PART XI.2 — Tax in Respect of Dispositions of Certain Properties

Tax Payable by institution or public authority

Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31

Current text

Every institution or public authority that, at any time in a year, disposes of an object within 10 years after the object became an object described in subparagraph 39(1)(a)(i.1) shall pay a tax under this Part, in respect of the year, equal to 30% of the object’s fair market value at that time, unless the disposition was made to another institution or public authority that was, at that time, designated under subsection 32(2) of the Cultural Property Export and Import Act either generally or for a specified purpose related to that object.

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 207.3 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 207.3; 1994, c. 7, Sch. II, s. 168; 1999, c. 22, s. 74

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

This section refers to

s. 32 s. 39

Referred to in

s. 207.4

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 207.3.