I-3, r. 1 - Regulation respecting the Taxation Act

Section 1120r1 Disposition versions

2016-02-17

1120R1. In applying, at any time, paragraph c of section 1120 of the Act, the following are prescribed conditions in respect of a trust:

(a)  either

i.  the following conditions are met:

(1)  there has been at or before that time a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not, under the laws of the province, required to be filed in respect of the distribution; and

(2)  the trust was created after 31 December 1999 and on or before that time, or satisfies, at that time, the conditions prescribed in section 1120R1.1, or

ii.  a class of the units of the trust is, at that time, qualified for distribution to the public; and

(b)  each of the classes referred to in paragraph a must include, at that time, at least 150 beneficiaries, each of whom holds not less than one block of units of that class that have in the aggregate a fair market value of not less than $500.

s. 1120R1; O.C. 1981-80, s. 1120R1; R.R.Q., 1981, c. I-3, r. 1, s. 1120R1; O.C. 1707-97, s. 94; O.C. 1282-2003, s. 91; O.C. 134-2009, s. 1; O.C. 66-2016, s. 28.

2012-09-01

1120R1. The conditions for qualification as a mutual fund trust are the following:

(a)  a class of the units of the trust must be qualified for distribution to the public or there has been a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not required under the laws of the province to be filed; and

(b)  each of the classes referred to in paragraph a must include at least 150 beneficiaries, each of whom holds not less than one block of units of that class that have in the aggregate a fair market value of not less than $500.

s. 1120R1; O.C. 1981-80, s. 1120R1; R.R.Q., 1981, c. I-3, r. 1, s. 1120R1; O.C. 1707-97, s. 94; O.C. 1282-2003, s. 91; O.C. 134-2009, s. 1.