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I-3 - Taxation Act

Section 801
Disposition versions

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801. Despite any other provision of this Part, a payment received or receivable by a person from a particular credit union in respect of a share of the capital stock of the particular credit union is deemed to have been received or to be receivable from the particular credit union as interest except where the payment is made or is to be made as or on account of a reduction of the paid-up capital, redemption, acquisition or cancellation of the share by the particular credit union, to the extent of the paid-up capital of that share, and such payment as interest is deductible in computing the income of the particular credit union where the share is not listed on a stock exchange and
(a)  the person is a member of the particular credit union; or
(b)  the person is a member of another credit union, the share is issued by the particular credit union after 28 March 2012 and the other credit union is a member of the particular credit union.
1972, c. 23, s. 609; 1975, c. 22, s. 216; 1995, c. 49, s. 181; 2003, c. 2, s. 252; 2010, c. 5, s. 77; 2015, c. 24, s. 116.
801. Notwithstanding any other provision of this Part, a payment received or receivable by a member of a credit union in respect of a share of the capital stock of the credit union is deemed, where the share is not listed on a designated stock exchange, to have been received or to be receivable from the credit union as interest except if the payment is made or is to be made as or on account of a reduction of the paid-up capital, redemption, acquisition or cancellation of the share by the credit union, to the extent of the paid-up capital of that share, and such payment as interest is deductible in computing the income of the credit union.
1972, c. 23, s. 609; 1975, c. 22, s. 216; 1995, c. 49, s. 181; 2003, c. 2, s. 252; 2010, c. 5, s. 77.
801. Notwithstanding any other provision of this Part, a payment received or receivable by a member of a credit union in respect of a share of the capital stock of the credit union is deemed, where the share is not listed on a Canadian stock exchange or a foreign stock exchange, to have been received or to be receivable from the credit union as interest except if the payment is made or is to be made as or on account of a reduction of the paid-up capital, redemption, acquisition or cancellation of the share by the credit union, to the extent of the paid-up capital of that share, and such payment as interest is deductible in computing the income of the credit union.
1972, c. 23, s. 609; 1975, c. 22, s. 216; 1995, c. 49, s. 181; 2003, c. 2, s. 252.
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