Income Tax Act — I-3.3 135.2
immediately before the particular time, each of the eligible units for proceeds equal to the cost amount of the unit to the person, and (ii) reacquired the eligible unit at the time that is immediately before the particular time at a cost equal to the fair market value of the unit at the time that is immediately before the particular time. Stock dividends — Canadian Wheat Board shares (12) If, at any time, the eligible trust holds an eligible share (or another share of the Canadian Wheat Board acquired before that time as a stock dividend) and the Canadian Wheat Board issues, as a stock dividend paid in respect of such a share, a share of a class of its capital stock, the amount by which the paid-up capital is increased — in respect of the issuance of all shares paid by the Canadian Wheat Board to the eligible trust as the stock dividend or any other stock dividend paid to other shareholders in connection with that stock dividend — for all classes of shares of the Canadian Wheat Board is, for the purposes of this Act, deemed to be no more than $1. Reorganization of capital — Canadian Wheat Board (13) Subsection (14) applies in respect of the disposition by an eligible trust of all of the shares (in this subsection and subsection (14) referred to collectively as the old shares and individually as an old share ) of a class of the capital stock of the Canadian Wheat Board owned by the eligible trust if (a) the disposition of the old shares results from the acquisition, cancellation or redemption in the course of a reorganization of the capital of the Canadian Wheat Board; (b) the Canadian Wheat Board issues to the eligible trust, in exchange for the old shares, shares (in this subsection and subsection (14) referred to collectively as the new shares and individually as a new share ) of a class of the capital stock of the Canadian Wheat Board the terms and conditions of which — including the entitlement to receive an amount on a redemption, acquisition or cancellation — are in all material respects the same as those of the old shares; (c) the amount that is the total fair market value of all of the new shares acquired by the eligible trust on the exchange equals the total fair market value of all of the old shares disposed of by the eligible trust; and (d) the amount that is the total paid-up capital in respect of all of the new shares acquired by the eligible trust on the exchange is equal to the amount that is the total paid-up capital in respect of all of the old shares disposed of on the exchange. Rollover of shares on reorganization (14) If this subsection applies in respect of an exchange of an eligible trust’s old share for a new share, (a) the old share is deemed to be disposed of by the eligible trust for proceeds equal to its cost amount to the eligible trust; (b) the new share acquired for the old share referred to in paragraph (a) is deemed to be acquired for a cost equal to the amount referred to in paragraph (a); (c) if the old share was an eligible share, the new share is deemed to be an eligible share; and (d) if new shares are deemed to be eligible shares because of paragraph (c) and those shares are included in a class of shares that also includes other shares that are not eligible shares, those eligible shares are deemed to have been issued in a separate series of the class and the other shares are deemed to have been issued in a separate series of the class. Information filing requirement (15) A trust shall file with the Minister a prescribed form in prescribed manner in respect of each taxation year of the trust in which it is an eligible trust on or before the trust’s filing-due date for the year. Failure to file prescribed form (16) If a trust fails to file the form required by subsection (15) on or before the day that is the trust’s filing-due date for a taxation year, (a) in addition to any other penalty for which the trust may be liable under this Act in respect of the failure, the trust is liable to a pe