I-3 - Taxation Act

Section 692.1 Disposition versions

2006-03-01

692.1. Where a taxpayer is a beneficiary under an environmental trust in a taxation year of the trust, in this section referred to as the “trust’s year”, that ends in a particular taxation year of the taxpayer, the following rules apply:

(a)  subject to paragraph b, the taxpayer’s income, non-capital loss and net capital loss for the particular year shall be computed as if the amount of the income or loss of the trust for the trust’s year from any source in Canada or from sources in another place were the income or loss of the taxpayer from that source in Canada or from sources in that other place for the particular year, to the extent of the portion thereof that can reasonably be considered to be the taxpayer’s share of such income or loss; and

(b)  if the taxpayer is not resident in Canada at any time in the particular year and an income or loss described in paragraph a or an amount to which paragraph z or z.1 of section 87 applies would not otherwise be included in computing the taxpayer’s taxable income or taxable income earned in Canada, as the case may be, notwithstanding any other provision of this Act, the income, the loss or the amount shall be attributed to the carrying on of business in Canada by the taxpayer through a fixed place of business located in the province in which the site to which the trust relates is situated.

1996, c. 39, s. 178; 2000, c. 5, s. 152.