43(1)Section 70 (determining losses in previous tax years) is amended as follows.
(2)Omit subsection (2).
(3)In subsection (3), in the words before paragraph (a), for “This loss” substitute “The loss”.
(4)In subsection (4), in the words after paragraph (b)—
(a)for “203(2)”, in both places, substitute “7A(2)”;
(b)omit “to basis periods are read as references to tax years and references”.
(5)In subsection (5), for “203(3) or (4)” substitute “7A(3) or (4)”.