Income Tax Act — I-3.3 54
nd the particular time, more than 50% of the fair market value of the assets of the partnership is attributable to property included in a flow-through share class of property, and B is the total, if any, of all amounts, each of which is the lesser of (a) the total of all amounts, each of which is a capital gain from a disposition of a property included in the flow-through share class of property, other than a capital gain referred to in paragraph 38.1(a), at an earlier time that is (i) before the particular time, and (ii) after the first time that the taxpayer acquired a flow-through share referred to in paragraph (a) of the description of A or acquired a partnership interest referred to in paragraph (b) of the description of A, and (b) the exemption threshold of the taxpayer in respect of the flow-through share class of property immediately before that earlier time; ( seuil d’exonération ) flow-through share class of property means a group of properties, (a) in respect of a class of shares of the capital stock of a corporation, each of which is (i) a share of the class, if any share of the class or any right described in subparagraph (ii) is, at any time, a flow-through share to any person, (ii) a right to acquire a share of the class, if any share of that class or any right described in this subparagraph is, at any time, a flow-through share to any person, or (iii) a property that is an identical property of a property described in subparagraph (i) or (ii), or (b) each of which is an interest in a partnership, if at any time more than 50% of the fair market value of the partnership’s assets is attributable to property included in a flow-through share class of property; ( catégorie de biens constituée d’actions accréditives ) fresh-start date , of a taxpayer at a particular time in respect of a flow-through share class of property, means (a) in the case of a partnership interest that is included in the flow-through share class of property, the day that is the later of (i) August 16, 2011, and (ii) the last day, if any, before the particular time, on which the taxpayer held an interest in the partnership, and (b) in the case of any other property that is included in the flow-through share class of property, the day that is the later of (i) March 22, 2011, and (ii) the last day, if any, before the particular time, on which the taxpayer disposed of all property included in the flow-through share class of property; ( date de nouveau départ ) listed personal property of a taxpayer means the taxpayer’s personal-use property that is all or any portion of, or any interest in or right to — or, for civil law, any right in or to — any (a) print, etching, drawing, painting, sculpture, or other similar work of art, (b) jewellery, (c) rare folio, rare manuscript, or rare book, (d) stamp, or (e) coin; ( biens meubles déterminés ) personal-use property of a taxpayer includes (a) property owned by the taxpayer that is used primarily for the personal use or enjoyment of the taxpayer or for the personal use or enjoyment of one or more individuals each of whom is (i) the taxpayer, (ii) a person related to the taxpayer, or (iii) where the taxpayer is a trust, a beneficiary under the trust or any person related to the beneficiary, (b) any debt owing to the taxpayer in respect of the disposition of property that was the taxpayer’s personal-use property, and (c) any property of the taxpayer that is an option to acquire property that would, if the taxpayer acquired it, be personal-use property of the taxpayer, and personal-use property of a partnership includes any partnership property that is used primarily for the personal use or enjoyment of any member of the partnership or for the personal use or enjoyment of one or more individuals each of whom is a member of the partnership or a person related to such a member; ( biens à usage personnel ) principal residence of a taxpayer for a taxation year means a particular property that is a housing unit, a