I-3 - Taxation Act

Section 664 Disposition versions

2006-03-01

664. Notwithstanding section 652, any part of the amount that, but for paragraphs a and b of section 657, would be the income of a trust for a taxation year throughout which it was resident in Canada is, for the purposes of paragraph a of section 657 and section 663, deemed to have become payable to an individual in the year if

(a)  that part of the amount has not become payable in the year;

(b)  that part of the amount was held in trust for an individual who did not attain 21 years of age before the end of the year;

(c)  the right to that part of the amount vested in the individual at or before the end of the year otherwise than because of the exercise by any person of, or the failure of any person to exercise, any discretionary power; and

(d)  the right to that part of the amount is not subject to any future condition, other than a condition that the individual survive to an age not exceeding 40 years.

1972, c. 23, s. 502; 1990, c. 59, s. 228; 1997, c. 31, s. 67.