441.2. Where a property that is a farm income stabilization account of an individual is, on or after the individual’s death and as a consequence thereof, transferred or distributed to the individual’s spouse, or to a trust described in the second paragraph, sections 437.2 and 462.0.2 do not apply in respect of the property if it can be shown, within the period ending 36 months after the death of the individual or, where written application therefor has been made to the Minister by the individual’s legal representative before the expiry of that period, within such longer period as the Minister considers reasonable, that the property has become vested indefeasibly in the spouse or trust.
The trust referred to in the first paragraph is a trust created by the individual’s will, under which the individual’s spouse is entitled to receive all of the income of the trust that arises before the spouse’s death, and no person except the spouse may receive or otherwise obtain enjoyment of any of the income or capital of the trust.
2004, c. 21, s. 78; 2009, c. 5, s. 147.