I-3 - Taxation Act

Section 729.1 Disposition versions

2017-12-07

729.1. Notwithstanding section 729, the amount that may be deducted by reason of that section in computing the taxable income of a taxpayer for a particular taxation year is the aggregate of

(a)  the lesser of

i.  the excess contemplated in paragraph b of section 28 for the particular taxation year in respect of the taxpayer, and

ii.  the aggregate of all amounts each of which is an amount determined by the formula

A × B/C;

(b)  where the taxpayer is an individual, the least of

i.  $1,000,

ii.  his pre-1986 capital loss balance for the particular taxation year, and

iii.  the amount by which the amount claimed as a deduction in respect of the taxpayer’s net capital losses under section 729 for the particular taxation year exceeds the aggregate of such amounts determined in respect of his net capital losses by the formula set forth in subparagraph ii of subparagraph a, that would be required to be claimed as a deduction under section 729 for the particular taxation year to produce the amount determined under subparagraph a for the particular taxation year; and

(c)  the amount that the Minister determines to be reasonable in the circumstances for the particular taxation year, after considering the application to the taxpayer of sections 668.7, 851.16.2, 1106 and 1113 as they read in their application to the taxpayer’s last taxation year that began before 1 November 2011.

In the formula in subparagraph ii of subparagraph a of the first paragraph,

(a)  A is the amount claimed as a deduction for the particular taxation year by the taxpayer under section 729 in respect of net capital loss for a taxation year, in this paragraph referred to as the “loss year” ;

(b)  B is the fraction that would have been used in respect of the taxpayer for the particular taxation year under section 231 if he had had a capital loss for that year;

(c)  C is the fraction required to be used under section 231 in respect of the taxpayer for the loss year.

1990, c. 59, s. 275; 1993, c. 16, s. 272; 2009, c. 5, s. 247; 2017, c. 29, s. 113.

2009-05-15

729.1. Notwithstanding section 729, the amount that may be deducted by reason of that section in computing the taxable income of a taxpayer for a particular taxation year is the aggregate of

(a)  the lesser of

i.  the excess contemplated in paragraph b of section 28 for the particular taxation year in respect of the taxpayer, and

ii.  the aggregate of all amounts each of which is an amount determined by the formula

A × B/C;

(b)  where the taxpayer is an individual, the least of

i.  $1,000,

ii.  his pre-1986 capital loss balance for the particular taxation year, and

iii.  the amount by which the amount claimed in respect of the taxpayer’s net capital losses under section 729 for the particular taxation year exceeds the aggregate of such amounts determined in respect of his net capital losses by the formula set forth in subparagraph ii of subparagraph a, that would be required to be claimed under section 729 for the particular taxation year to produce the amount determined under subparagraph a for the particular taxation year; and

(c)  the amount that the Minister determines to be reasonable in the circumstances, after considering the application of sections 668.7, 851.16.2, 1106 and 1113 to the taxpayer for the particular taxation year.

For the purposes of the formula set forth in subparagraph ii of subparagraph a of the first paragraph,

(a)  A is the amount claimed for the particular taxation year by the taxpayer under section 729 in respect of net capital loss for a taxation year, in this paragraph referred to as the “loss year” ;

(b)  B is the fraction that would have been used in respect of the taxpayer for the particular taxation year under section 231 if he had had a capital loss for that year;

(c)  C is the fraction required to be used under section 231 in respect of the taxpayer for the loss year.

1990, c. 59, s. 275; 1993, c. 16, s. 272; 2009, c. 5, s. 247.

2006-03-01

729.1. Notwithstanding section 729, the amount that may be deducted by reason of that section in computing the taxable income of a taxpayer for a particular taxation year is the aggregate of

(a)  the lesser of

i.  the excess contemplated in paragraph b of section 28 for the particular taxation year in respect of the taxpayer, and

ii.  the aggregate of all amounts each of which is an amount determined by the formula

A × B / C; and

(b)  where the taxpayer is an individual, the least of

i.  $1,000,

ii.  his pre-1986 capital loss balance for the particular taxation year, and

iii.  the amount by which the amount claimed in respect of the taxpayer’s net capital losses under section 729 for the particular taxation year exceeds the aggregate of such amounts determined in respect of his net capital losses by the formula set forth in subparagraph ii of subparagraph a, that would be required to be claimed under section 729 for the particular taxation year to produce the amount determined under subparagraph a for the particular taxation year.

For the purposes of the formula set forth in subparagraph ii of subparagraph a of the first paragraph,

(a)  A is the amount claimed for the particular taxation year by the taxpayer under section 729 in respect of net capital loss for a taxation year, in this paragraph referred to as the “loss year” ;

(b)  B is the fraction that would have been used in respect of the taxpayer for the particular taxation year under section 231 if he had had a capital loss for that year;

(c)  C is the fraction required to be used under section 231 in respect of the taxpayer for the loss year.

1990, c. 59, s. 275; 1993, c. 16, s. 272.