In 2012-0468931C6, the CRA confirmed that the date of disposition for shares sold on a stock exchange is the “settlement date”. When shares are sold on a stock exchange, typically the settlement date is two or three days after the trade date. The CRA’s long-standing position in IT-133 has been that this settlement date is the date of disposition for income tax purposes. The legal rationale for this position is that “disposition” is defined in s. 248(1) to include “a transaction or event entitling a taxpayer to proceeds of disposition” (s. 248(1)): a taxpayer becomes entitled to sale proceeds on the settlement date. In 2012-0468931C6, the CRA confirmed that the foregoing remains its view notwithstanding the cancellation of IT-133.