I-3 - Taxation Act

Section 776.1.5.2 Disposition versions

2021-06-02

776.1.5.2. (Repealed).

1993, c. 19, s. 65; 1997, c. 3, s. 71; 2021, c. 14, s. 99.

2006-03-01

776.1.5.2. For the purposes of the definition of “eligible beneficiary” set forth in the first paragraph of section 776.1.5.1, an excluded beneficiary in respect of a registered gain-sharing plan that is part of a quality approach of a corporation means an individual who, on the date on which a registration number is assigned to the plan by the Minister in accordance with section 776.1.5.3, is

(a)  a specified shareholder of the corporation or would be a specified shareholder of the corporation if, for the purposes of sections 21.17 and 21.18, the following rules applied:

i.  the references in those sections to “not less than 10%” and to “to not less than 10%” were references to “more than 5%” and “to more than 5%”, respectively; and

ii.  except for the purposes of paragraph a of section 21.18, an individual or a partnership is deemed to own such proportion of all the shares of the capital stock of the corporation that are owned on that date by a cooperative of which the individual or the partnership, as the case may be, is a member as the number of votes held on that date by the individual or the partnership, as the case may be, at a meeting of the members of the cooperative is of the number of votes held on that date by all members of the cooperative at a meeting of the members of the cooperative; or

(b)  where the corporation is a cooperative, a member having, directly or indirectly, more than 5% of the votes at a meeting of the members of the cooperative.

1993, c. 19, s. 65; 1997, c. 3, s. 71.