I-3 - Taxation Act

Section 766.5 Disposition versions

2015-10-21

766.5. (Repealed).

2001, c. 53, s. 130; 2005, c. 38, s. 166; 2010, c. 5, s. 64; 2011, c. 1, s. 40; 2012, c. 8, s. 131; 2015, c. 21, s. 307.

2012-05-09

766.5. In this chapter,

“excluded amount”, in respect of an individual for a taxation year, means an amount that is the income from, or the taxable capital gain from the disposition of, a property acquired by or for the benefit of the individual as a consequence of the death of

(a)  the individual’s father or mother; or

(b)  any other person, if the individual is enrolled as a full-time student during the year at an educational institution prescribed for the purposes of paragraph d of the definition of “trust” in section 890.15, or an individual in respect of whom subparagraphs a to c of the first paragraph of section 752.0.14 apply for the year;

“specified individual”, in relation to a taxation year, means an individual

(a)  who had not attained the age of 17 years before the year;

(b)  who was a resident in Canada throughout the year; and

(c)  whose father or mother was resident in Canada at any time in the year;

“split income” of a specified individual for a taxation year means the aggregate of all amounts, other than excluded amounts, each of which is

(a)  an amount required to be included in computing the individual’s income for the year in respect of taxable dividends received by the individual in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, or because of the application of Division IV of Chapter II of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange;

(b)  a portion of an amount included pursuant to paragraph f of section 600 in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year; or

(c)  a portion of an amount included because of section 662 or 663 in respect of a trust, other than a mutual fund trust, in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be in respect of taxable dividends received in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, to arise because of the application of Division IV of Chapter II of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange, or to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year.

2001, c. 53, s. 130; 2005, c. 38, s. 166; 2010, c. 5, s. 64; 2011, c. 1, s. 40; 2012, c. 8, s. 131.

2011-02-17

766.5. In this chapter,

“excluded amount”, in respect of an individual for a taxation year, means an amount that is the income from a property acquired by or for the benefit of the individual as a consequence of the death of

(a)  the father or mother of the individual; or

(b)  any other person, if the individual is enrolled as a full-time student during the year at an educational institution prescribed for the purposes of paragraph d of the definition of “trust” in section 890.15, or an individual in respect of whom subparagraphs a to c of the first paragraph of section 752.0.14 apply for the year;

“specified individual”, in relation to a taxation year, means an individual

(a)  who had not attained the age of 17 years before the year;

(b)  who was a resident in Canada throughout the year; and

(c)  whose father or mother was resident in Canada at any time in the year;

“split income” of a specified individual for a taxation year means the aggregate of all amounts, other than excluded amounts, each of which is

(a)  an amount required to be included in computing the individual’s income for the year in respect of taxable dividends received by the individual in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, or because of the application of Division IV of Chapter II of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange;

(b)  a portion of an amount included pursuant to paragraph f of section 600 in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year; or

(c)  a portion of an amount included because of section 662 or 663 in respect of a trust, other than a mutual fund trust, in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be in respect of taxable dividends received in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, to arise because of the application of Division IV of Chapter II of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange, or to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year.

2001, c. 53, s. 130; 2005, c. 38, s. 166; 2010, c. 5, s. 64; 2011, c. 1, s. 40.

2010-04-20

766.5. In this chapter,

“excluded amount”, in respect of an individual for a taxation year, means an amount that is the income from a property acquired by or for the benefit of the individual as a consequence of the death of

(a)  the father or mother of the individual; or

(b)  any other person, if the individual is enrolled as a full-time student during the year at an educational institution prescribed for the purposes of paragraph d of the definition of “trust” in section 890.15, or an individual in respect of whom subparagraphs a to c of the first paragraph of section 752.0.14 apply for the year;

“specified individual”, in relation to a taxation year, means an individual

(a)  who had not attained the age of 17 years before the year;

(b)  who was a resident in Canada throughout the year; and

(c)  whose father or mother was resident in Canada at any time in the year;

“split income” of a specified individual for a taxation year means the aggregate of all amounts, other than excluded amounts, each of which is

(a)  an amount required to be included in computing the individual’s income for the year in respect of taxable dividends received by the individual in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, or because of the application of Division IV of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange;

(b)  a portion of an amount included pursuant to paragraph f of section 600 in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year; or

(c)  a portion of an amount included because of section 662 or 663 in respect of a trust, other than a mutual fund trust, in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be in respect of taxable dividends received in respect of shares of the capital stock of a corporation, other than shares of a class listed on a designated stock exchange or shares of the capital stock of a mutual fund corporation, to arise because of the application of Division IV of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange, or to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year.

2001, c. 53, s. 130; 2005, c. 38, s. 166; 2010, c. 5, s. 64.

2006-03-01

766.5. In this chapter,

“excluded amount”, in respect of an individual for a taxation year, means an amount that is the income from a property acquired by or for the benefit of the individual as a consequence of the death of

(a)  the father or mother of the individual; or

(b)  any other person, if the individual is enrolled as a full-time student during the year at an educational institution prescribed for the purposes of paragraph d of the definition of “trust” in section 890.15, or an individual in respect of whom subparagraphs a to c of the first paragraph of section 752.0.14 apply for the year;

“specified individual”, in relation to a taxation year, means an individual

(a)  who had not attained the age of 17 years before the year;

(b)  who was a resident in Canada throughout the year; and

(c)  whose father or mother was resident in Canada at any time in the year;

“split income” of a specified individual for a taxation year means the aggregate of all amounts, other than excluded amounts, each of which is

(a)  an amount required to be included in computing the individual’s income for the year in respect of taxable dividends received by the individual in respect of shares of the capital stock of a corporation, other than shares of a class listed on a Canadian stock exchange or a foreign stock exchange or shares of the capital stock of a mutual fund corporation, or because of the application of Division IV of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange;

(b)  a portion of an amount included pursuant to paragraph f of section 600 in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year; or

(c)  a portion of an amount included because of section 662 or 663 in respect of a trust, other than a mutual fund trust, in computing the individual’s income for the year, to the extent that the portion

i.  is not included in an amount described in paragraph a, and

ii.  can reasonably be considered to be in respect of taxable dividends received in respect of shares of the capital stock of a corporation, other than shares of a class listed on a Canadian stock exchange or a foreign stock exchange or shares of the capital stock of a mutual fund corporation, to arise because of the application of Division IV of Title III of Book III in respect of the ownership by any person of shares of the capital stock of a corporation, other than shares of a class listed on such a stock exchange, or to be income derived from the provision of property or services by a partnership or trust to or in support of a business carried on by

(1)  a person who is related to the individual at any time in the year,

(2)  a corporation of which a person who is related to the individual is a specified shareholder at any time in the year, or

(3)  a professional corporation of which a person related to the individual is a shareholder at any time in the year.

2001, c. 53, s. 130; 2005, c. 38, s. 166.