I-3 - Taxation Act

Section 726.35 Disposition versions

2021-06-02

726.35. (Repealed).

2006, c. 36, s. 58; 2010, c. 3, s. 293; 2021, c. 14, s. 63.

2013-04-01

726.35. An individual or a qualified corporation that deducted an amount in computing taxable income for a particular taxation year under section 726.33 or 726.34, as the case may be, as a certified forest producer under the Sustainable Forest Development Act (chapter A-18.1) in respect of a private woodlot, or as a member of a partnership that is such a certified forest producer in respect of a private woodlot, shall include all or part of the amount so deducted in computing taxable income for one or more of the four taxation years that follow the particular year.

The individual or corporation referred to in the first paragraph shall include, in computing taxable income for the fourth taxation year that follows the particular year, an amount equal to the amount by which the amount that the individual or corporation deducted under section 726.33 or 726.34, as the case may be, in computing taxable income for the particular year exceeds the aggregate of all amounts each of which is an amount that the individual or corporation included, under the first paragraph, in computing taxable income for a taxation year that follows the particular year in respect of the amount so deducted.

For the purposes of the second paragraph, any of the following taxation years is deemed to be the fourth taxation year that follows the particular year:

(a)  the taxation year in which the individual or corporation disposes of the private woodlot;

(b)  the taxation year in which ends the partnership’s fiscal period in which the partnership disposes of the private woodlot; or

(c)  the taxation year in which the individual or corporation ceases to be a member of the partnership.

2006, c. 36, s. 58; 2010, c. 3, s. 293.

2006-12-06

726.35. An individual or a qualified corporation that deducted an amount in computing taxable income for a particular taxation year under section 726.33 or 726.34, as the case may be, as a certified forest producer under the Forest Act (chapter F-4.1) in respect of a private woodlot, or as a member of a partnership that is such a certified forest producer in respect of a private woodlot, shall include all or part of the amount so deducted in computing taxable income for one or more of the four taxation years that follow the particular year.

The individual or corporation referred to in the first paragraph shall include, in computing taxable income for the fourth taxation year that follows the particular year, an amount equal to the amount by which the amount that the individual or corporation deducted under section 726.33 or 726.34, as the case may be, in computing taxable income for the particular year exceeds the aggregate of all amounts each of which is an amount that the individual or corporation included, under the first paragraph, in computing taxable income for a taxation year that follows the particular year in respect of the amount so deducted.

For the purposes of the second paragraph, any of the following taxation years is deemed to be the fourth taxation year that follows the particular year:

(a)  the taxation year in which the individual or corporation disposes of the private woodlot;

(b)  the taxation year in which ends the partnership’s fiscal period in which the partnership disposes of the private woodlot; or

(c)  the taxation year in which the individual or corporation ceases to be a member of the partnership.

2006, c. 36, s. 58.