Consolidated Statutes and Regulations Consolidated Statutes Consolidated Regulations Annual Statutes and Regulations Annual Statutes Annual Regulations Additional information Québec Official Publisher What’s new? Information note Policy of the Minister of Justice Laws: Amendments Laws: Provisions not in force Laws: Provisions brought into force Annual Statutes: PDF versions since 1996 Regulations: Amendments Annual Regulations: PDF versions since 1996 Court Decisions

I-3 - Taxation Act

Section 7.25
Disposition versions

Full text
7.25. For the purposes of section 7.21, paragraph c of section 422 and sections 716, 752.0.10.12 and 752.0.10.16.2, the fair market value of a property that is the subject of a gift made by a taxpayer to a qualified donee is deemed to be equal to the lesser of the fair market value of the property otherwise determined and the cost or, in the case of a capital property, the adjusted cost base or, in the case of a life insurance policy in respect of which the taxpayer is a policyholder, the adjusted cost basis, within the meaning of sections 976 and 976.1, of the property to the taxpayer immediately before the gift is made if
(a)  the taxpayer acquired the property under a gifting arrangement that is a tax shelter as defined in section 1079.1; or
(b)  unless the gift is made as a consequence of the taxpayer’s death,
i.  the taxpayer acquired the property less than 3 years before the day that the gift is made, or
ii.  the taxpayer acquired the property less than 10 years before the day that the gift is made and it is reasonable to conclude that, at the time the taxpayer acquired the property, one of the main reasons for the acquisition was to make a gift of the property to a qualified donee.
2009, c. 5, s. 23; 2015, c. 24, s. 10.
7.25. For the purposes of section 7.21, paragraph c of section 422 and sections 716 and 752.0.10.12, the fair market value of a property that is the subject of a gift made by a taxpayer to a qualified donee is deemed to be equal to the lesser of the fair market value of the property otherwise determined and the cost or, in the case of a capital property, the adjusted cost base, of the property to the taxpayer immediately before the gift is made if
(a)  the taxpayer acquired the property under a gifting arrangement that is a tax shelter as defined in section 1079.1; or
(b)  unless the gift is made as a consequence of the taxpayer’s death,
i.  the taxpayer acquired the property less than 3 years before the day that the gift is made, or
ii.  the taxpayer acquired the property less than 10 years before the day that the gift is made and it is reasonable to conclude that, at the time the taxpayer acquired the property, one of the main reasons for the acquisition was to make a gift of the property to a qualified donee.
2009, c. 5, s. 23.
© Gouvernement du Québec