Tax wiki
s. 119
PART I — Income Tax · DIVISION E — Computation of Tax · SUBDIVISION A — Rules Applicable to Individuals · Annual Adjustment of Deductions and Other Amounts
Former resident — credit for tax paid
Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31
Current text
If at any particular time an individual was deemed by subsection 128.1(4) to have disposed of a capital property that was a taxable Canadian property of the individual throughout the period that began at the particular time and that ends at the first time, after the particular time, at which the individual disposes of the property, there may be deducted in computing the individual’s tax payable under this Part for the taxation year that includes the particular time the lesser of
that proportion of the individual’s tax for the year otherwise payable under this Part (within the meaning assigned by paragraph (a) of the definition tax for the year otherwise payable under this Part in subsection 126(7)) that
the individual’s taxable capital gain from the disposition of the property at the particular time
is of
the amount determined under paragraph 114(a) in respect of the individual for the year, and
that proportion of the individual’s tax payable under Part XIII in respect of dividends received during the period by the individual in respect of the property and amounts deemed under Part XIII to have been paid during the period to the individual as dividends from corporations resident in Canada, to the extent that the amounts can reasonably be considered to relate to the property, that
the amount by which the individual’s loss from the disposition of the property at the end of the period is reduced by subsection 40(3.7)
is of
the total amount of those dividends.
Source: Justice Laws Website. Not an official version.
Historic text
This section has not been amended since the start of the point-in-time record on 31 August 2004.
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 119 links to the one before it.
Enacting and amending legislation
- R.S., 1985, c. 1 (5th Supp.), s. 119; 2001, c. 17, s. 102
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 119.