CRA confirms that a Reg. 1103(1) election (consolidating in Class 1) does not affect subsequent years’ acquisitions

CRA effectively confirmed that Folio S3-F4-C1, para. 1.132 should be interpreted as having the bolded sentence below added to it:

[U[nder [Reg.] 1103(1) …, a taxpayer may elect to transfer all properties otherwise included in Classes 2 through 12 (excluding Class 10.1) to Class 1 provided that all such properties were acquired for the purpose of gaining or producing income from the same business. The election affects all properties on hand at the commencement of the tax year for which the election is made, as well as any such property acquired during that year. The election does not affect properties acquired after the end of that year but, of course, they could be subject to a later election.

Neal Armstrong. Summary of 4 December 2018 TEI Roundtable Q. 1, 2018-0782341C6 under Reg. 1103(1).