Bill C-452
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- ENGLISH
- SUMMARY SUMMARY
- Income Tax Act Income Tax Act
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First Session, Forty-second Parliament, 64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019 |
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HOUSE OF COMMONS OF CANADA |
An Act to amend the Income Tax Act (gift in virtual currency)
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FIRST READING, May 17, 2019
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Mr. Albas |
SUMMARY
This enactment amends the Income Tax Act to provide that a taxpayer’s taxable capital gain for a taxation year from the disposition of a property is equal to zero if the disposition is the making of a gift in an eligible virtual currency to a qualified donee.
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Available on the House of Commons website at the following address:
www.ourcommons.ca
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1st Session, 42nd Parliament, 64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019 |
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HOUSE OF COMMONS OF CANADA |
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BILL C-452 |
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An Act to amend the Income Tax Act (gift in virtual currency) |
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. 1 (5th Supp.)
Income Tax Act
1 Subparagraph 38(a.1)(i) of the Income Tax Act is replaced by the following:
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(i) the disposition is the making of a gift to a qualified donee of a share, debt obligation or right listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation, a unit of a mutual fund trust, an interest in a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)), a prescribed debt obligation or Insertion start an amount denominated in an eligible virtual currency Insertion end ,
2 Subsection 221(1) of the Act is amended by striking out “and” at the end of paragraph (i) and by adding the following after that paragraph:
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(i.1) establishing a schedule that sets out a list of ineligible virtual currencies for the purpose of subparagraph 38(a.1)(i); and
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Published under authority of the Speaker of the House of Commons
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