PART XII.5RECOVERY OF LABOUR-SPONSORED FUNDS TAX CREDIT
211.7 (1) The definitions in this section apply for the purposes of this Part.
« action approuvée »
“approved share” has the meaning assigned by subsection 127.4(1).
“labour-sponsored funds tax credit”
« crédit d’impôt relatif à un fonds de travailleurs »
“labour-sponsored funds tax credit” in respect of a share is
(a) where the original acquisition of the share occurred before 1996, 20% of the net cost of the share on that acquisition; and
(b) in any other case, the amount that would be determined under subsection 127.4(6) in respect of the share if this Act were read without reference to paragraphs 127.4(6)(b) and 127.4(6)(d).
« coût net »
“net cost” has the meaning assigned by subsection 127.4(1).
« acquisition initiale »
“original acquisition” has the meaning assigned by subsection 127.4(1).
« échange admissible »
“qualifying exchange” means an exchange by a taxpayer of an approved share, that is part of a series of Class A shares of the capital stock of a corporation, for another approved share, that is part of another series of Class A shares of the capital stock of the corporation, if
(a) the only consideration received by the taxpayer on the exchange is the other share; and
(b) the rights in respect of the series are identical except for the portion of the reserve (within the meaning assigned by subsection 204.8(1)) of the corporation that is attributable to each series.
« fiducie admissible »
“qualifying trust” has the meaning assigned by subsection 127.4(1).
« société radiée »
“revoked corporation” means a corporation the registration of which has been revoked under subsection 204.81(6).
Marginal note:Amalgamations and mergers
(2) For the purposes of this Part, where two or more corporations (each of which is referred to in this subsection as a “predecessor corporation”) amalgamate or merge to form a corporate entity deemed by paragraph 204.85(3)(d) to have been registered under Part X.3, the shares of each predecessor corporation are deemed not to be redeemed, acquired or cancelled by the predecessor corporation on the amalgamation or merger.
Marginal note:Exchangeable shares
(3) For the purposes of this Part and Part X.3, if an approved share of the capital stock of a corporation (referred to in this subsection as the “new share”) has been issued in exchange for another approved share (referred to in this subsection as the “original share”) in a qualifying exchange, the new share is deemed not to have been issued on the exchange and is deemed to have been issued at the time the corporation issued the original share.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. 1997, c. 25, s. 62;
- 2000, c. 19, s. 61;
- 2013, c. 34, s. 343.
- Date modified: