Did the amendments to s. 84.1 pursuant to Bill C-208 apply to dispositions of shares that occurred in the 2021 taxation year but prior to the day of Royal Assent (June 29, 2021)?
CRA noted that Bill C-208 did not contain a coming into force provision, and stated:
In cases where an enactment is silent with respect to the particular day it comes into force, subsection 6(2) of the Interpretation Act provides that it is construed as coming into force at the end of the day before the day the enactment received Royal Assent … (June 29, 2021).
Regarding the particular question, CRA noted the presumption in Gustavson Drilling [1977] 1 S.C.R. 271 that “statutes are not to be construed as having retrospective operation unless such a construction is expressly or by necessary implication required by the language,” and then stated:
Bill C-208 does not contain express language that would require its application to a disposition of shares occurring before the day of Royal Assent and, in our view, the language in Bill C-208 does not require such application by necessary implication. … [T]he amendments to section 84.1 … apply only to dispositions that occur on or after … June 29, 2021 … .