I-3 - Taxation Act

Section 21.40 Disposition versions

2013-06-05

21.40. (Repealed).

2000, c. 5, s. 21; 2009, c. 5, s. 40; 2011, c. 34, s. 15; 2013, c. 10, s. 15.

2011-12-09

21.40. An environmental trust at any time means a trust resident in a province and maintained at that time for the sole purpose of funding the reclamation of a site in the province that is or has been used primarily for, or for any combination of, the operation of a mine, the extraction of clay, peat, sand, shale or aggregates, including dimension stone and gravel, or the deposit of waste where

(a)  the maintenance of the trust is provided for, or may become provided for, pursuant to the terms of a contract entered into between the Government of Canada or of a province or pursuant to a law of Canada or the province and the contract was entered into or that law was enacted, as the case may be, 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)  the trust is none of the trusts described in the second paragraph.

The trusts to which subparagraph b of the first paragraph refers are any of the following:

(a)  a trust that relates at the time referred to in the first paragraph, in this paragraph referred to as the “particular time”, to the reclamation of a well;

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

(c)  a trust that at the particular time has a trustee other than the Government of Canada or of the province referred to in the first paragraph or a corporation resident in Canada that is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee;

(d)  a trust that borrows money at the particular time;

(e)  a trust that acquires at the particular 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.));

(f)  a trust to which the first contribution was made before 1 January 1992;

(g)  a trust from which any amount was distributed before 23 February 1994;

(h)  if the particular time is before 1 January 1998, a trust, other than a mining reclamation trust at that time,

i.  to which the first contribution was made before 1 January 1996,

ii.  from which any amount was distributed before 19 February 1997, or

iii.  any interest in which was disposed of before 19 February 1997;

(i)  (subparagraph repealed);

(j)  a trust that 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, or made by it to that effect after 19 December 2006 in the case of a trust resident in Québec, under paragraph i of the definition of “qualifying environmental trust” in subsection 1 of section 248 of that Act; and

(k)  a trust that was, at any time before the particular time but during its existence, not an environmental trust.

Chapter V.2 applies in relation to an election made under paragraph i of the definition of “qualifying environmental trust” in subsection 1 of section 248 of the Income Tax Act or in relation to an election made under subparagraph j of the second paragraph before 20 December 2006.

2000, c. 5, s. 21; 2009, c. 5, s. 40; 2011, c. 34, s. 15.

2009-05-15

21.40. An environmental trust at any time means a trust resident in a province and maintained at that time for the sole purpose of funding the reclamation of a site in the province that is or has been used primarily for, or for any combination of, the operation of a mine, the extraction of clay, peat, sand, shale or aggregates, including dimension stone and gravel, or the deposit of waste where

(a)  the maintenance of the trust is provided for, or may become provided for, pursuant to the terms of a contract entered into between the Government of Canada or of a province or pursuant to a law of Canada or the province and the contract was entered into or that law was enacted, as the case may be, 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)  the trust is none of the trusts described in the second paragraph.

The trusts to which subparagraph b of the first paragraph refers are any of the following:

(a)  a trust that relates at the time referred to in the first paragraph, in this paragraph referred to as the “particular time”, to the reclamation of a well;

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

(c)  a trust that at the particular time has a trustee other than the Government of Canada or of the province referred to in the first paragraph or a corporation resident in Canada that is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee;

(d)  a trust that borrows money at the particular time;

(e)  a trust that acquires at the particular 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.));

(f)  a trust to which the first contribution was made before 1 January 1992;

(g)  a trust from which any amount was distributed before 23 February 1994;

(h)  if the particular time is before 1 January 1998, a trust, other than a mining reclamation trust at that time,

i.  to which the first contribution was made before 1 January 1996,

ii.  from which no amount was distributed before 19 February 1997, or

iii.  any interest in which was disposed of before 19 February 1997;

(i)  (subparagraph repealed);

(j)  a trust that 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, or made by it to that effect after 19 December 2006 in the case of a trust resident in Québec, under paragraph i of the definition of “qualifying environmental trust” in subsection 1 of section 248 of that Act; and

(k)  a trust that was, at any time before the particular time but during its existence, not an environmental trust.

Chapter V.2 applies in relation to an election made under paragraph i of the definition of “qualifying environmental trust” in subsection 1 of section 248 of the Income Tax Act or in relation to an election made under subparagraph j of the second paragraph before 20 December 2006.

2000, c. 5, s. 21; 2009, c. 5, s. 40.

2006-03-01

21.40. An environmental trust at any time means a trust resident in a province and maintained at that time for the sole purpose of funding the reclamation of a site in the province that is or has been used primarily for, or for any combination of, the operation of a mine, the extraction of clay, peat, sand, shale or aggregates, including dimension stone and gravel, or the deposit of waste where

(a)  the maintenance of the trust is provided for, or may become provided for, pursuant to the terms of a contract entered into between the Government of Canada or of a province or pursuant to a law of Canada or the province and the contract was entered into or that law was enacted, as the case may be, 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)  the trust is none of the trusts described in the second paragraph.

The trusts to which subparagraph b of the first paragraph refers are any of the following:

(a)  a trust that relates at the time referred to in the first paragraph, in this paragraph referred to as the “particular time”, to the reclamation of a well;

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

(c)  a trust that at the particular time has a trustee other than the Government of Canada or of the province referred to in the first paragraph or a corporation resident in Canada that is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee;

(d)  a trust that borrows money at the particular time;

(e)  a trust that acquires at the particular 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 (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement);

(f)  a trust to which the first contribution was made before 1 January 1992;

(g)  a trust from which any amount was distributed before 23 February 1994;

(h)  if the particular time is before 1 January 1998, a trust, other than a mining reclamation trust at that time,

i.  to which the first contribution was made before 1 January 1996,

ii.  from which no amount was distributed before 19 February 1997, or

iii.  any interest in which was disposed of before 19 February 1997;

(i)  a trust not resident in Québec that is not a qualifying environmental trust for the purposes of the Income Tax Act because of an election made by it to that effect in accordance with paragraph i of the definition of “qualifying environmental trust” in subsection 1 of section 248 of that Act;

(j)  a trust resident in Québec that elected in a notice in writing filed with the Minister on or before 31 December 1999 or on or before 1 April of the year following the year in which the first contribution to the trust was made, not to be an environmental trust; and

(k)  a trust that was, at any time before the particular time but during its existence, not an environmental trust.

2000, c. 5, s. 21.