I-3 - Taxation Act

Section 668.0.1 Disposition versions

2015-10-21

668.0.1. (Repealed).

1990, c. 59, s. 232; 2015, c. 21, s. 217.

2006-03-01

668.0.1. Notwithstanding sections 231 and 668, where in a particular taxation year, commencing before 1 January 1990, of a taxpayer, other than an individual who is not a testamentary trust, the taxpayer is a beneficiary under a trust with a taxation year ending in the particular year, the amount deemed under section 668 to be a taxable capital gain of the taxpayer for the particular year in respect of the trust, other than that part of the amount that can be attributed to an amount deemed to be a taxable capital gain of the trust under section 105, shall be the amount determined by the formula

A × B / C.

For the purposes of the formula contemplated in the first paragraph,

(a)  A is the amount by which the amount deemed under section 668 to be a taxable capital gain of the taxpayer for the particular year in respect of the trust, other than that part of the amount that can be attributed to an amount deemed to be a taxable capital gain of the trust under section 105, exceeds the amount designated by the trust for the particular year in respect of the taxpayer under section 663.2, other than that part of the amount that can be attributed to an amount deemed to be a taxable capital gain of the trust under section 105;

(b)  B is the fraction that would be used under section 231 for the particular year in respect of the taxpayer if he had a capital gain for the particular year;

(c)  C is the fraction that is used under section 231 for the taxation year of the trust.

1990, c. 59, s. 232.