I-3 - Taxation Act

Section 776.1.5.0.5 Disposition versions

2006-03-01

776.1.5.0.5. Where an individual’s spouse was resident in Canada immediately before the individual’s death at a particular time in a taxation year and the spouse and the individual’s legal representative jointly so elect in writing in the individual’s fiscal return filed under this Part for the year, the following rules apply:

(a)  section 776.1.5.0.4 does not apply in respect of the individual;

(b)  a particular eligible amount equal to the amount that would, but for this section, be determined under section 776.1.5.0.4 in respect of the individual is deemed to have been received by the spouse, at the particular time;

(c)  for the purposes of section 776.1.5.0.2 and paragraph d, the completion date in respect of the particular eligible amount referred to in paragraph b is deemed to be

i.  if an eligible amount was received by the spouse before the death, other than an eligible amount received in the spouse’s participation period that ended before the beginning of the year, the completion date in respect of that eligible amount, and

ii.  in any other case, the completion date in respect of the last eligible amount of the individual; and

(d)  for the purposes of section 776.1.5.0.2, the completion date in respect of each eligible amount of the spouse, after the death and before the end of the spouse’s participation period that includes the time of the death, is deemed to be the completion date in respect of the particular eligible amount referred to in paragraph b.

2001, c. 53, s. 144.