Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2015-05-11 and last amended on 2015-03-13. Previous Versions

 [Repealed, SOR/2009-302, s. 8]

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/94-686, s. 57(F);
  • SOR/2009-302, s. 8.

PART IX[Repealed, SOR/2003-5, s. 13]

PART XELECTIONS IN RESPECT OF DECEASED TAXPAYERS

Property Dispositions

  •  (1) Any election under subsection 164(6) of the Act shall be made by the legal representative of a deceased taxpayer by filing with the Minister the following documents:

    • (a) a letter from the legal representative specifying

      • (i) the part of the one or more capital losses from the disposition of properties, if any, under paragraph 164(6)(c) of the Act, and

      • (ii) the part of the amount, if any, under paragraph 164(6)(d) of the Act

      in respect of which the election is made;

    • (b) where an amount is specified under subparagraph (a)(i), a schedule of the capital losses and capital gains referred to in paragraph 164(6)(a) of the Act;

    • (c) where an amount is specified under subparagraph (a)(ii),

      • (i) a schedule of the amounts of undepreciated capital cost described in paragraph 164(6)(b) of the Act,

      • (ii) a statement of the amount that, but for subsection 164(6) of the Act, would be the non-capital loss of the estate for its first taxation year, and

      • (iii) a statement of the amount that, but for subsection 164(6) of the Act, would be the farm loss of the estate for its first taxation year.

    • (d) and (e[Repealed, SOR/88-165, s. 5]

  • (2) The documents referred to in subsection (1) shall be filed not later than the day that is the later of

    • (a) the last day provided by the Act for the filing of a return that the legal representative of a deceased taxpayer is required or has elected to file under the Act in respect of the income of that deceased taxpayer for the taxation year in which he died; and

    • (b) the day the return of the income for the first taxation year of the deceased taxpayer’s estate is required to be filed under paragraph 150(1)(c) of the Act.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/85-696, s. 1;
  • SOR/88-165, s. 5.

Realization of Options

  •  (1) An election under subsection 164(6.1) of the Act shall be made by the legal representative of a deceased taxpayer by filing with the Minister a letter from the legal representative setting out the following:

    • (a) the amount of the benefit referred to in subparagraph 164(6.1)(a)(i) of the Act;

    • (b) the value of the right, and the amount paid for the right, referred to in subparagraph 164(6.1)(a)(ii) of the Act;

    • (c) the deducted amount, referred to in subparagraph 164(6.1)(a)(iii) of the Act; and

    • (d) the amount of the loss referred to in paragraph 164(6.1)(b) of the Act.

  • (2) The letter shall be filed not later than the day that is the later of

    • (a) the last day provided by the Act for the filing of a return that the legal representative of a deceased taxpayer is required or has elected to file under the Act in respect of the income of that deceased taxpayer for the taxation year in which he or she died, and

    • (b) the day the return of the income for the first taxation year of the deceased taxpayer’s estate is required to be filed under paragraph 150(1)(c) of the Act.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2005-123, s. 4.