I-3 - Taxation Act

Section 462.9 Disposition versions

2006-03-01

462.9. The income of the designated person referred to in section 462.8 for a taxation year from the property so loaned or transferred is deemed, for the purposes of sections 462.1 to 462.4, to be an amount equal to the lesser of

(a)  the amount in respect of the trust that was included by virtue of paragraph n of section 87 in computing the income for the year of the designated person, and

(b)  that proportion of the amount that would be the income of the trust for the year from the property or from any property substituted therefor if no deduction were made under paragraph a or b of section 657 or section 657.1 that

i.  the amount determined under paragraph a in respect of the designated person for the year, is of

ii.  the aggregate of all amounts each of which is an amount determined under paragraph a for the year in respect of the designated person or any other person who is throughout the year a designated person in respect of the individual.

1987, c. 67, s. 112.