Income Tax Act — I-3.3 110.6
Definitions 110.6 (1) For the purposes of this section, annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of (a) the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)), and (b) the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of (a) the amount, if any, by which (i) the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds (ii) the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)) exceeds the amount determined for A in respect of the individual for the year, and (b) all of the individual’s allowable business investment losses for the year (except any portion that reduced the amount otherwise deductible by the individual in the year under subsection 110.61(2) or 110.62(2)); ( plafond annuel des gains ) child has the meaning assigned by subsection 70(10); ( enfant ) cumulative gains limit of an individual at the end of a taxation year means the amount, if any, by which (a) the total of all amounts determined in respect of the individual for the year or preceding taxation years that end after 1984 for A in the definition annual gains limit exceeds the total of (b) all amounts determined in respect of the individual for the year or preceding taxation years that end after 1984 for B in the definition annual gains limit , (c) the amount, if any, deducted under paragraph 3(e) in computing the individual’s income for the 1985 taxation year, (d) all amounts deducted under this section in computing the individual’s taxable incomes for preceding taxation years, and (e) the individual’s cumulative net investment loss at the end of the year; ( plafond des gains cumulatifs ) cumulative net investment loss of an individual at the end of a taxation year means the amount, if any, by which (a) the total of all amounts each of which is the investment expense of the individual for the year or a preceding taxation year ending after 1987 (except any portions included in subparagraph (ii) of the description of H in paragraph 110.61(2)(b) and subparagraph (ii) of the description of H in paragraph 110.62(2)(b) to the extent they reduced the amount otherwise deductible by the individual under each of subsections 110.61(2) and 110.62(2)) exceeds (b) the total of all amounts each of which is the investment income of the individual for the year or a preceding taxation year ending after 1987; ( perte nette cumulative sur placements ) eligible real property gain [Repealed, 1995, c. 3, s. 32] eligible real property loss [Repealed, 1995, c. 3, s. 32] interest in a family farm or fishing partnership , of an individual (other than a trust that is not a personal trust) at any time, means a partnership interest owned by the individual at that time if (a) throughout any 24-month period ending before that time, more than 50% of the fair market value of the property of the partnership was attributable to (i) property that was used principally in the course of carrying on a farming or fishing business in Canada in which the individual, a beneficiary referred to in clause (C) or a spouse, common-law partner, chil