I-3 - Taxation Act

Section 7.10.1 Disposition versions

2019-06-19

7.10.1. For the purposes of section 7.10 and this section, an arrangement is a qualifying arrangement if it is

(a)  entered into with a corporation that is licensed or otherwise authorized under the laws of Canada or of a province to carry on in Canada the business of offering its services as trustee;

(b)  established under a written contract that is governed by the laws of Québec;

(c)  presented as a declaration of trust or provides that, for the purposes of this Part and the regulations, it must be considered to be a trust; and

(d)  presented as an arrangement in respect of which the corporation is to take action for the arrangement to become a registered disability savings plan, a registered education savings plan, a registered retirement income fund, a registered retirement savings plan or a tax-free savings account.

If the arrangement is a qualifying arrangement, the following rules apply:

(a)  the arrangement is deemed to be a trust;

(b)  any property contributed at any time to the arrangement by an annuitant, a holder or a subscriber under the arrangement, as the case may be, is deemed to have been transferred, at that time, to the trust by the annuitant, holder or subscriber, as applicable; and

(c)  property subject to rights and obligations under the arrangement is deemed to be held in trust and not otherwise.

2011, c. 1, s. 15; 2019, c. 14, s. 56.

2011-02-17

7.10.1. For the purposes of section 7.10 and this section, an arrangement is a qualifying arrangement if it is

(a)  entered into with a corporation that is licensed or otherwise authorized under the laws of Canada or of a province to carry on in Canada the business of offering its services as trustee;

(b)  established under a written contract that is governed by the laws of Québec;

(c)  presented as a declaration of trust or provides that, for the purposes of this Part and the regulations, it must be considered to be a trust; and

(d)  presented as an arrangement in respect of which the corporation is to take action for the arrangement to become a registered disability savings plan, a registered education savings plan, a registered retirement income fund, a registered retirement savings plan or a TFSA.

If the arrangement is a qualifying arrangement, the following rules apply:

(a)  the arrangement is deemed to be a trust;

(b)  any property contributed at any time to the arrangement by an annuitant, a holder or a subscriber under the arrangement, as the case may be, is deemed to have been transferred, at that time, to the trust by the annuitant, holder or subscriber, as applicable; and

(c)  property subject to rights and obligations under the arrangement is deemed to be held in trust and not otherwise.

2011, c. 1, s. 15.