I-3 - Taxation Act

Section 780 Disposition versions

2006-03-01

780. Notwithstanding section 782 and paragraphs b to d of the first paragraph of section 784, where at any time a taxpayer is discharged absolutely from bankruptcy, the following rules apply:

(a)  for any taxation year ending after that time, no amount shall be deducted

i.  in computing the taxpayer’s income under section 336.6 in respect of an unused portion of the total investment expense of the taxpayer, within the meaning of section 336.5, for a taxation year that ended before that time, or

ii.  in computing the taxpayer’s taxable income under sections 727 to 737 in respect of a loss sustained for a taxation year that ended before that time; and

(b)  in computing the taxpayer’s tax otherwise payable for any taxation year that ends after that time, no amount shall be deducted under

i.  Chapter I.0.2.1 of Title I of Book  V in respect of a gift made before the day on which the taxpayer became bankrupt,

ii.  section 752.0.18.10 for tuition fees and examination fees paid in respect of a taxation year that ended before that time,

iii.  section 752.0.18.15 in respect of interest paid before the day on which the taxpayer became bankrupt, or

iv.  section 752.12 in respect of a taxation year that ended before that time.

1972, c. 23, s. 589; 1997, c. 85, s. 190; 2001, c. 7, s. 110; 2001, c. 53, s. 159; 2005, c. 38, s. 200.