C-8.3 - Act respecting international financial centres

Section 70 Disposition versions

2005-12-13

70. For the purposes of Title VII of Book IV of Part I of the Taxation Act (chapter I-3), the non-capital loss, farm loss, net capital loss, restricted farm loss and limited partnership loss, for a taxation year, of an individual who, for that year, benefits from a deduction under section 65, shall be determined as if

(1)  any income earned by the individual in any of the individual’s specified periods, established under the fourth paragraph of section 65, in relation to an employment, were equal to the product obtained by multiplying that income by the amount by which 100% exceeds the percentage determined under subparagraph 1 of the second paragraph of that section in respect of that period; and

(2)  any loss sustained by the individual in any of the individual’s specified periods, established under the fourth paragraph of section 65, in relation to an employment, were equal to the product obtained by multiplying that loss by the amount by which 100% exceeds the percentage determined under subparagraph 1 of the second paragraph of that section in respect of that period.

1999, c. 86, s. 70; 2004, c. 21, s. 24; 2005, c. 38, s. 26.

2004-11-03

70. For the purposes of Title VII of Book IV of Part I of the Taxation Act (chapter I-3), the non-capital loss, farm loss, net capital loss, restricted farm loss and limited partnership loss, for a taxation year, of an individual who, for that year, benefits from a deduction under section 65, shall be determined as if

(1)  any income earned by the individual in the individual’s reference period established under section 69, in relation to an employment, were equal to the product obtained by multiplying that income by the amount by which 100 % exceeds the percentage determined under subparagraph 1 of the second paragraph of section 65 in respect of that employment; and

(2)  any loss sustained by the individual in the individual’s reference period established under section 69, in relation to an employment, were equal to the product obtained by multiplying that loss by the amount by which 100 % exceeds the percentage determined under subparagraph 1 of the second paragraph of section 65 in respect of that employment.

1999, c. 86, s. 70; 2004, c. 21, s. 24.

1999-12-20

70. For the purposes of Title VII of Book IV of Part I of the Taxation Act (chapter I‐3), the non-capital loss, farm loss, net capital loss, restricted farm loss and limited partnership loss, for a taxation year, of an individual who, for that year, benefits from a deduction under section 65, shall be determined as if the individual’s income throughout the reference period established in respect of the individual under section 69 and any loss throughout that period were nil.

1999, c. 86, s. 70.