Extract

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Vol. 134, No. 14 — July 5, 2000

Registration SOR/2000-248 21 June, 2000

INCOME TAX ACT

Regulations Amending the Income Tax Regulations

P.C. 2000-1000 21 June, 2000

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 221 of the Income Tax Act , hereby makes the annexed Regulations Amending the Income Tax Regulations.

REGULATIONS AMENDING THE INCOME TAX REGULATIONS

AMENDMENTS

1. (1) Subsections 231(4) and (5) of the Income Tax Regulations are repealed.

(2) The portion of subsection 231(6) of the Regulations before clause (a)(ii)(B) is replaced by the following:

(6) For the purposes of paragraph (b) of the definition "tax shelter" in subsection 237.1(1) of the Act, "prescribed benefit" in respect of an interest in a property means any amount that may reasonably be expected, having regard to statements or representations made in respect of the interest, to be received or enjoyed by a person (in this subsection referred to as "the purchaser") who acquires the interest, or a person with whom the purchaser does not deal at arm's length, which receipt or enjoyment would have the effect of reducing the impact of any loss that the purchaser may sustain in respect of the interest, and includes such an amount

(a) that is...

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