I-3 - Taxation Act

Section 21.0.1 Disposition versions

2017-12-07

21.0.1. In this chapter,

“affiliated group of persons” means a group of persons each member of which is affiliated with every other member of the group;

“beneficiary”, under a trust, includes a person beneficially interested in the trust;

“contributor”, to a trust, means a person who has at any time made a loan or transfer of property, either directly or indirectly, in any manner whatever, to or for the benefit of the trust other than, if the person deals at arm’s length with the trust at that time and is not immediately after that time a majority-interest beneficiary of the trust, a loan made at a reasonable rate of interest or a transfer made for fair market value consideration;

“controlled” means controlled, directly or indirectly in any manner whatever;

“majority-interest beneficiary”, of a trust at any time, means a person whose interest as a beneficiary, if any, at that time,

(a)  in the income of the trust has, together with the interests as a beneficiary in the income of the trust of all persons with whom the person is affiliated, a fair market value that is greater than 50% of the fair market value of all the interests as a beneficiary in the income of the trust; or

(b)  in the capital of the trust has, together with the interests as a beneficiary in the capital of the trust of all persons with whom the person is affiliated, a fair market value that is greater than 50% of the fair market value of all the interests as a beneficiary in the capital of the trust;

“majority-interest group of beneficiaries”, of a trust at any time, means a group of persons each of whom is a beneficiary under the trust at that time such that

(a)  if one person held the interests as a beneficiary under the trust of all of the members of the group, that person would be a majority-interest beneficiary of the trust; and

(b)  if any member of the group were not a member, the test described in paragraph a would not be met;

“majority-interest group of partners” of a partnership means a group of persons each of whom has an interest in the partnership such that

(a)  if one person held the interests of all members of the group, that person would be a majority-interest partner of the partnership; and

(b)  if any member of the group were not a member, the test described in paragraph a would not be met.

2000, c. 5, s. 11; 2005, c. 38, s. 47; 2017, c. 29, s. 22.

2006-03-01

21.0.1. In this chapter,

“affiliated group of persons” means a group of persons each member of which is affiliated with every other member of the group;

“beneficiary”, under a trust, includes a person beneficially interested in the trust;

“contributor”, to a trust, means a person who has at any time made a loan or transfer of property, either directly or indirectly, in any manner whatever, to or for the benefit of the trust other than, if the person deals at arm’s length with the trust at that time and is not immediately after that time a majority-interest beneficiary of the trust, a loan made at a reasonable rate of interest or a transfer made for fair market value consideration;

“controlled” means controlled, directly or indirectly in any manner whatever;

“majority-interest beneficiary”, of a trust at any time, means a person whose interest as a beneficiary, at that time,

(a)  in the income of the trust has, together with the interests as a beneficiary in the income of the trust of all persons with whom the person is affiliated, a fair market value that is greater than 50% of the fair market value of all the interests as a beneficiary in the income of the trust; or

(b)  in the capital of the trust has, together with the interests as a beneficiary in the capital of the trust of all persons with whom the person is affiliated, a fair market value that is greater than 50% of the fair market value of all the interests as a beneficiary in the capital of the trust;

“majority-interest group of beneficiaries”, of a trust at any time, means a group of persons each of whom is a beneficiary under the trust at that time such that

(a)  if one person held the interests as a beneficiary under the trust of all of the members of the group, that person would be a majority-interest beneficiary of the trust; and

(b)  if any member of the group were not a member, the test described in paragraph a would not be met;

“majority-interest group of partners” of a partnership means a group of persons each of whom has an interest in the partnership such that

(a)  if one person held the interests of all members of the group, that person would be a majority-interest partner of the partnership; and

(b)  if any member of the group were not a member, the test described in paragraph a would not be met.

2000, c. 5, s. 11; 2005, c. 38, s. 47.