I-3 - Taxation Act

Section 690.0.1 Disposition versions

2015-10-21

690.0.1. Notwithstanding any other provision of this Part, where a person or partnership, in this section referred to as the “vendor”, has disposed of property and would, but for this section, have had a loss from the disposition, the vendor’s loss otherwise determined in respect of the disposition shall be reduced by such portion thereof as may reasonably be considered to have accrued during a period in which the following conditions are met:

(a)  the property or property for which it was substituted was held by a trust; and

(b)  either

i.  the trust was not resident in Canada and the property or property for which it was substituted was not taxable Canadian property of the trust, or

ii.  neither the vendor nor a person that would, but for the definition of “controlled” in section 21.0.1, be affiliated with the vendor had a capital interest in the trust.

1989, c. 77, s. 72; 1997, c. 3, s. 71; 2000, c. 5, s. 151; 2015, c. 21, s. 224.

2006-03-01

690.0.1. Notwithstanding any other provision of this Part, where a person or partnership, in this section referred to as the “vendor”, has disposed of property and would, but for this section, have had a loss from the disposition, the vendor’s loss otherwise determined in respect of the disposition shall be reduced by such portion thereof as may reasonably be considered to have accrued during a period in which the following conditions are met:

(a)  the property or property for which it was substituted was owned by a trust; and

(b)  neither the vendor nor a person that would, but for the definition of “controlled” in section 21.0.1, be affiliated with the vendor had a capital interest in the trust.

1989, c. 77, s. 72; 1997, c. 3, s. 71; 2000, c. 5, s. 151.