I-3 - Taxation Act

Section 454.2 Disposition versions

2006-03-01

454.2. Section 454.1 applies to a transfer of capital property by an individual to a trust of which the terms of the deed creating it meet the conditions in subparagraph ii or iii of paragraph c of that section only where

(a)  the trust was created after 31 December 1999;

(b)  either

i.  the individual attained 65 years of age at the time the trust was created, or

ii.  the transfer does not result in a change in beneficial ownership of the capital property and there is immediately after the transfer no absolute or contingent right of a person, other than the individual, or partnership as a beneficiary, determined with reference to section 646.1, under the trust; and

(c)  in the case of a trust of which the terms of the deed creating it meet the conditions in subparagraph ii of paragraph c of section 454.1, the trust does not make an election under subparagraph d of the second paragraph of section 653.

2003, c. 2, s. 123.