Tax wiki
s. 128.3
PART I — Income Tax · DIVISION F — Special Rules Applicable in Certain Circumstances · Changes in Residence
Former resident — replaced shares
Not yet annotated · Text current to 2026-06-21 · section last amended 2013-06-26
Current text
If, in a transaction to which section 51, subparagraphs 85.1(1)(a)(i) and (ii), subsection 85.1(8) or section 86 or 87 applies, a person acquires a share (in this section referred to as the “new share”) in exchange for another share or equity in a SIFT wind-up entity (in this section referred to as the “old share”), for the purposes of section 119, subsections 126(2.21) to (2.23), subparagraph 128.1(4)(b)(iv) and subsections 128.1(6) to (8), 180.1(1.4) and 220(4.5) and (4.6), the person is deemed not to have disposed of the old share, and the new share is deemed to be the same share as the old share.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2009-03-12 to 2013-06-25:
Show the text in force 2009-03-12 to 2013-06-25
Former resident — replaced shares
128.3 If, in a transaction to which section 51, subparagraphs 85.1(1)(a)(i) and (ii), subsection 85.1(8) or section 86 or 87 applies, a person acquires a share (in this section referred to as the “new share”) in exchange for another share or equity in a SIFT wind-up entity (in this section referred to as the “old share”), for the purposes of section 119, subsections 126(2.21) to (2.23), 128.1(6) to (8), 180.1(1.4) and 220(4.5) and (4.6), the person is deemed not to have disposed of the old share, and the new share is deemed to be the same share as the old share.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2001, c. 17, s. 125
- 2009, c. 2, s. 43
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 128.3 links to the one before it.
Enacting and amending legislation
- 2001, c. 17, s. 125; 2009, c. 2, s. 43; 2013, c. 34, s. 274
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. 128.3.