Marginal note:Appeals to Federal Court of Appeal

• 180. (1) An appeal to the Federal Court of Appeal pursuant to subsection 172(3) may be instituted by filing a notice of appeal in the Court within 30 days from

  • (a) the day on which the Minister notifies a person under subsection 165(3) of the Minister’s action in respect of a notice of objection filed under subsection 168(4),

  • (b) [Repealed, 2011, c. 24, s. 55]

  • (c) the mailing of notice to the administrator of the registered pension plan under subsection 147.1(11),

  • (c.1) the sending of a notice to a promoter of a registered education savings plan under subsection 146.1(12.1),

  • (c.2) the mailing of notice to the administrator of the pooled registered pension plan under subsection 147.5(24), or

  • (d) the time the decision of the Minister to refuse the application for acceptance of the amendment to the registered pension plan or pooled registered pension plan was mailed, or otherwise communicated in writing, by the Minister to any person,

  as the case may be, or within such further time as the Court of Appeal or a judge thereof may, either before or after the expiration of those 30 days, fix or allow.

• Marginal note:No jurisdiction in a Tax Court of Canada or Federal Court

  (2) Neither the Tax Court of Canada nor the Federal Court has jurisdiction to entertain any proceeding in respect of a decision of the Minister from which an appeal may be instituted under this section.

• Marginal note:Summary disposition of appeal

  (3) An appeal to the Federal Court of Appeal instituted under this section shall be heard and determined in a summary way.

Marginal note:Election — special tax and relief for deferral of stock option benefits

• 180.01 (1) A taxpayer may make an election in prescribed form to have subsection (2) apply for a taxation year in respect of particular securities if

  • (a) the taxpayer elected to have subsection 7(8) apply, as that subsection applied before 4:00 p.m. Eastern Standard Time, March 4, 2010, in respect of the particular securities; and

  • (b) the taxpayer has, in the year and before 2015, disposed of the particular securities; and

  • (c) the election under this subsection is filed

    • (i) if the taxpayer has disposed of the particular securities before 2010, on or before the taxpayer’s filing-due date for 2010, and

    • (ii) in any other case, on or before the taxpayer’s filing-due date for the year of disposition of the particular securities.

• Marginal note:Effect of election

  (2) If a taxpayer makes an election under subsection (1) for a taxation year in respect of particular securities, the following rules apply:

  • (a) paragraph 110(1)(d) shall be read without reference to the phrase “1/2 of” in respect of the amount of the benefit deemed by subsection 7(1) to have been received by the taxpayer in the year in respect of the particular securities;

  • (b) the taxpayer is deemed to have realized a capital gain for the year equal to the lesser of

    • (i) the amount that is deductible by the taxpayer under paragraph 110(1)(d), as modified by paragraph (a), and

    • (ii) the taxpayer’s capital loss in respect of the disposition of the particular securities;

  • (c) the taxpayer is liable to pay a tax for the year equal to

    • (i) in the case of a taxpayer resident in the Province of Quebec at the end of the year, 2/3 of the taxpayer’s proceeds of disposition (as defined in section 54, but determined without reference to subsection 73(1)) of the particular securities, and

    • (ii) in any other case, the taxpayer’s proceeds of disposition (as defined in section 54, but determined without reference to subsection 73(1)) of the particular securities;

  • (d) to the extent that the taxation year is outside the normal reassessment period (as defined in subsection 152(3.1)), the election is deemed to be an application for reassessment under subsection 152(4.2);

  • (e) notwithstanding subsection 152(4) and as the circumstances require, the Minister shall re-determine the taxpayer’s “net capital loss” (as defined in subsection 111(8)) for the taxation year and reassess any taxation year in which an amount has been deducted under paragraph 111(1)(b).

  • (f) subparagraph 127.52(1)(h)(ii) is to be read as “the amount deducted under paragraph 110(1)(d)” for the year in respect of the particular securities; and

  • (g) notwithstanding subsection 152(4) and as the circumstances require, the Minister shall re-determine the taxpayer’s additional tax under subsection 120.2(3) for the taxation year and reassess any taxation year in which an amount has been deducted under subsection 120.2(1).

• Marginal note:Non-application for employment insurance purposes

  (3) An amount included under subsection (2)(b) in computing a person’s income under Part I of this Act for a taxation year shall not be included in determining the income of the person for the year under Part VII of the Employment Insurance Act.

• Marginal note:Provisions applicable to this Part

  (4) Subsection 150(3), sections 150.1 to 152, 155 to 156.1 and 158 to 167 and Division J of Part I apply to this Part with any modifications that the circumstances require.