I-3 - Taxation Act

Section 776.1.5.0.3 Disposition versions

2017-02-08

776.1.5.0.3. If at a particular time in a taxation year an individual ceases to be resident in Canada, the individual shall acquire replacement shares, for the period in the year during which the individual was resident in Canada, for an amount equal to the amount by which the aggregate of all amounts each of which is an eligible amount of the individual received by the individual in the year or a preceding taxation year exceeds the aggregate of all amounts each of which is

(a)  an amount paid by the individual under section 776.1.5.0.2 on the acquisition of replacement shares not later than 60 days after the particular time and before the individual files a fiscal return for the year;

(b)  100/15 of an amount that the individual is required to pay under section 1086.14 for a taxation year that ended before the particular time in respect of replacement shares that were not acquired by the individual and that relate to original shares other than original shares described in paragraph c or d;

(c)  400% of an amount that the individual is required to pay under section 1086.14 for a taxation year that ended before the particular time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.1; or

(d)  500% of an amount that the individual is required to pay under section 1086.14 for a taxation year that ended before the particular time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.2.

2001, c. 53, s. 144; 2003, c. 2, s. 240; 2005, c. 38, s. 190; 2011, c. 1, s. 43; 2017, c. 1, s. 226.

2011-02-17

776.1.5.0.3. If at a particular time in a taxation year an individual ceases to be resident in Canada, the individual shall acquire replacement shares, for the period in the year during which the individual was resident in Canada, for an amount equal to the amount by which the aggregate of all amounts each of which is an eligible amount of the individual received by the individual in the year or a preceding taxation year exceeds the aggregate of all amounts each of which is

(a)  an amount paid by the individual under section 776.1.5.0.2 on the acquisition of replacement shares not later than 60 days after the particular time and before the individual files a fiscal return for the year;

(b)  100/15 of an amount that the individual is required to pay under section 1086.14 for a taxation year that ended before the particular time in respect of replacement shares that were not acquired by the individual and that relate to original shares other than original shares described in paragraph c; or

(c)  400% of an amount that the individual is required to pay under section 1086.14 for a taxation year that ended before the particular time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.1.

2001, c. 53, s. 144; 2003, c. 2, s. 240; 2005, c. 38, s. 190; 2011, c. 1, s. 43.

2006-03-01

776.1.5.0.3. Where at a particular time in a taxation year an individual ceases to be resident in Canada, the individual shall acquire replacement shares, for the period in the year during which the individual was resident in Canada, for an amount equal to the amount by which the aggregate of all amounts each of which is an amount paid by the individual under section 776.1.5.0.2 on the acquisition of replacement shares not later than 60 days after the particular time and before the individual files a fiscal return for the year exceeds the aggregate of all amounts each of which is an eligible amount of the individual received by the individual in the year or a preceding taxation year.

2001, c. 53, s. 144; 2003, c. 2, s. 240; 2005, c. 38, s. 190.