I-3 - Taxation Act

Section 92.5.3.1 Disposition versions

2017-02-08

92.5.3.1. There shall be included in computing the income of a taxpayer for a taxation year from a business the aggregate of all amounts each of which is an amount determined by the formula

A − B.

For the purposes of the formula in the first paragraph,

(a)  A is an amount paid at a particular time in the year out of the taxpayer’s farm income stabilization account; and

(b)  B is the amount by which the aggregate described in the third paragraph is exceeded by the aggregate of all amounts each of which is an amount deemed to have been paid before the particular time out of the farm income stabilization account

i.  of the taxpayer under section 656.3.1 or 660.2, as it read in its application to the taxpayer’s taxation year 2015, or

ii.  of another person under section 437.2 or 462.0.2, on being transferred to the taxpayer’s farm income stabilization account.

The aggregate to which subparagraph b of the second paragraph refers is the aggregate of all amounts each of which is the amount by which an amount otherwise determined under this section in respect of a payment out of the taxpayer’s farm income stabilization account, before the particular time, was reduced because of that subparagraph b.

2004, c. 21, s. 51; 2017, c. 1, s. 85.

2006-03-01

92.5.3.1. There shall be included in computing the income of a taxpayer for a taxation year from a business the aggregate of all amounts each of which is an amount determined by the formula

A − B.

For the purposes of the formula in the first paragraph,

(a)  A is an amount paid at a particular time in the year out of the taxpayer’s farm income stabilization account; and

(b)  B is the amount by which the aggregate described in the third paragraph is exceeded by the aggregate of all amounts each of which is an amount deemed to have been paid before the particular time out of the farm income stabilization account

i.  of the taxpayer under section 656.3.1 or 660.2, or

ii.  of another person under section 437.2 or 462.0.2, on being transferred to the taxpayer’s farm income stabilization account.

The aggregate to which subparagraph b of the second paragraph refers is the aggregate of all amounts each of which is the amount by which an amount otherwise determined under this section in respect of a payment out of the taxpayer’s farm income stabilization account, before the particular time, was reduced because of that subparagraph b.

2004, c. 21, s. 51.