Income Tax Act — I-3.3 248
perty includes a leasehold interest in real property but does not include an interest as security only derived by virtue of a mortgage, agreement for sale or similar obligation. Real right in immovables (4.1) In this Act, a real right in an immovable includes a lease but does not include a security right derived by virtue of a hypothec, agreement for sale or similar obligation. Substituted property (5) For the purposes of this Act, other than paragraph 98(1)(a), (a) where a person has disposed of or exchanged a particular property and acquired other property in substitution therefor and subsequently, by one or more further transactions, has effected one or more further substitutions, the property acquired by any such transaction shall be deemed to have been substituted for the particular property; and (b) any share received as a stock dividend on another share of the capital stock of a corporation shall be deemed to be property substituted for that other share. “Class” of shares issued in series (6) In its application in relation to a corporation that has issued shares of a class of its capital stock in one or more series, a reference in this Act to the “class” shall be read, with such modifications as the circumstances require, as a reference to a “series of the class.” Receipt of things mailed (7) For the purposes of this Act, (a) anything (other than a remittance or payment described in paragraph 248(7)(b)) sent by first class mail or its equivalent shall be deemed to have been received by the person to whom it was sent on the day it was mailed; and (b) the remittance or payment of an amount (i) deducted or withheld, or (ii) payable by a corporation, as required by this Act or a regulation shall be deemed to have been made on the day on which it is received by the Receiver General. Occurrences as a consequence of death (8) For the purpose of this Act, (a) a transfer, distribution or acquisition of property under or as a consequence of the terms of the will or other testamentary instrument of a taxpayer or the taxpayer’s spouse or common-law partner or as a consequence of the law governing the intestacy of a taxpayer or the taxpayer’s spouse or common-law partner shall be considered to be a transfer, distribution or acquisition of the property as a consequence of the death of the taxpayer or the taxpayer’s spouse or common-law partner, as the case may be; (b) a transfer, distribution or acquisition of property as a consequence of a disclaimer, release or surrender by a person who was a beneficiary under the will or other testamentary instrument or on the intestacy of a taxpayer or the taxpayer’s spouse or common-law partner shall be considered to be a transfer, distribution or acquisition of the property as a consequence of the death of the taxpayer or the taxpayer’s spouse or common-law partner, as the case may be; and (c) a release or surrender by a beneficiary under the will or other testamentary instrument or on the intestacy of a taxpayer with respect to any property that was property of the taxpayer immediately before the taxpayer’s death shall be considered not to be a disposition of the property by the beneficiary. Definitions (9) In subsection 248(8), disclaimer includes a renunciation of a succession made under the laws of the Province of Quebec that is not made in favour of any person, but does not include any disclaimer made after the period ending 36 months after the death of the taxpayer unless written application therefor has been made to the Minister by the taxpayer’s legal representative within that period and the disclaimer is made within such longer period as the Minister considers reasonable in the circumstances; ( renonciation ) release or surrender means (a) a release or surrender made under the laws of a province (other than the Province of Quebec) that does not direct in any manner who is entitled to benefit therefrom, or (b) a gift inter vivos made under the laws of the Province of Quebec of an inter