Income Tax Act — I-3.3 128.1
r time, and (iii) the amount that the individual and the trust jointly specify for the purposes of this paragraph in the election, (h) if the trust ceases to exist before the individual’s filing-due date for the individual’s taxation year that includes the particular time, (i) an election or specification described in this subsection may be made by the individual alone in writing if the election is filed with the Minister on or before that filing-due date, and (ii) if the individual alone makes such an election or specification, the individual and the trust are jointly and severally, or solidarily, liable for any amount payable under this Act by the trust as a result of the election or specification, and (i) notwithstanding subsections 152(4) to (5), such assessment of tax payable under the Act by the trust or the individual for any year that is before the year that includes the particular time and that is not before the year that includes the distribution time shall be made as is necessary to take an election under this subsection into account, except that no such assessment shall affect the computation of (i) interest payable under this Act to or by the trust or the individual in respect of any period that is before the individual’s filing-due date for the taxation year that includes the particular time, or (ii) any penalty payable under this Act. Post-emigration loss (8) If an individual (other than a trust) (a) was deemed by paragraph (4)(b) to have disposed of a capital property at any particular time after October 1, 1996, (b) has disposed of the property at a later time at which the property was a taxable Canadian property of the individual, and (c) so elects in writing in the individual’s return of income for the taxation year that includes the later time, there shall, except for the purpose of paragraph (4)(c), be deducted from the individual’s proceeds of disposition of the property at the particular time, and added to the individual’s proceeds of disposition of the property at the later time, an amount equal to the least of (d) the amount specified in respect of the property in the election, (e) the amount that would, but for the election, be the individual’s gain from the disposition of the property at the particular time, and (f) the amount that would be the individual’s loss from the disposition of the property at the later time, if the loss were determined having reference to every other provision of this Act including, for greater certainty, subsection 40(3.7) and section 112, but without reference to the election. Information reporting (9) An individual who ceases at a particular time in a taxation year to be resident in Canada, and who owns immediately after the particular time one or more reportable properties the total fair market value of which at the particular time is greater than $25,000, shall file with the Minister in prescribed form, on or before the individual’s filing-due date for the year, a list of all the reportable properties that the individual owned immediately after the particular time. Definitions (10) The definitions in this subsection apply in this section. excluded right or interest of a taxpayer who is an individual means (a) a right of the individual under, or an interest of the individual in a trust governed by, (i) a registered retirement savings plan or a plan referred to in subsection 146(12) as an “amended plan”, (ii) a registered retirement income fund, (iii) a registered education savings plan, (iii.1) a registered disability savings plan, (iii.2) a TFSA, (iii.3) a FHSA, (iv) a deferred profit sharing plan or a plan referred to in subsection 147(15) as a “revoked plan”, (v) an employees profit sharing plan, (vi) an employee benefit plan (other than a plan described in subparagraph (b)(i) or (ii)), (vi.1) an employee life and health trust, (vii) a plan or arrangement (other than an employee benefit plan) under which the individual has a right to receive in a year remuneration in