Tax wiki
s. 211.81
PART XII.5 — Recovery of Labour-sponsored Funds Tax Credit
Tax for failure to reacquire certain shares
Not yet annotated · Text current to 2026-06-21 · section last amended 2013-12-12
Current text
If a particular amount is payable under a prescribed provision of a provincial law for a taxation year of an individual as determined for the purposes of that provincial law (referred to in this section as the “relevant provincial year”), and an amount has been included in the computation of the labour-sponsored funds tax credit of the individual under subsection 127.4(6) in respect of an approved share that has been disposed of by a qualifying trust in respect of the individual, the individual shall pay a tax for the taxation year in which the relevant provincial year ends equal to the amount deducted by the individual under subsection 127.4(2) in respect of the share.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2013-06-26 to 2013-12-11:
Show the text in force 2013-06-26 to 2013-12-11
Tax for failure to re-acquire certain shares
211.81 If a particular amount is payable under a prescribed provision of a provincial law for a taxation year of an individual as determined for the purposes of that provincial law (referred to in this section as the “relevant provincial year”), and an amount has been included in the computation of the labour-sponsored funds tax credit of the individual under subsection 127.4(6) in respect of an approved share that has been disposed of by a qualifying trust in respect of the individual, the individual shall pay a tax for the taxation year in which the relevant provincial year ends equal to the particular amount.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2013, c. 34, s. 345
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 211.81 links to the one before it.
Enacting and amending legislation
- 2013, c. 34, s. 345, c. 40, s. 81
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
This section refers to
References are generated from the statutory text and list other sections of the Act only.
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 211.81.