I-3 - Taxation Act

Section 851.33 Disposition versions

2017-02-08

851.33. If the eligible amount of a gift made in a taxation year by a trust referred to in section 851.25 in respect of a congregation would, but for this section, be included in the total charitable gifts, total cultural gifts, total gifts of qualified property or total musical instrument gifts of the trust for the year under the first paragraph of section 752.0.10.1, and the trust makes a valid election under subsection 3.1 of section 143 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of the gift, the following rules apply:

(a)  the trust is deemed not to have made the gift;

(b)  each participating member of the congregation is deemed to have made, in the year, such a gift the eligible amount of which is the amount determined by the formula

(A × B) / C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the eligible amount of the gift made by the trust;

(b)  B is the value, in respect of the member for the year, of B in the formula in paragraph b of subsection 3.1 of section 143 of the Income Tax Act, in relation to the election; and

(c)  C is the value, in respect of the trust for the year, of C in the formula in paragraph b of subsection 3.1 of section 143 of the Income Tax Act.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 3.1 of section 143 of the Income Tax Act.

1993, c. 16, s. 304; 1993, c. 64, s. 95; 1995, c. 1, s. 94; 1995, c. 49, s. 236; 1999, c. 83, s. 121; 2001, c. 53, s. 178; 2006, c. 36, s. 88; 2009, c. 5, s. 363; 2017, c. 1, s. 249.

2009-05-15

851.33. If the eligible amount of a gift made in a taxation year by an inter vivos trust referred to in section 851.25 in respect of a congregation would, but for this section, be included in the total charitable gifts, total Crown gifts, total cultural gifts, total gifts of qualified property or total musical instrument gifts of the trust for the year under the first paragraph of section 752.0.10.1, and the trust makes a valid election under subsection 3.1 of section 143 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 in respect of the gift, the following rules apply:

(a)  the trust is deemed not to have made the gift;

(b)  each participating member of the congregation is deemed to have made, in the year, such a gift the eligible amount of which is the amount determined by the formula

(A × B) / C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the eligible amount of the gift made by the trust;

(b)  B is the value, in respect of the member for the year, of B in the formula in paragraph b of subsection 3.1 of section 143 of the Income Tax Act, in relation to the election; and

(c)  C is the value, in respect of the trust for the year, of C in the formula in paragraph b of subsection 3.1 of section 143 of the Income Tax Act.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 3.1 of section 143 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1993, c. 16, s. 304; 1993, c. 64, s. 95; 1995, c. 1, s. 94; 1995, c. 49, s. 236; 1999, c. 83, s. 121; 2001, c. 53, s. 178; 2006, c. 36, s. 88; 2009, c. 5, s. 363.

2006-12-06

851.33. For the purposes of sections 752.0.10.1 to 752.0.10.18, if the fair market value of a gift made in a taxation year by an inter vivos trust referred to in section 851.25 in respect of a congregation would, but for this section, be included in the total charitable gifts, total Crown gifts, total cultural gifts, total gifts of qualified property or total musical instrument gifts of the trust for the year under the first paragraph of section 752.0.10.1, and the trust so elects in its fiscal return under this Part for the year, the following rules apply:

(a)  the trust is deemed not to have made the gift;

(b)  each participating member of the congregation is deemed to have made, in the year, such a gift the fair market value of which is the amount determined by the formula

(A × B) / C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the fair market value of the gift made by the trust;

(b)  B is the amount determined for the year in respect of the member under section 851.30 as a consequence of an election under section 851.28 by the trust; and

(c)  C is the aggregate of all amounts each of which is an amount determined for the year in respect of a participating member of the congregation under section 851.30 as a consequence of an election under section 851.28 by the trust.

1993, c. 16, s. 304; 1993, c. 64, s. 95; 1995, c. 1, s. 94; 1995, c. 49, s. 236; 1999, c. 83, s. 121; 2001, c. 53, s. 178; 2006, c. 36, s. 88.

2006-03-01

851.33. For the purposes of sections 752.0.10.1 to 752.0.10.18, where the fair market value of a gift made in a taxation year by an inter vivos trust referred to in section 851.25 in respect of a congregation would, but for this section, be included in the total Crown gifts, total gifts of qualified property, total cultural gifts or total charitable gifts of the trust for the year under the first paragraph of section 752.0.10.1, and the trust so elects in its fiscal return under this Part for the year, the following rules apply:

(a)  the trust is deemed not to have made the gift;

(b)  each participating member of the congregation is deemed to have made, in the year, such a gift the fair market value of which is the amount determined by the formula

(A × B) / C.

In the formula provided for in subparagraph b of the first paragraph,

(a)  A is the fair market value of the gift made by the trust;

(b)  B is the amount determined for the year in respect of the member under section 851.30 as a consequence of an election under section 851.28 by the trust; and

(c)  C is the aggregate of all amounts each of which is an amount determined for the year in respect of a participating member of the congregation under section 851.30 as a consequence of an election under section 851.28 by the trust.

1993, c. 16, s. 304; 1993, c. 64, s. 95; 1995, c. 1, s. 94; 1995, c. 49, s. 236; 1999, c. 83, s. 121; 2001, c. 53, s. 178.