C-8.3 - Act respecting international financial centres

Section 65.1 Disposition versions

2022-06-08

65.1. If, at a particular time included in a specified period of an individual described in section 66, established under the fourth paragraph of section 65, in relation to an employment held by the individual with a corporation operating an international financial centre (in this section referred to as the “initial specified period”), the individual acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the end of the initial specified period, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1 of that Act, either in respect of the security or of the transfer or any other disposition of the rights under the agreement, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire the security under the agreement, the following rules apply:

(1)  for the purposes of the first paragraph of section 65, the individual is deemed, for a part of the particular taxation year that includes the later time, to be an individual described in section 66 who holds that employment with the corporation;

(2)  for the purpose of applying the first and second paragraphs of section 65 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a specified period of the individual in relation to that employment and that specified period is deemed to be included in the year of the period described in paragraph 4 of section 69 in which the initial specified period is itself included;

(2.1)  for the purpose of applying paragraphs a and b of section 737.18 of the Taxation Act in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a reference period of the individual, established under section 69, in relation to that employment; and

(3)  section 51 is to be read as if “that was issued for the year in respect of the individual” were replaced by “that was issued in respect of the individual for the taxation year that includes the particular time referred to in the portion of section 65.1 before paragraph 1”.

2002, c. 40, s. 11; 2004, c. 21, s. 21; 2005, c. 38, s. 23; 2012, c. 1, s. 55; 2021, c. 14, s. 12; 2022, c. 23, s. 18.

2021-06-02

65.1. If, at a particular time included in a specified period of an individual described in section 66, established under the fourth paragraph of section 65, in relation to an employment held by the individual with a corporation operating an international financial centre (in this section referred to as the “initial specified period”), the individual acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the end of the initial specified period, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1 of that Act, either in respect of the security or of the transfer or any other disposition of the rights under the agreement, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire the security under the agreement, the following rules apply:

(1)  for the purposes of the first paragraph of section 65, the individual is deemed, for a part of the particular taxation year that includes the later time, to be an individual described in section 66 who holds that employment with the corporation;

(2)  for the purpose of applying the first and second paragraphs of section 65 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a specified period of the individual in relation to that employment and that specified period is deemed to be included in the year of the period described in paragraph 4 of section 69 in which the initial specified period is itself included;

(2.1)  for the purpose of applying section 71 and paragraphs a and b of section 737.18 of the Taxation Act in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a reference period of the individual, established under section 69, in relation to that employment; and

(3)  section 51 is to be read as if “is referred to in section 19, as it read before being repealed, section 20 or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) and was issued for the year in respect of the individual” was replaced by “is referred to in section 19, as it read before being repealed, or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) and was issued in respect of the individual for the taxation year that includes the particular time referred to in the portion of section 65.1 before paragraph 1”.

2002, c. 40, s. 11; 2004, c. 21, s. 21; 2005, c. 38, s. 23; 2012, c. 1, s. 55; 2021, c. 14, s. 12.

2012-03-05

65.1. If, at a particular time included in a specified period of an individual described in section 66, established under the fourth paragraph of section 65, in relation to an employment held by the individual with a corporation operating an international financial centre, in this section referred to as the “initial specified period”, the individual acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the end of the initial specified period, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1 of that Act in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply:

(1)  for the purposes of the first paragraph of section 65, the individual is deemed, for a part of the particular taxation year that includes the later time, to be an individual described in section 66 who holds that employment with the corporation;

(2)  for the purpose of applying the first and second paragraphs of section 65 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a specified period of the individual in relation to that employment and that specified period is deemed to be included in the year of the period described in paragraph 4 of section 69 in which the initial specified period is itself included;

(2.1)  for the purpose of applying section 71 and paragraphs a and b of section 737.18 of the Taxation Act in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a reference period of the individual, established under section 69, in relation to that employment; and

(3)  section 51 is to be read as if “is referred to in section 19, as it read before being repealed, section 20 or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) and was issued for the year in respect of the individual” was replaced by “is referred to in section 19, as it read before being repealed, or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) and was issued in respect of the individual for the taxation year that includes the particular time referred to in the portion of section 65.1 before paragraph 1”.

2002, c. 40, s. 11; 2004, c. 21, s. 21; 2005, c. 38, s. 23; 2012, c. 1, s. 55.

2005-12-13

65.1. If, at a particular time included in a specified period of an individual described in section 66, established under the fourth paragraph of section 65, in relation to an employment held by the individual with a corporation operating an international financial centre, in this section referred to as the “initial specified period”, the individual acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the end of the initial specified period, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1 of that Act in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply:

(1)  for the purposes of the first paragraph of section 65, the individual is deemed, for a part of the particular taxation year that includes the later time, to be an individual described in section 66 who holds that employment with the corporation;

(2)  for the purpose of applying the first and second paragraphs of section 65 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a specified period of the individual in relation to that employment and that specified period is deemed to be included in the year of the period described in paragraph 4 of section 69 in which the initial specified period is itself included;

(2.1)  for the purpose of applying section 71 and paragraphs a and b of section 737.18 of the Taxation Act in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a reference period of the individual, established under section 69, in relation to that employment; and

(3)  section 51 shall be read with “that was issued for the year in respect of the individual under any of sections 19 to 21” replaced by “that was issued in respect of the individual, under section 19, for the taxation year that includes the particular time referred to in the portion of section 65.1 before paragraph 1”.

2002, c. 40, s. 11; 2004, c. 21, s. 21; 2005, c. 38, s. 23.

2004-11-03

65.1. Where, at a particular time included in an individual’s reference period established under section 69, in relation to an employment held by the individual with a corporation operating an international financial centre, the individual described in section 66 acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the expiration of the reference period, the individual is deemed to receive a benefit in a particular taxation year by reason of the application of any of sections 49 and 50 to 52.1 of that Act in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply:

(1)  for the purposes of the first paragraph of section 65, the individual is deemed, for a part of the particular taxation year that includes the later time, to be an individual described in section 66 who holds that employment with the corporation;

(2)  for the purposes of the first and second paragraphs of section 65, section 71 and paragraphs a and b of section 737.18 of the Taxation Act in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be a reference period of the individual, established under section 69, in relation to that employment; and

(3)  section 51 shall be read with “that was issued for the year in respect of the individual under any of sections 19 to 21” replaced by “that was issued in respect of the individual, under section 19, for the taxation year that includes the particular time referred to in the portion of section 65.1 before paragraph 1”.

2002, c. 40, s. 11; 2004, c. 21, s. 21.

2002-10-17

65.1. Where, at a particular time included in the reference period established under section 69 in respect of an individual described in section 66, the individual acquired a right to a security under an agreement referred to in section 48 of the Taxation Act (chapter I-3) and, at a later time after the expiration of the reference period, the individual is deemed to receive a benefit in a particular taxation year by reason of the application of any of sections 49 and 50 to 52.1 of that Act in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply :

(a)  for the purposes of the first paragraph of section 65, the individual is deemed to be an individual described in section 66 for the particular taxation year ;

(b)  for the purposes of the first paragraph of section 65 and paragraphs a and b of section 737.18 of the Taxation Act, the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year in respect of the security, or the transfer or any other disposition of the rights under the agreement, is deemed to be included in the part, referred to in that first paragraph, of the individual’s income for the particular taxation year ; and

(c)  for the purposes of section 71, the later time at which the individual is deemed to receive the benefit, the amount of which was included by the individual in computing the individual’s income for the particular taxation year in respect of the security, or the transfer or any other disposition of the rights under the agreement, is deemed to be included in a reference period established in respect of the individual under section 69.

2002, c. 40, s. 11.