I-3 - Taxation Act

Section 752.0.10.15.5 Disposition versions

2015-10-21

752.0.10.15.5. For the purposes of this chapter, if an individual who makes a registered pledge in respect of a donee does not make a gift of money to the donee in a particular taxation year covered by the pledge, or makes a gift of money in the particular year, in satisfaction of the pledge, whose eligible amount is less than $25,000, the pledge is deemed

(a)  to cease to be, from the particular year, a registered pledge if

i.  at the end of the preceding taxation year, the aggregate of all amounts each of which is the eligible amount of a gift made, at or before that time, by the individual in satisfaction of the pledge was at least $250,000, or

ii.  the particular year is included in the calendar year in which the individual became a bankrupt; or

(b)  never to have been registered if

i.  at the end of the preceding taxation year, the aggregate of all amounts each of which is the eligible amount of a gift made, at or before that time, by the individual in satisfaction of the pledge is less than $250,000, unless the individual dies in the particular year, or

ii.  the particular year is the first year covered by the pledge.

2015, c. 21, s. 292.