I-3 - Taxation Act

Section 656.1 Disposition versions

2006-03-01

656.1. For the purposes of sections 653 to 656,

(a)  the words “at the end of a taxation year” and “of a prescribed class of a taxpayer” in section 94 shall be read respectively “at the particular time a trust is deemed, under section 653, to have disposed of its depreciable property of a prescribed class” and “of that class”, and

(b)  for the purpose of computing the excess referred in section 94, at the end of the taxation year of the trust that included the day on which the trust is deemed, under section 653, to have disposed of its depreciable property of a prescribed class, any amount that was included on that day in computing the trust’s income for the year under the said section 94, as it must be read pursuant to paragraph a, is deemed to be an amount included in computing the trust’s income under sections 93 to 104 for a preceding taxation year.

1978, c. 26, s. 110; 1994, c. 22, s. 227.