I-3 - Taxation Act

Section 965.23.1 Disposition versions

2017-12-07

965.23.1. (Repealed).

1991, c. 8, s. 64; 1992, c. 1, s. 133; 1997, c. 85, s. 221; 2017, c. 29, s. 166.

2006-03-01

965.23.1. In the case of the splitting or replacement of a qualifying share or qualifying non-guaranteed convertible security owned by an investment fund, as a result of a transaction described in any of sections 536, 541 and 544, without any consideration other than either a share, where the transaction is made in respect of the qualifying share, or a non-guaranteed convertible security, where the transaction is made in respect of the qualifying non-guaranteed convertible security, the following rules apply:

(a)  each new share or each new non-guaranteed convertible security so issued is deemed to be a qualifying share or a qualifying non-guaranteed convertible security, as the case may be, acquired by the investment fund at the same time and with the same funds as the qualifying share or qualifying non-guaranteed convertible security, as the case may be, that is split or replaced;

(b)  the adjusted cost of the qualifying share or qualifying non-guaranteed convertible security that is split or replaced, or of each new share or each new non-guaranteed convertible security that is issued, is equal to the adjusted cost of the qualifying share or qualifying non-guaranteed convertible security, as the case may be, that is split or replaced, determined immediately before the splitting or replacement, divided by the number of shares or non-guaranteed convertible securities, as the case may be, resulting from the splitting or replacement.

1991, c. 8, s. 64; 1992, c. 1, s. 133; 1997, c. 85, s. 221.