Income Tax Act — I-3.3 110.61
 assigned to each eligible individual (provided that the total percentages assigned to all individuals cannot exceed 100%), and (iii) file the election with the Minister on or before the trust’s filing-due date for the taxation year that includes the disposition time. Capital gains deduction — qualifying business transfers (2) If this subsection applies to an individual, in computing the taxable income for a taxation year of the individual, there may be deducted such amount as the individual may claim not exceeding the least of (a) the amount determined by the formula A × B × C − D where A is the elected amount (within the meaning of clause (1)(e)(ii)(A)) included in the joint election referred to in paragraph (1)(e), B is (i) 1, if only one individual is entitled to a deduction under this subsection in respect of the qualifying business transfer, (ii) the percentage assigned to the individual in the joint election referred to in paragraph (1)(e), if a percentage is assigned to the individual in accordance with clause (1)(e)(ii)(B), and (iii) in any other case, nil, C is the fraction of the taxpayer’s capital gain from the disposition of the subject shares that is a taxable capital gain under paragraph 38(a) that applies to the subject shares in the year, and D is the total of each amount claimed by the taxpayer under this subsection in a prior taxation year in respect of the disposition of the subject shares multiplied by the amount determined by the formula E ÷ F where E is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the current year, and F is the fraction of a capital gain that is a taxable capital gain under paragraph 38(a) in the prior year in respect of the disposition of the subject shares; and (b) the amount determined by the formula G − H where G is the lesser of (i) the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses (except any portion related to a deduction previously claimed by the individual in the year under this subsection), and (ii) 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 the subject shares, and H is the total of (i) the individual’s allowable business investment losses for the year (except any portion that previously reduced the amount otherwise deductible by the individual in the year under this subsection), (ii) the amount, if any, by which the individual’s investment expense for the year exceeds the individual’s investment income for the year (except any portion of the excess that previously reduced the amount otherwise deductible by the individual in the year under this subsection), and for the purposes of this subparagraph, (A) investment expense of an individual for a year, has the same meaning as in subsection 110.6(1), except that the reference to “amount determined in respect of the individual for the year under paragraph (a) of the description of B in the definition annual gains limit ” in paragraph (f) of that definition is to be read as “total of all amounts determined in respect of the individual for the year under subparagraph (iii) of the description of H in subsection 110.61(2) (to the extent that amount reduces the amount otherwise deductible under that subsection)”, and (B) investment income of an individual for a year, has the same meaning as in subsection 110.6(1), except that the reference to “amount determined in respect of the individual for the year for A in the definition annual gains limit ” in paragraph (f) of that definition is to be read as “total of all amounts determined in respect of the individual for the year for the description of G in subsection 110.61(2) (except any amount that previously reduced the amount otherwise deductible by the individual in the year under subsection 110.61(2))”, and (iii) the amount