I-3 - Taxation Act

Section 1129.51 Disposition versions

2013-06-05

1129.51. In this Part,

“balance-due day” has the meaning assigned by section 1;

“Canada” has the meaning assigned by section 1;

“environmental trust” means a trust

(a)  each trustee of which is

i.  the State, Her Majesty in right of Canada or Her Majesty in right of a province, other than Québec, or

ii.  a corporation resident in Canada that is licensed or otherwise authorized under the laws of Canada or a province to offer its services as trustee in Canada;

(b)  that is maintained for the sole purpose of funding the reclamation of a qualifying site;

(c)  that is, or may become, required to be maintained under

i.  a qualifying contract, or

ii.  a qualifying law or order; and

(d)  that is not an excluded trust;

“excluded trust”, at a particular time, means a trust that

(a)  has as its object at that time the reclamation of a well;

(b)  is not maintained at that time to secure the reclamation obligations of one or more persons or partnerships that are beneficiaries under the trust;

(c)  borrows money at that time;

(d)  if the trust is not a trust to which paragraph e applies, acquires at that time any property that is not described in any of paragraphs a, b and f of the definition of “qualified investment” in section 204 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

(e)  if the trust is created after 31 December 2011 (or if the trust was created before 1 January 2012, it made a valid election under paragraph e of the definition of “excluded trust” in subsection 1 of section 211.6 of the Income Tax Act),

i.  acquires at that time any property that is not described in any of paragraphs a, b, c, c.1, d and f of the definition of “qualified investment” in section 204 of the Income Tax Act, or

ii.  holds at that time a prohibited investment;

(f)  is not a qualifying environmental trust for the purposes of the Income Tax Act because of a valid election made by it to that effect under paragraph f of the definition of “excluded trust” in subsection 1 of section 211.6 of that Act; or

(g)  was, at any time before the particular time but during its existence, not an environmental trust (within the meaning of section 21.40 as it applied at that time);

“prohibited investment”, of a trust at any time, means a property that

(a)  at the time it was acquired by the trust, was described in any of paragraphs c, c.1 and d of the definition of “qualified investment” in section 204 of the Income Tax Act; and

(b)  was issued by

i.  a person or partnership that has contributed property to, or that is a beneficiary under, the trust,

ii.  a person that is related to, or a partnership that is affiliated with, a person or partnership that has contributed property to, or that is a beneficiary under, the trust, or

iii.  a particular person or partnership if

(1)  another person or partnership holds a significant interest (within the meaning of subsection 4 of section 207.01 of the Income Tax Act with the necessary modifications) in the particular person or partnership, and

(2)  the holder of that significant interest has contributed property to, or is a beneficiary under, the trust;

“property” has the meaning assigned by section 1;

“province” has the meaning assigned by section 1;

“qualifying contract”, in respect of a trust, means a contract entered into with the State, Her Majesty in right of Canada or Her Majesty in right of a province, other than Québec, on or before the later of 1 January 1996 and the day that is one year after the day on which the trust was created;

“qualifying law or order”, in respect of a trust, means

(a)  a law of Canada or a province that was enacted on or before the later of 1 January 1996 and the day that is one year after the day on which the trust was created; and

(b)  if the trust was created after 31 December 2011, an order made

i.  by a tribunal constituted under a law described in paragraph a, and

ii.  on or before the day that is one year after the day on which the trust was created;

“qualifying site”, in respect of a trust, means a site in Canada that is or has been used primarily for, or for any combination of,

(a)  the operation of a mine;

(b)  the extraction of clay, peat, sand, shale or aggregates (including dimension stone and gravel);

(c)  the deposit of waste; or

(d)  if the trust was created after 31 December 2011, the operation of a pipeline;

“trust” has the meaning assigned by Part I.

For the purposes of this Part, a person is related to, or a partnership is affiliated with, a person or partnership when the person is related to, or the partnership is affiliated with, a person or partnership for the purposes of Part I.

Chapter V.2 of Title II of Book I of Part I applies in relation to an election made under paragraph e or f of the definition of “excluded trust” in subsection 1 of section 211.6 of the Income Tax Act.

1996, c. 39, s. 270; 2000, c. 5, s. 286; 2007, c. 12, s. 304; 2013, c. 10, s. 169.

2007-11-07

1129.51. In this Part,

“balance-due day” has the meaning assigned by section 1;

“environmental trust” has the meaning assigned by section 21.40.

1996, c. 39, s. 270; 2000, c. 5, s. 286; 2007, c. 12, s. 304.

2006-03-01

1129.51. In this Part,

“balance-due day” has the meaning assigned by section 1;

“environmental trust” has the meaning assigned by section 21.40;

“filing-due date” has the meaning assigned by section 1;

“minister” means the Minister of Revenue;

“taxation year” has the meaning assigned by Part I.

1996, c. 39, s. 270; 2000, c. 5, s. 286.