(c) if the individual so elects in writing and files the election with the Minister on or before the individual's filing-due date for the year, in respect of each property that the individual owned throughout the period that began at the emigration time and that ends at the particular time and that is deemed by paragraph (1)(b) to have been disposed of because the individual became resident in Canada, notwithstanding paragraphs (1)(c) and (4)(b) the individual's proceeds of disposition at the time of disposition (within the meaning assigned by paragraph (4)(b)), and the individual's cost of acquiring the property at the particular time, are deemed to be those proceeds and that cost, determined without reference to this paragraph, minus the least of
	(i) the amount that would, but for this paragraph, have been the individual's gain from the disposition of the property deemed by paragraph (4)(b) to have occurred,
	(ii) the fair market value of the property at the particular time, and
	(iii) the amount that the individual specifies for the purposes of this paragraph in the election; and
	(d) notwithstanding subsections 152(4) to (5), any assessment of tax that is payable under this Act by the individual for any taxation year that is before the year that includes the particular time and that is not before the year that includes the emigration time shall be made that is necessary to take an election under this subsection into account, except that no such assessment shall affect the computation of
	(i) interest payable under this Act to or by a taxpayer in respect of any period that is before the day on which the taxpayer's return of income for the taxation year that includes the particular time is filed, or
	(ii) any penalty payable under this Act.
Returning trust beneficiary	(7) If an individual (other than a trust)
	(a) becomes resident in Canada at a particular time in a taxation year,
	(b) owns at the particular time a property that the individual last acquired on a trust distribution to which subsection 107(2) would, but for subsection 107(5), have applied and at a time (in this subsection referred to as the ``distribution time'') that was after October 1, 1996 and before the particular time, and
	(c) was a beneficiary of the trust at the last time, before the particular time, at which the individual ceased to be resident in Canada,
	the following rules apply:
	(d) subject to paragraphs (e) and (f), if the individual and the trust jointly so elect in writing and file the election with the Minister on or before the earlier of their filing-due dates for their taxation years that include the particular time, subsection 107(2.1) does not apply to the distribution in respect of all properties acquired by the individual on the distribution that were taxable Canadian properties of the individual throughout the period that began at the distribution time and that ends at the particular time,
	(e) paragraph (f) applies in respect of the individual, the trust and a property in respect of which an election under paragraph (d) is made where, if the individual
	(i) had been resident in Canada at the distribution time,
	(ii) had acquired the property at the distribution time at a cost equal to its fair market value at that time,
	(iii) had ceased to be resident in Canada immediately after the distribution time, and
	(iv) had, immediately before the particular time, disposed of the property for proceeds of disposition equal to its fair market value immediately before the particular time,
	the application of subsection 40(3.7) would reduce the amount that would, but for that subsection and this subsection, have been the individual's loss from the disposition,
	(f) where this paragraph applies in respect of an individual, a trust and a property,
	(i) notwithstanding paragraph 107(2.1)(a), the trust is deemed to have disposed of the property at the distribution time for proceeds of disposition equal to the total of
	(A) the cost amount to the trust of the property immediately before the distribution time, and
	(B) the amount, if any, by which the reduction under subsection 40(3.7) described in paragraph (e) exceeds the lesser of
	(I) the cost amount to the trust of the property immediately before the distribution time, and
	(II) the amount, if any, which the individual and the trust jointly specify for the purposes of this paragraph in the election under paragraph (d) in respect of the property, and
	(ii) notwithstanding paragraph 107(2.1)(b), the individual is deemed to have acquired the property at the distribution time at a cost equal to the amount, if any, by which the amount otherwise determined under paragraph 107(2)(b) exceeds the lesser of the reduction under subsection 40(3.7) described in paragraph (e) and the amount specified under subclause (i)(B)(II),
	(g) if the individual and the trust jointly so elect in writing and file the election with the Minister on or before the later of their filing-due dates for their taxation years that include the particular time, in respect of each property that the individual owned throughout the period that began at the distribution time and that ends at the particular time and that is deemed by paragraph (1)(b) to have been disposed of because the individual became resident in Canada, notwithstanding paragraphs 107(2.1)(a) and (b), the trust's proceeds of disposition under paragraph 107(2.1)(a) at the distribution time, and the individual's cost of acquiring the property at the particular time, are deemed to be those proceeds and that cost determined without reference to this paragraph, minus the least of
	(i) the amount that would, but for this paragraph, have been the trust's gain from the disposition of the property deemed by paragraph 107(2.1)(a) to have occurred,
	(ii) the fair market value of the property at the particular time, and
	(iii) the amount that the individual and the trust jointly specify for the purposes of this paragraph in the election,
	(h) if the trust ceases to exist before the individual's filing-due date for the individual's taxation year that includes the particular time,
	(i) an election or specification described in this subsection may be made by the individual alone in writing if the election is filed with the Minister on or before that filing-due date, and
	(ii) if the individual alone makes such an election or specification, the individual and the trust are jointly and severally liable for any amount payable under this Act by the trust as a result of the election or specification, and
	(i) notwithstanding subsections 152(4) to (5), such assessment of tax payable under the Act by the trust or the individual for any year that is before the year that includes the particular time and that is not before the year that includes the distribution time shall be made as is necessary to take an election under this subsection into account, except that no such assessment shall affect the computation of
	(i) interest payable under this Act to or by the trust or the individual in respect of any period that is before the individual's filing-due date for the taxation year that includes the particular time, or
	(ii) any penalty payable under this Act.
Post-emigrati on loss	(8) If an individual (other than a trust)
	(a) was deemed by paragraph (4)(b) to have disposed of a capital property at any particular time after October 1, 1996,
	(b) has disposed of the property at a later time at which the property was a taxable Canadian property of the individual, and
	(c) so elects in writing in the individual's return of income for the taxation year that includes the later time,
	there shall, except for the purpose of paragraph (4)(c), be deducted from the individual's proceeds of disposition of the property at the particular time, and added to the individual's proceeds of disposition of the property at the later time, an amount equal to the least of
	(d) the amount specified in respect of the property in the election,
	(e) the amount that would, but for the election, be the individual's gain from the disposition of the property at the particular time, and
	(f) the amount that would be the individual's loss from the disposition of the property at the later time, if the loss were determined having reference to every other provision of this Act including, for greater certainty, subsection 40(3.7) and section 112, but without reference to the election.
Information reporting	(9) An individual who ceases at a particular time in a taxation year to be resident in Canada, and who owns immediately after the particular time one or more reportable properties the total fair market value of which at the particular time is greater than $25,000, shall file with the Minister in prescribed form, on or before the individual's filing-due date for the year, a list of all the reportable properties that the individual owned immediately after the particular time.
Definitions	(10) The definitions in this subsection apply in this section.
``excluded right or interest'' « droit, participation ou intérêt exclu »	``excluded right or interest'' of a taxpayer who is an individual means
	(a) a right of the individual under, or an interest of the individual in a trust governed by,
	(i) a registered retirement savings plan or a plan referred to in subsection 146(12) as an ``amended plan'',
	(ii) a registered retirement income fund,
	(iii) a registered education savings plan,
	(iv) a deferred profit sharing plan or a plan referred to in subsection 147(15) as a ``revoked plan'',
	(v) an employees profit sharing plan,
	(vi) an employee benefit plan (other than a plan described in subparagraph (b)(i) or (ii)),
	(vii) a plan or arrangement (other than an employee benefit plan) under which the individual has a right to receive in a year remuneration in respect of services rendered by the individual in the year or a prior year,
	(viii) a superannuation or pension fund or plan (other than an employee benefit plan),
	(ix) a retirement compensation arrangement,
	(x) a foreign retirement arrangement, or
	(xi) a registered supplementary unemployment benefit plan;
	(b) a right of the individual to a benefit under an employee benefit plan that is
	(i) a plan or arrangement described in paragraph (j) of the definition ``salary deferral arrangement'' in subsection 248(1) that would, but for paragraphs (j) and (k) of that definition, be a salary deferral arrangement, or
	(ii) a plan or arrangement that would, but for paragraph 6801(c) of the Income Tax Regulations, be a salary deferral arrangement,
	to the extent that the benefit can reasonably be considered to be attributable to services rendered by the individual in Canada;
	(c) a right of the individual under an agreement referred to in subsection 7(1);
	(d) a right of the individual to a retiring allowance;
	(e) a right of the individual under, or an interest of the individual in, a trust that is
	(i) an employee trust,
	(ii) an amateur athlete trust,
	(iii) a cemetery care trust, or
	(iv) a trust governed by an eligible funeral arrangement;
	(f) a right of the individual to receive a payment under
	(i) an annuity contract, or
	(ii) an income-averaging annuity contract;
	(g) a right of the individual to a benefit under
	(i) the Canada Pension Plan or a provincial plan described in section 3 of that Act,
	(ii) the Old Age Security Act,
	(iii) a provincial pension plan prescribed for the purpose of paragraph 60(v), or
	(iv) a plan or arrangement instituted by the social security legislation of a country other than Canada or of a state, province or other political subdivision of such a country;
	(h) a right of the individual to a benefit described in any of subparagraphs 56(1)(a)(iii) to (vi);
	(i) a right of the individual to a payment out of a NISA Fund No. 2;
	(j) an interest of the individual in a personal trust resident in Canada if the interest was never acquired for consideration and did not arise as a consequence of a qualifying disposition by the individual (within the meaning that would be assigned by subsection 107.4(1) if that subsection were read without reference to paragraphs 107.4(1)(h) and (i));
	(k) an interest of the individual in a non-resident testamentary trust if the interest was never acquired for consideration; or
	(l) an interest of the individual in a life insurance policy in Canada, except for that part of the policy in respect of which the individual is deemed by paragraph 138.1(1)(e) to have an interest in a related segregated fund trust.
``reportable property'' « bien à déclarer »	``reportable property'' of an individual at a particular time means any property other than
	(a) money that is legal tender in Canada and deposits of such money;
	(b) property that would be an excluded right or interest of the individual if the definition ``excluded right or interest'' in this subsection were read without reference to paragraphs (c), (j) and (l) of that definition;
	(c) if the individual is not a trust and was not, during the 120-month period that ends at the particular time, resident in Canada for more than 60 months, property described in subparagraph (4)(b)(iv) that is not taxable Canadian property; and
	(d) any item of personal-use property the fair market value of which, at the particular time, is less than $10,000.
	(6) Subsections (1) to (5) (other than paragraph 128.1(4)(d.1) of the Act, as enacted by subsection (4), and subsection 128.1(9) of the Act and the definition ``reportable property'' in subsection 128.1(10) of the Act, as enacted by subsection (5)) apply to changes in residence that occur after October 1, 1996, and
	(a) an election made under any of paragraphs 128.1(6)(a) and (c), 128.1(7)(d) and (g) and 128.1(8)(c) of the Act, as enacted by subsection (5), by an individual who ceased to be resident in Canada before the day on which this Act receives royal assent, is deemed to have been made in a timely manner if it is made on or before the individual's filing-due date for the taxation year that includes that day; and
	(b) a form described in subsection 128.1(9) of the Act, as enacted by subsection (5), filed by an individual who ceased to be resident in Canada before the day on which this Act receives royal assent, is deemed to have been filed in a timely manner if it is filed on or before the individual's filing-due date for the taxation year that includes that day.
	(7) Paragraph 128.1(4)(d.1) of the Act, as enacted by subsection (4), applies to changes in residence that occur after 1992.
	(8) Subsection 128.1(9) of the Act and the definition ``reportable property'' in subsection 128.1(10) of the Act, as enacted by subsection (5), apply to changes in residence that occur after 1995.