7 July 2005 External T.I. 2005-0122191E5 F - Erroneous Elections in Statute-barred Years -- summary under Subsection 85(7)

Regarding an individual who had elected at less than the ACB of the transferred shares, CRA stated that s. “85(1)(c.1) results in an automatic adjustment to the agreed amount in respect of the transferred property and, as a result, the affected taxpayers do not have to file an amended election in that regard.”