Income Tax Act — I-3.3 118.1
ion applies, then (a) irrespective of whether the transfer of the original property by the individual to the qualified donee referred to in subsection (25) was a gift, the individual is deemed not to have disposed of the original property at the time of that transfer nor to have made a gift; (b) if the particular property is identical to the original property, the particular property is deemed to be the original property; and (c) if the particular property is not the original property, then (i) the individual is deemed to have disposed of the original property at the time that the particular property is transferred to the individual for proceeds of disposition equal to the greater of the fair market value of the particular property at that time and the fair market value of the original property at the time that it was transferred by the individual to the donee, and (ii) if the transfer of the original property by the individual would be a gift if this section were read without reference to paragraph (a), the individual is deemed to have, at the time of that transfer, transferred to the donee a property that is the subject of a gift having a fair market value equal to the amount, if any, by which the fair market value of the original property at the time of that transfer exceeds the fair market value of the particular property at the time that it is transferred to the individual. Information return (27) If subsection (26) applies in respect of a transfer of property to an individual and that property has a fair market value greater than $50, the transferor must file an information return containing prescribed information with the Minister not later than 90 days after the day on which the property was transferred and provide a copy of the return to the individual. Reassessment (28) If subsection (26) applies in respect of a transfer of property to an individual, the Minister may reassess a return of income of any person to the extent that the reassessment can reasonably be regarded as relating to the transfer. 2024 — extension of time (29) For the purposes of applying this section, a gift made by an individual before March 2025 and after the end of a taxation year of the individual that ended after November 14, 2024 and before 2025 (referred to in this subsection as the “donation year”) is deemed to have been made by the individual in the donation year and not in the individual’s 2025 taxation year if (a) a credit for the gift would be deductible under this section in computing the individual’s tax payable under this Part for the donation year if it were made immediately before the end of that year; (b) the individual claims the amount of the gift under subsection (3) for the donation year; (c) the gift was in the form of cash or was transferred by way of cheque, credit card, money order or electronic payment; and (d) the gift was not made (i) through a payroll deduction, or (ii) if the individual died after 2024, by the individual’s will. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 118.1; 1994, c. 7, Sch. II, s. 88, Sch. VIII, s. 53; 1995, c. 3, s. 34, c. 38, s. 3; 1996, c. 21, s. 23; 1997, c. 25, s. 26; 1998, c. 19, s. 22; 1999, c. 22, s. 32, c. 31, s. 136; 2001, c. 17, s. 94; 2005, c. 19, s. 23; 2007, c. 35, ss. 39, 68; 2008, c. 28, s. 15; 2009, c. 2, s. 35; 2011, c. 24, s. 26; 2013, c. 33, s. 10, c. 34, s. 248; 2014, c. 20, s. 9, c. 39, s. 34; 2016, c. 7, s. 62, c. 11, s. 2, c. 12, s. 42; 2017, c. 33, s. 43 2019, c. 29, s. 16 2026, c. 3, s. 43