I-3, r. 1 - Regulation respecting the Taxation Act

Section 1086r87 Disposition versions

2012-09-01

1086R87. Sections 1086R82 to 1086R86 do not apply in respect of

(a)  a purchase of a security by a trader or dealer in securities from another trader or dealer in securities other than a non-resident trader or dealer in securities;

(b)  a sale of currencies or precious metals in the form of jewellery, works of art or numismatic coins;

(c)  a sale of precious metals by a person who, in the ordinary course of business, produces or sells precious metals in bulk or in commercial quantities;

(d)  a sale of securities by a trader or dealer in securities on behalf of a person who is exempt from tax under Part I of the Act; or

(e)  a redemption by the issuer or a mandatary of the issuer of a debt obligation where

i.  the debt obligation was issued for its principal amount,

ii.  the redemption satisfied all of the issuer’s obligations in respect of the debt obligation,

iii.  each person with an interest in the debt obligation is entitled in respect thereof to a proportion of all payments of principal equal to the proportion to which the person is entitled of all payments other than principal, and

iv.  an information return is required, by reason of the redemption, to be made pursuant to this Title, without having regard to sections 1086R82 to 1086R86, in respect of each person with an interest in the debt obligation.

s. 1086R23.11; O.C. 1114-92, s. 40; O.C. 134-2009, s. 1.