Income Tax Act — I-3.3 80
 means (a) a distress preferred share issued by the corporation to the person, or (b) a share issued by the corporation to the person under the terms of the debt, where the debt was a bond, debenture or note listed on a designated stock exchange in Canada and the terms for the conversion to the share were not established or substantially modified after the later of February 22, 1994 and the time that the bond, debenture or note was issued; ( valeur mobilière exclue ) forgiven amount at any time in respect of a commercial obligation issued by a debtor is the amount determined by the formula A - B where A is the lesser of the amount for which the obligation was issued and the principal amount of the obligation, and B is the total of (a) the amount, if any, paid at that time in satisfaction of the principal amount of the obligation, (b) the amount, if any, included under paragraph 6(1)(a) or subsection 15(1) in computing the income of any person because of the settlement of the obligation at that time, (c) the amount, if any, deducted at that time under paragraph 18(9.3)(f) in computing the forgiven amount in respect of the obligation, (d) the capital gain, if any, of the debtor resulting from the application of subsection 39(3) to the purchase at that time of the obligation by the debtor, (e) such portion of the principal amount of the obligation as relates to an amount renounced under subsection 66(10), 66(10.1), 66(10.2) or 66(10.3) by the debtor, (f) any portion of the principal amount of the obligation that is included in the amount determined for A, B, C or in subsection 79(3) in respect of the debtor for the taxation year of the debtor that includes that time or for a preceding taxation year, (g) the total of all amounts each of which is a forgiven amount at a previous time that the obligation was deemed by subsection 80.01(8) or 80.01(9) to have been settled, (h) such portion of the principal amount of the obligation as can reasonably be considered to have been included under section 80.4 in computing the debtor’s income for a taxation year that includes that time or for a preceding taxation year, (i) where the debtor is a bankrupt at that time, the principal amount of the obligation, (j) such portion of the principal amount of the obligation as represents the principal amount of an excluded obligation, (k) where the debtor is a partnership and the obligation was, since the later of the creation of the partnership or the issue of the obligation, always payable to a member of the partnership actively engaged, on a regular, continuous and substantial basis, in those activities of the partnership that are other than the financing of the partnership business, the principal amount of the obligation, and (l) the amount, if any, given at or before that time by the debtor to another person as consideration for the assumption by the other person of the obligation; ( montant remis ) person includes a partnership; ( personne ) relevant loss balance , at a particular time for a commercial obligation and in respect of a debtor’s non-capital loss, farm loss, restricted farm loss or net capital loss, as the case may be, for a particular taxation year, is (a) subject to paragraph (b), the amount of such loss that would be deductible in computing the debtor’s taxable income or taxable income earned in Canada, as the case may be, for the taxation year that includes that time if (i) the debtor had sufficient incomes from all sources and sufficient taxable capital gains, (ii) subsections (3) and (4) did not apply to reduce such loss at or after that time, and (iii) paragraph 111(4)(a) and subsection 111(5) did not apply to the debtor, and (b) nil if the debtor is a taxpayer that was at a previous time subject to a loss restriction event and the particular year ended before the previous time, unless (i) the obligation was issued by the debtor before, and not in contemplation of, the loss restriction event, or (ii) all or substantially all of