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I-3 - Taxation Act

Section 726.11
Disposition versions

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726.11. Despite sections 726.7 and 726.7.1, no amount may be deducted under this Title in respect of the capital gain of an individual for a particular taxation year in computing the individual’s taxable income for the particular year or any subsequent taxation year, if the individual knowingly or under circumstances amounting to gross negligence
(a)  fails to file the individual’s fiscal return for the particular year within one year after the individual’s filing-due date for the particular year; or
(b)  fails to report the capital gain in the fiscal return the individual was required to file for the particular year under section 1000.
1987, c. 67, s. 142; 1990, c. 59, s. 265; 1996, c. 39, s. 188; 1997, c. 31, s. 71; 2004, c. 21, s. 125; 2007, c. 12, s. 79; 2009, c. 15, s. 119; 2015, c. 21, s. 256; 2017, c. 29, s. 106.
726.11. Despite sections 726.7 to 726.7.3, no amount may be deducted under this Title in respect of the capital gain of an individual for a particular taxation year in computing the individual’s taxable income for the particular year or any subsequent taxation year, if the individual knowingly or under circumstances amounting to gross negligence
(a)  fails to file the individual’s fiscal return for the particular year within one year after the individual’s filing-due date for the particular year; or
(b)  fails to report the capital gain in the fiscal return the individual was required to file for the particular year under section 1000.
1987, c. 67, s. 142; 1990, c. 59, s. 265; 1996, c. 39, s. 188; 1997, c. 31, s. 71; 2004, c. 21, s. 125; 2007, c. 12, s. 79; 2009, c. 15, s. 119; 2015, c. 21, s. 256.
726.11. Despite sections 726.7 to 726.7.3, no amount may be deducted under this Title in respect of the capital gain of an individual for a particular taxation year in computing the individual’s taxable income for the particular year, if the individual knowingly or under circumstances amounting to gross negligence,
(a)  fails to file the individual’s fiscal return for the particular year within one year after the individual’s filing-due date for the particular year; or
(b)  fails to report the capital gain in the fiscal return the individual was required to file for the particular year under section 1000.
1987, c. 67, s. 142; 1990, c. 59, s. 265; 1996, c. 39, s. 188; 1997, c. 31, s. 71; 2004, c. 21, s. 125; 2007, c. 12, s. 79; 2009, c. 15, s. 119.
726.11. Despite sections 726.7 to 726.7.2, no amount may be deducted under this Title in respect of the capital gain of an individual for a particular taxation year in computing the individual’s taxable income for the particular year, if the individual knowingly or under circumstances amounting to gross negligence,
(a)  fails to file the individual’s fiscal return for the particular year within one year after the individual’s filing-due date for the particular year; or
(b)  fails to report the capital gain in the fiscal return the individual was required to file for the particular year under section 1000.
1987, c. 67, s. 142; 1990, c. 59, s. 265; 1996, c. 39, s. 188; 1997, c. 31, s. 71; 2004, c. 21, s. 125; 2007, c. 12, s. 79.
726.11. Notwithstanding sections 726.7 to 726.7.2, where an individual has a capital gain for a particular taxation year from the disposition of a capital property, no amount may be deducted under this Title in respect of the capital gain in computing his taxable income for the particular year or any subsequent taxation year where, knowingly or under circumstances amounting to gross negligence,
(a)  he has failed to file a return of his income for the particular year within one year after his filing-due date for the year; or
(b)  he has failed to report the capital gain in his fiscal return for the particular year required to be filed pursuant to section 1000.
1987, c. 67, s. 142; 1990, c. 59, s. 265; 1996, c. 39, s. 188; 1997, c. 31, s. 71; 2004, c. 21, s. 125.
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