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(A) no information return has been
issued under paragraph (6)(c) in
respect of the share,
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(B) the transfer occurs more than 5
years after the day on which the share
was issued,
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(C) the transfer is to the specified
individual, a spouse or former spouse
of the specified individual or a trust
governed by a registered retirement
savings plan or registered retirement
income fund under which the specified
individual or the spouse or former
spouse of the specified individual is
the annuitant,
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(D) the corporation is notified in
writing that the transfer occurs as a
consequence of the death of the
specified individual or a spouse of the
specified individual,
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(E) the corporation is notified in
writing that the transfer occurs after
the specified individual dies, retires
from the workforce or ceases to be
resident in Canada,
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(F) the specified individual attains 65
years of age,
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(G) the corporation is notified in
writing that the specified individual
became disabled and permanently
unfit for work or terminally ill after the
share was issued and before the
transfer, or
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(H) such other conditions as are
prescribed are satisfied.
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(5) Paragraph 204.81(6)(a) of the Act is
replaced by the following:
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(a) the articles of the corporation do not
comply with paragraph (1)(c);
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(a.1) the corporation does not comply with
any of the provisions of its articles of
incorporation described in
paragraph (1)(c);
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(6) Subsections (1) and (5) apply after
1988.
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(7) Subsections (2) to (4) apply after
December 2, 1992, except that, where a
corporation was registered under
subsection 204.81(1) of the Act before
December 3, 1992, those subsections apply
to the corporation on and after the earlier
of
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(a) the last day of the sixth month after
the month in which this Act is assented to,
and
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(b) the first day after December 2, 1992
on which the articles of incorporation of
the corporation are amended.
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31. (1) Subsection 207.1(5) of the Act is
repealed.
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(2) Subsection (1) applies to property
held after October 31, 1985.
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32. (1) Subsection 248(1) of the Act is
amended by adding the following in
alphabetical order:
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``specified
employee''
« employé
déterminé »
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``specified employee'' of a person means an
employee of the person who is a specified
shareholder of the person or who does not
deal at arm's length with the person;
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(2) Subsection (1) applies to taxation
years that end after December 2, 1992.
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