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

Section 998r3 Disposition versions

2017-04-12

998R3. For the purposes of paragraph c.4 of section 998 of the Act, a trust is, at any time, a master trust if, at all times after its creation and before that time, it fulfils the following conditions:

(a)  it is resident in Canada;

(b)  its sole undertaking consists in investing its funds;

(c)  it never borrowed money, except where the borrowing is for a term of not more than 90 days and it is established that the borrowing is not part of a series of loans or other transactions and repayments;

(d)  it never accepted deposits; and

(e)  each of its beneficiaries is a trust governed by a registered pension plan, a pooled registered pension plan or a deferred profit sharing plan.

s. 998R5; O.C. 1114-93, s. 36; O.C. 134-2009, s. 1; O.C. 321-2017, s. 45.

2012-09-01

998R3. For the purposes of paragraph c.4 of section 998 of the Act, a trust is, at any time, a master trust if, at all times after its creation and before that time, it fulfils the following conditions:

(a)  it is resident in Canada;

(b)  its sole undertaking consists in investing its funds;

(c)  it never borrowed money, except where the borrowing is for a term of not more than 90 days and it is established that the borrowing is not part of a series of loans or other transactions and repayments;

(d)  it never accepted deposits; and

(e)  each of its beneficiaries is a trust governed by a registered pension plan or a deferred profit sharing plan.

s. 998R5; O.C. 1114-93, s. 36; O.C. 134-2009, s. 1.