I-3 - Taxation Act

Section 1121.7.1 Disposition versions

2009-05-15

1121.7.1. If, for the purposes of this Act, a particular taxation year of a trust ends on 15 December of a calendar year because of an election referred to in section 1121.7 or because of the second paragraph of that section, if the trust applies to the Minister of National Revenue, in accordance with subsection 1.1 of section 132.11 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), to have that subsection 1.1 apply in relation to its taxation years that follow the particular year, and if the Minister of National Revenue grants the application after 19 December 2006, the following rules apply:

(a)  the trust’s taxation year following the particular year is deemed to begin immediately after the end of the particular year and end at the end of that calendar year; and

(b)  each subsequent taxation year of the trust is deemed to be determined as if that election had not been made.

Chapter V.2 of Title II of Book I of Part I applies in relation to an application made under subsection 1.1 of section 132.11 of the Income Tax Act and granted by the Minister of National Revenue.

2004, c. 8, s. 199; 2009, c. 5, s. 510.

2006-03-01

1121.7.1. Where a particular taxation year of a trust ends on 15 December of a calendar year because of an election made under section 1121.7, the following rules apply if the trust applies to the Minister in writing before 15 December of that calendar year, or before a later time that is satisfactory to the Minister, to have this section apply to the trust, with the concurrence of the Minister:

(a)  the trust’s taxation year following the particular year is deemed to begin immediately after the end of the particular year and end at the end of that calendar year; and

(b)  each subsequent taxation year of the trust is deemed to be determined as if that election had not been made.

2004, c. 8, s. 199.