Income Tax Act — I-3.3 110.6
 subsection 110.6(28), an election under subsection 110.6(19) in respect of a property or a business is deemed to be amended and the election, as amended, is deemed for the purpose of this section (other than subsection 110.6(29)) to have been filed on the election filing date if (a) an amended election in prescribed form in respect of the property or the business is filed with the Minister before 1998; and (b) an estimate of the penalty, if any, in respect of the amended election is paid by the elector when the amended election is filed with the Minister. Election that cannot be revoked or amended (28) An election under subsection 110.6(19) cannot be revoked or amended where the amount designated in the election exceeds 11/10 of (a) if the election is in respect of a property other than an interest in a partnership, the fair market value of the property at the end of February 22, 1994; (b) if the election is in respect of an interest in a partnership, the greater of $1 and the fair market value of the property at the end of February 22, 1994; and (c) if the election is in respect of a business, the greater of $1 and the fair market value at the end of February 22, 1994 of all the eligible capital property owned at that time by the elector in respect of the business. Amount of penalty (29) The penalty in respect of an election to which subsection 110.6(26) or 110.6(27) applies is the amount determined by the formula (A × B)/300 where A is the number of months each of which is a month all or part of which is during the period that begins the day after the election filing date and ends the day the election or amended election is filed with the Minister; and B is the total of all amounts each of which is the taxable capital gain of the elector or a spouse or common-law partner of the elector that results from the application of subsection 110.6(19) to the property or the business in respect of which the election is made less, where subsection 110.6(27) applies to the election, the total of all amounts each of which would, if the Act were read without reference to subsections 110.6(20) and 110.6(27), be the taxable capital gain of the elector or a spouse or common-law partner of the elector that resulted from the application of subsection 110.6(19) to the property or the business. Unpaid balance of penalty (30) The Minister shall, with all due dispatch, examine each election to which subsection 110.6(26) or 110.6(27) applies, assess the penalty payable and send a notice of assessment to the elector who made the election, and the elector shall pay forthwith to the Receiver General the amount, if any, by which the penalty so assessed exceeds the total of all amounts previously paid on account of that penalty. Reserve limit (31) If an amount is included in an individual’s income for a particular taxation year because of subparagraph 40(1)(a)(ii) in respect of a disposition of property in a preceding taxation year that, at the time of the disposition, is qualified farm or fishing property, a qualified small business corporation share, qualified farm property or qualified fishing property, the total of all amounts deductible by the individual for the particular year under this section is reduced by the amount, if any, determined by the formula A – B where A is the total of all amounts each of which is an amount deductible under this section by the individual for the particular year or a preceding taxation year, computed without reference to this subsection; and B is the total of all amounts each of which is an amount that would be deductible under this section by the individual for the particular year or a preceding taxation year if the individual had not for any preceding taxation year claimed a reserve under subparagraph 40(1)(a)(iii) and had claimed, for each taxation year ending before the particular year, the amount that would have been deductible under this section. Application of subsection (33) — 2025 (32) Subsection (33) appli