entity other than a controlled foreign affiliate of the taxpayer or a prescribed foreign entity or a right in or a right or option to acquire such a share, interest or debt that may reasonably be considered to derive its value, directly or indirectly, primarily from portfolio investments of that or any other foreign entity in one or more of the assets listed in section 597.2;

(b)  “designated cost” to a taxpayer at any time in a taxation year of an offshore investment fund property that he holds or has a right in means the amount determined in respect thereof at that time under section 597.3;

(c)  “foreign entity” at any time means a corporation that is at that time not resident in Canada, a partnership, organization, fund or entity that is at that time not resident in Canada or is not at that time situated in Canada, or an exempt foreign trust, within the meaning assigned to that expression by the first paragraph of section 593, other than a trust described in any of paragraphs a to g of the definition of that expression.

1986, c. 15, s. 90; 1997, c. 3, s. 71; 2015, c. 36, s. 30; 2020, c. 16, s. 87.

2015-12-04

597.1. In this chapter, the expression

(a)  “offshore investment fund property” of a taxpayer means a share of the capital stock of, an interest in, or a debt of, a particular foreign entity other than a controlled foreign affiliate of the taxpayer or a prescribed foreign entity or an interest in or a right or option to acquire such a share, interest or debt that may reasonably be considered to derive its value, directly or indirectly, primarily from portfolio investments of that or any other foreign entity in one or more of the assets listed in section 597.2;

(b)  “designated cost” to a taxpayer at any time in a taxation year of an offshore investment fund property that he holds or has an interest in means the amount determined in respect thereof at that time under section 597.3;

(c)  “foreign entity” at any time means a corporation that is at that time not resident in Canada, a partnership, organization, fund or entity that is at that time not resident in Canada or is not at that time situated in Canada, or an exempt foreign trust, within the meaning assigned to that expression by the first paragraph of section 593, other than a trust described in any of paragraphs a to g of the definition of that expression.

1986, c. 15, s. 90; 1997, c. 3, s. 71; 2015, c. 36, s. 30.

2006-03-01

597.1. In this chapter, the expression

(a)  “offshore investment fund property” of a taxpayer means a share of the capital stock of, an interest in, or a debt of, a particular foreign entity other than a controlled foreign affiliate of the taxpayer or a prescribed foreign entity or an interest in or a right or option to acquire such a share, interest or debt that may reasonably be considered to derive its value, directly or indirectly, primarily from portfolio investments of that or any other foreign entity in one or more of the assets listed in section 597.2;

(b)  “designated cost” to a taxpayer at any time in a taxation year of an offshore investment fund property that he holds or has an interest in means the amount determined in respect thereof at that time under section 597.3;

(c)  “foreign entity” means a corporation that is not resident in Canada, a partnership, organization, fund or entity that is not resident or is not situated in Canada or a trust contemplated in section 596.

1986, c. 15, s. 90; 1997, c. 3, s. 71.