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I-3 - Taxation Act
Section 668.2
Disposition versions
668.2. For the purposes of the formulas in subparagraphs i and ii of paragraph b of section 668.1,
(a) A is the lesser of
i. the amount by which the aggregate of amounts designated under section 668 for the designation year by the trust exceeds the aggregate of the amounts determined in relation to the trust under section 663.2 for the designation year, and
ii. the trust’s eligible taxable capital gains for the designation year;
(b) B is the amount by which the amount designated under section 668 for the designation year by the trust in respect of the beneficiary exceeds the amount determined in relation to the trust in respect of the beneficiary under section 663.2 for the taxation year;
(c) C is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were, at the time they were disposed of, qualified farm properties, qualified fishing properties or qualified farm or fishing properties of the trust;
(d) D is the aggregate of all amounts each of which is the amount determined under paragraph b for the designation year in respect of a beneficiary under the trust;
(e) E is the aggregate of the amounts determined under paragraphs c and f for the designation year in respect of the beneficiary; and
(f) F is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were, at the time they were disposed of, qualified small business corporation shares of the trust, other than qualified farm properties, qualified fishing properties or qualified farm or fishing properties;
(g) (subparagraph repealed).
668.2. For the purposes of the formulas in subparagraphs i to iii of paragraph b of section 668.1,
(a) A is the lesser of
i. the amount by which the aggregate of amounts designated under section 668 for the designation year by the trust exceeds the aggregate of the amounts determined in relation to the trust under section 663.2 for the designation year, and
ii. the trust’s eligible taxable capital gains for the designation year;
(b) B is the amount by which the amount designated under section 668 for the designation year by the trust in respect of the beneficiary exceeds the amount determined in relation to the trust in respect of the beneficiary under section 663.2 for the taxation year;
(c) C is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified farm properties of the trust disposed of by it after 31 December 1984;
(d) D is the aggregate of all amounts each of which is the amount determined under paragraph b for the designation year in respect of a beneficiary under the trust;
(e) E is the aggregate of the amounts determined under paragraphs c, f and g for the designation year in respect of the beneficiary;
(f) F is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust, other than qualified farm property, disposed of by it after 17 June 1987; and
(g) G is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified fishing properties of the trust disposed of by it after 1 May 2006.
668.2. For the purposes of the formulas in subparagraphs i and ii of paragraph b of section 668.1,
(a) A is the lesser of
i. the amount by which the aggregate of amounts designated under section 668 for the designation year by the trust exceeds the aggregate of the amounts determined in relation to the trust under section 663.2 for the designation year, and
ii. the trust’s eligible taxable capital gains for the designation year;
(b) B is the amount by which the amount designated under section 668 for the designation year by the trust in respect of the beneficiary exceeds the amount determined in relation to the trust under section 663.2 for the year in respect of the beneficiary;
(c) C is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified farm properties of the trust disposed of by it after 31 December 1984;
(d) D is the aggregate of all amounts each of which is the amount determined under paragraph b for the designation year in respect of a beneficiary under the trust;
(e) E is the aggregate of the amounts determined under paragraphs c and f for the designation year in respect of the beneficiary; and
(f) F is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust, other than qualified farm property, disposed of by it after 17 June 1987.
668.2. For the purposes of the formulas in subparagraphs i and ii of paragraph b of section 668.1,
(a) A is the lesser of
i. the amount by which the aggregate of amounts designated under section 668 for the designation year by the trust exceeds the aggregate of amounts designated under section 663.2 for the designation year by the trust, and
ii. the trust’s eligible taxable capital gains for the designation year;
(b) B is the amount by which the amount designated under section 668 for the designation year by the trust in respect of the beneficiary exceeds the amount designated under section 663.2 for the year by the trust in respect of the beneficiary;
(c) C is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified farm properties of the trust disposed of by it after 31 December 1984;
(d) D is the aggregate of all amounts each of which is the amount determined under paragraph b for the designation year in respect of a beneficiary under the trust;
(e) E is the aggregate of the amounts determined under paragraphs c and f for the designation year in respect of the beneficiary; and
(f) F is the amount that would be determined under paragraph b of section 28 for the designation year in respect of the trust’s capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust, other than qualified farm property, disposed of by it after 17 June 1987.
