Income Tax Act — I-3.3 127.2
ted by the taxpayer to the Receiver General on account of tax under this Part of the person to whom that payment was made. Definitions (6) In this section, share-purchase tax credit of a taxpayer for a taxation year means the amount determined by the formula (A + B) - C where A is the total of all amounts each of which is an amount designated by a corporation under subsection 192(4) in respect of a share acquired by the taxpayer in the year where the taxpayer is the first person, other than a broker or dealer in securities, to be a registered holder, B is the total of all amounts each of which is an amount required by subsection 127.2(3) or (4) to be added in computing the taxpayer’s share-purchase tax credit for the year, and C is the total of all amounts each of which is an amount required by subsection 127.2(3), (4) or (5) to be deducted in computing the taxpayer’s share-purchase tax credit for the year; ( crédit d’impôt à l’achat d’actions ) unused share-purchase tax credit of a taxpayer for a taxation year means the amount determined by the formula A - (B + C) where A is the taxpayer’s share-purchase tax credit for the year, B is the taxpayer’s tax otherwise payable under this Part for the year, the amount deemed by subsection 127.2(2) to have been paid on account of the taxpayer’s tax payable under this Part for the year or, where Division E.1 is applicable to the taxpayer for the year, the amount, if any, by which the taxpayer’s tax otherwise payable under this Part for the year exceeds the taxpayer’s minimum amount for the year determined under section 127.51, as the case may be, and C is the taxpayer’s refundable Part VII tax on hand at the end of the year. ( partie inutilisée du crédit d’impôt à l’achat d’actions ) Definition of tax otherwise payable (7) In this section, tax otherwise payable under this Part by a taxpayer means the amount that would, but for this section and section 120.1, be the tax payable under this Part by the taxpayer. Deemed cost of acquisition (8) For the purposes of this Act, where, at any time in a taxation year, a taxpayer has acquired a share and is the first registered holder of the share, other than a broker or dealer in securities, and an amount is, at any time, designated by a corporation under subsection 192(4) in respect of the share, the following rules apply: (a) the taxpayer shall be deemed to have acquired the share at a cost to the taxpayer equal to the amount by which (i) its cost to the taxpayer as otherwise determined exceeds (ii) the amount so designated in respect of the share; and (b) where the amount determined under subparagraph 127.2(8)(a)(ii) exceeds the amount determined under subparagraph 127.2(8)(a)(i), the excess shall (i) where the share is a capital property to the taxpayer, be deemed to be a capital gain of the taxpayer for the year from the disposition of that property, and (ii) in any other case, be included in computing the income of the taxpayer for the year, and the cost to the taxpayer of the share shall be deemed to be nil. Partnership (9) For the purposes of this section and subsection 193(5), a partnership shall be deemed to be a person and its taxation year shall be deemed to be its fiscal period. Election re first holder (10) Where a share of a public corporation has been lawfully distributed to the public in accordance with a prospectus, registration statement or similar document filed with a public authority in Canada pursuant to and in accordance with the law of Canada or of any province, and, where required by law, accepted for filing by such a public authority, the corporation, if it has designated an amount under subsection 192(4) in respect of the share, may, in the prescribed form required to be filed under that subsection, elect that, for the purposes of this section, the first person, other than a broker or dealer in securities, to have acquired the share (and no other person) shall be considered to be the first person to be a registered hol