I-3 - Taxation Act

Section 851.22.0.1 Disposition versions

2020-09-24

851.22.0.1. In this division, “qualifying transfer” means a transfer at any time (in this division referred to as the “transfer time”) of all of the property that, immediately before the transfer time, was property of a segregated fund trust (in this division referred to as the “transferor” or the “funds”) to another segregated fund trust (in this division referred to as the “transferee” or the “funds”), if

(a)  every person (in this division referred to as a “beneficiary”) that, immediately before the transfer time, had an interest in the transferor has ceased to be a beneficiary of the transferor at the transfer time and has received no consideration for the interest other than an interest in the transferee; and

(b)  the trustee of the funds makes a valid election under paragraph d of subsection 1 of section 138.2 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of the transfer.

Chapter V.2 of Title II of Book I applies in relation to an election made under paragraph d of subsection 1 of section 138.2 of the Income Tax Act.

2020, c. 16, s. 128.