I-3 - Taxation Act

Section 985.35.16 Disposition versions

2011-12-09

985.35.16. A registered cultural or communications organization may, with the Minister’s approval in writing, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Any property accumulated after receipt of and in accordance with the approval referred to in the first paragraph, including the income related to that property, is not to be included in computing the prescribed amount in subparagraph i of subparagraph b of the second paragraph of section 985.9 for the portion of any taxation year in the period, except to the extent that the registered cultural or communications organization is not in compliance with the terms and conditions of the approval.

2006, c. 36, s. 97; 2009, c. 5, s. 414; 2011, c. 34, s. 57.

2009-05-15

985.35.16. A registered cultural or communications organization may, with the Minister’s approval in writing, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Property accumulated in accordance with the first paragraph, including the income related to that property, is deemed to have been expended on artistic, cultural or communications activities carried on by the registered cultural or communications organization in the taxation year in which the property was so accumulated and not to have been expended in another taxation year.

However, if property accumulated by a registered cultural or communications organization in accordance with the first paragraph, including the income related to that property, is not used for the particular purpose referred to in that paragraph before the expiration of the period referred to in that paragraph or at an earlier time at which the organization decided not to use the property for that purpose, it is deemed to be the eligible amount of a gift for which the organization issued a receipt described in section 712 or 752.0.10.3 in its taxation year in which that period expired or that decision was made.

2006, c. 36, s. 97; 2009, c. 5, s. 414.

2006-12-06

985.35.16. A registered cultural or communications organization may, with the Minister’s approval in writing, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Property accumulated in accordance with the first paragraph, including the income related to that property, is deemed to have been expended on artistic, cultural or communications activities carried on by the registered cultural or communications organization in the taxation year in which the property was so accumulated and not to have been expended in another taxation year.

However, if property accumulated by a registered cultural or communications organization in accordance with the first paragraph, including the income related to that property, is not used for the particular purpose referred to in that paragraph before the expiration of the period referred to in that paragraph or at an earlier time at which the organization decided not to use the property for that purpose, it is deemed to be a gift for which the organization issued a receipt described in section 712 or 752.0.10.3 in its taxation year in which that period expired or that decision was made.

2006, c. 36, s. 97.