I-3 - Taxation Act

Section 569.0.1 Disposition versions

2010-10-27

569.0.1. Section 569.0.2 applies to a trust’s distribution of property to a taxpayer if

(a)  the distribution is a SIFT trust wind-up event;

(b)  the trust is

i.  a SIFT wind-up entity whose only beneficiary, at all times at which the trust makes a distribution that is a SIFT trust wind-up event, is a taxable Canadian corporation, or

ii.  a trust whose only beneficiary, at all times at which the trust makes a distribution that is a SIFT trust wind-up event, is another trust described in subparagraph i;

(c)  where the trust is a SIFT wind-up entity, the distribution occurs no more than 60 days after the first SIFT trust wind-up event of the trust or, if it is earlier, the first distribution to the trust that is a SIFT trust wind-up event of another trust; and

(d)  where the property is shares of the capital stock of a taxable Canadian corporation,

i.  the property was not acquired by the trust as part of a distribution referred to in section 688.3, and

ii.  the trust makes a valid election under subparagraph ii of paragraph d of subsection 1 of section 88.1 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)) in relation to the distribution.

Chapter V.2 of Title II of Book I applies in relation to an election made under subparagraph ii of paragraph d of subsection 1 of section 88.1 of the Income Tax Act.

2010, c. 25, s. 42.