Income Tax Act

Version of section 11 from 2004-08-31 to 2013-12-11:

Marginal note:Proprietor of business
  •  (1) Subject to sections 34.1 and 34.2, where an individual is a proprietor of a business, the individual’s income from the business for a taxation year is deemed to be the individual’s income from the business for the fiscal periods of the business that end in the year.

  • Marginal note:Reference to “taxation year”

    (2) Where an individual’s income for a taxation year includes income from a business the fiscal period of which does not coincide with the calendar year, unless the context otherwise requires, a reference in this subdivision or section 80.3 to a “taxation year” or “year” shall, in respect of the business, be read as a reference to a fiscal period of the business ending in the year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 11;
  • 1994, c. 21, s. 5;
  • 1996, c. 21, s. 3.
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