Income Tax Act
Marginal note:Tax payable by recipient of an ecological gift
207.31 Any charity, municipality in Canada or municipal or public body performing a function of government in Canada (referred to in this section as the “recipient”) that at any time in a taxation year, without the authorization of the Minister of the Environment or a person designated by that Minister, disposes of or changes the use of a property described in paragraph 110.1(1)(d) or in the definition total ecological gifts in subsection 118.1(1) and given to the recipient shall, in respect of the year, pay a tax under this Part equal to 50% of the amount that would be determined for the purposes of section 110.1 or 118.1, if this Act were read without reference to subsections 110.1(3) and 118.1(6), to be the fair market value of the property if the property were given to the recipient immediately before the disposition or change.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. 1996, c. 21, s. 53;
- 2001, c. 17, s. 170;
- 2013, c. 34, s. 340.
- Date modified: