I-3 - Taxation Act

Section 597.4 Disposition versions

2020-09-24

597.4. Where in a taxation year a taxpayer holds or has a right in an offshore investment fund property and it may reasonably be concluded, taking all the circumstances into account, that one of the main reasons for the taxpayer acquiring, holding or having the right in such property was to derive a benefit from portfolio investments in assets listed in paragraphs a to h of section 597.2 in such a manner that the taxes on the income, profits and gains from such assets for a particular year are significantly less than the tax that would have been payable under this Part if the income, profits and gains had been earned directly by the taxpayer, the amount determined under section 597.6 for that year in respect of that property is to be included in computing the taxpayer’s income for the year.

1986, c. 15, s. 90; 1997, c. 3, s. 71; 2015, c. 36, s. 31; 2020, c. 16, s. 89.

2015-12-04

597.4. Where in a taxation year a taxpayer holds or has an interest in an offshore investment fund property and it may reasonably be concluded, taking all the circumstances into account, that one of the main reasons for the taxpayer acquiring, holding or having the interest in such property was to derive a benefit from portfolio investments in assets listed in paragraphs a to h of section 597.2 in such a manner that the taxes on the income, profits and gains from such assets for a particular year are significantly less than the tax that would have been payable under this Part if the income, profits and gains had been earned directly by the taxpayer, the amount determined under section 597.6 for that year in respect of that property is to be included in computing the taxpayer’s income for the year.

1986, c. 15, s. 90; 1997, c. 3, s. 71; 2015, c. 36, s. 31.

2006-03-01

597.4. Where in a taxation year a taxpayer, other than a non-resident-owned investment corporation, holds or has an interest in an offshore investment fund property and it may reasonably be concluded, taking all the circumstances into account that one of the main reasons for the taxpayers acquiring, holding or having the interest in such property was to derive a benefit from portfolio investments in assets listed in paragraphs a to h of section 597.2 in such manner that the taxes on the income, profits and gains from such assets for any particular year are significantly less than the tax that would have been applicable under this Part if such income, profits and gains had been earned directly by the taxpayer, there shall be included in computing the taxpayer’s income for the year the amount determined under section 597.6 for that year in respect of that property.

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