Income Tax Act — I-3.3 115
ip of which the non-resident person was a member immediately after the particular time shall be deemed, for the purpose only of computing the non-resident person’s income earned in Canada for the taxation year that is deemed to have ended, to have disposed immediately before the particular time of each Canadian resource property that was owned by the non-resident person or by the partnership immediately after the particular time and to have received therefor immediately before the particular time proceeds of disposition equal to the fair market value thereof at the particular time; and (c) the non-resident person or any partnership of which the non-resident person was a member immediately after the particular time shall be deemed, for the purpose only of computing the non-resident person’s income earned in Canada for a taxation year commencing after the particular time, to have reacquired immediately after the particular time, at a cost equal to the amount deemed by paragraph 115(4)(b) to have been received by the non-resident person or the partnership as the proceeds of disposition therefor, each property deemed by that paragraph to have been disposed of. Foreign resource pool expenses (4.1) Where a taxpayer ceases at any time after February 27, 2000 to be resident in Canada, a particular taxation year of the taxpayer ends after that time and the taxpayer was non-resident throughout the period (in this subsection referred to as the “non-resident period”) that begins at that time and ends at the end of the particular year, (a) in computing the taxpayer’s taxable income earned in Canada for the particular year, there may be deducted each amount that would be permitted to be deducted in computing the taxpayer’s income for the particular year under subsection 66(4) or 66.21(4) if (i) subsection 66(4) were read without reference to the words “who is resident throughout a taxation year in Canada” and as if the amount determined under subparagraph 66(4)(b)(ii) were nil, and (ii) subsection 66.21(4) were read without reference to the words “throughout which the taxpayer is resident in Canada” and as if the amounts determined under subparagraph 66.21(4)(a)(ii) and paragraph 66.21(4)(b) were nil; and (b) an amount deducted under this subsection in computing the taxpayer’s taxable income earned in Canada for the particular year is deemed, for the purpose of applying subsection 66(4) or 66.21(4), as the case may be, to a subsequent taxation year, to have been deducted in computing the taxpayer’s income for the particular year. Interpretation of partnership (5) For the purposes of subsection 115(4), partnership does not include a prescribed partnership. Application of s. 138(12) (6) The definitions in subsection 138(12) apply to this section. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 115; 1994, c.7, Sch. II, s. 86, Sch. VII, s. 5, Sch. VIII, s. 50; 1995, c. 21, s. 38; 1997, c. 25, s. 23; 1998, c. 19, s. 132; 1999, c. 22, s. 29; 2001, c. 17, s. 90; 2005, c. 19, s. 21; 2007, c. 35, s. 32; 2009, c. 2, s. 31; 2013, c. 33, s. 8 2021, c. 23, s. 17