I-3 - Taxation Act

Section 668.6 Disposition versions

2015-10-21

668.6. (Repealed).

2003, c. 2, s. 168; 2015, c. 21, s. 219.

2006-03-01

668.6. Where no amount is designated by a trust under section 668 in respect of its net taxable capital gains for a taxation year that includes 28 February 2000 or 17 October 2000 and the trust has net capital gains or net capital losses from the disposition of property in the year, the following rules apply if the trust so elects under this section in its fiscal return filed under this Part for the year:

(a)  the portion of the net capital gains or net capital losses that are in respect of capital gains and losses from dispositions of property that occurred before 28 February 2000, is deemed to be equal to that proportion of the net capital gains or net capital losses, as the case may be, that the number of days that are in the year and before 28 February 2000 is of the number of days that are in the year;

(b)  the portion of the net capital gains or net capital losses that are in respect of capital gains and losses from dispositions of property that occurred in the year and in the period that began on 28 February 2000 and ended on 17 October 2000, is deemed to be equal to that proportion of the net capital gains or net capital losses, as the case may be, that the number of days that are in the year and in that period is of the number of days that are in the year; and

(c)  the portion of the net capital gains or net capital losses that are in respect of capital gains and losses from dispositions of property that occurred in the year and in the period that began on 18 October 2000 and ended at the end of the year, is deemed to be equal to that proportion of the net capital gains or net capital losses, as the case may be, that the number of days that are in the year and in that period is of the number of days that are in the year.

In the first paragraph,

(a)  the net capital gains of the trust from dispositions of property in the year is the amount by which the trust’s capital gains from dispositions of property in the year exceeds the trust’s capital losses from dispositions of property in the year; and

(b)  the net capital losses of the trust from dispositions of property in the year is the amount by which the trust’s capital losses from dispositions of property in the year exceeds the trust’s capital gains from dispositions of property in the year.

2003, c. 2, s. 168.