Income Tax Act — I-3.3 110.6
ply in respect of the property or property for which the property was substituted (in this paragraph referred to as “the property”), (i) the property was owned throughout the period of at least 24 months immediately preceding that time by one or more of (A) the individual, or a spouse, common-law partner, child or parent of the individual, (B) a partnership, an interest in which is an interest in a family farm or fishing partnership of the individual or of the individual’s spouse or common-law partner, (C) if the individual is a personal trust, the individual from whom the trust acquired the property or a spouse, common-law partner, child or parent of that individual, or (D) a personal trust from which the individual or a child or parent of the individual acquired the property, and (ii) either (A) in at least two years while the property was owned by one or more persons or partnerships referred to in subparagraph (i), (I) the gross revenue of a person (in this subclause referred to as the “operator”) referred to in subparagraph (i) from the farming or fishing business referred to in subclause (II) for the period during which the property was owned by a person or partnership described in subparagraph (i) exceeded the income of the operator from all other sources for that period, and (II) the property was used principally in a farming or fishing business carried on in Canada in which an individual referred to in subparagraph (i), or where the individual is a personal trust, a beneficiary of the trust, was actively engaged on a regular and continuous basis, or (B) throughout a period of at least 24 months while the property was owned by one or more persons or partnerships referred to in subparagraph (i), the property was used by a corporation referred to in subparagraph (a)(iv) of the definition qualified farm or fishing property in subsection (1) or by a partnership referred to in subparagraph (a)(v) of that definition in a farming or fishing business in which an individual referred to in any of subparagraphs (a)(i) to (iii) of that definition was actively engaged on a regular and continuous basis; or (b) [Repealed, 2013, c. 34, s. 240] (c) if the property or property for which the property was substituted was last acquired by the individual or partnership before June 18, 1987 or after June 17, 1987 under an agreement in writing entered into before that date, (i) in the year the property was disposed of by the individual, the property was used principally in the course of carrying on the business of farming in Canada by (A) the individual, or a spouse, common-law partner, child or parent of the individual, (B) a beneficiary referred to in subparagraph (a)(ii) of the definition qualified farm or fishing property in subsection (1) or a spouse, common-law partner, child or parent of that beneficiary, (C) a corporation referred to in subparagraph (a)(iv) of the definition qualified farm or fishing property in subsection (1), (D) a partnership referred to in subparagraph (a)(v) of the definition qualified farm or fishing property in subsection (1), or (E) a personal trust from which the individual acquired the property, or (ii) in at least five years during which the property was owned by a person described in any of clauses (A) to (E), the property was used principally in the course of carrying on the business of farming in Canada by (A) the individual, or a spouse, common-law partner, child or parent of the individual, (B) a beneficiary referred to in subparagraph (a)(ii) of the definition qualified farm or fishing property in subsection (1) or a spouse, common-law partner, child or parent of that beneficiary, (C) a corporation referred to in subparagraph (a)(iv) of the definition qualified farm or fishing property in subsection (1), (D) a partnership referred to in subparagraph (a)(v) of the definition qualified farm or fishing property in subsection (1), or (E) a personal trust from which the individual acquired the property. Cap