I-3 - Taxation Act

Section 652.1 Disposition versions

2021-06-02

652.1. In this Title,

“alter ego trust” means a trust to which subparagraph a of the first paragraph of section 653 would apply if that subparagraph were read without reference to subparagraph i and subparagraph 2 of subparagraph ii;

“excluded property” has the meaning assigned by the second paragraph of section 691.1;

“exempt property” of a taxpayer at any time means property any income or gain from the disposition of which by the taxpayer at that time would not cause an increase in the taxpayer’s tax payable under this Part because the taxpayer is not resident in Canada or because of a provision contained in a tax agreement;

“joint spousal trust” means a trust to which subparagraph a of the first paragraph of section 653 would apply if that subparagraph were read without reference to subparagraph i and subparagraph 1 of subparagraph ii;

“post-1971 spousal trust” means a trust that would be described in subparagraph a of the first paragraph of section 653 if that subparagraph were read without reference to subparagraph ii;

“pre-1972 spousal trust” at a particular time means a trust that was created by the will of an individual who died before 1 January 1972, or created before 18 June 1971 by an individual during the individual’s lifetime, that, throughout the period beginning at the time it was created and ending at the earliest of 1 January 1993, the day on which the individual’s spouse died and the particular time, was a trust under which the individual’s spouse was entitled to receive all of the income of the trust that arose before the spouse’s death, but does not include a trust under which a person other than the individual’s spouse received or otherwise obtained enjoyment of any of the income or capital of the trust before the end of that period.

1994, c. 22, s. 224; 1997, c. 3, s. 71; 2000, c. 5, s. 141; 2003, c. 2, s. 155; 2021, c. 14, s. 54.

2006-03-01

652.1. In this Title,

“alter ego trust” means a trust to which subparagraph a of the first paragraph of section 653 would apply if that subparagraph were read without reference to subparagraph i and subparagraph 2 of subparagraph ii;

“excluded property” means a share of the capital stock of an investment corporation owned by persons not resident in Canada that is not taxable Canadian property;

“exempt property” of a taxpayer at any time means property any income or gain from the disposition of which by the taxpayer at that time would not cause an increase in the taxpayer’s tax payable under this Part because the taxpayer is not resident in Canada or because of a provision contained in a tax agreement;

“joint spousal trust” means a trust to which subparagraph a of the first paragraph of section 653 would apply if that subparagraph were read without reference to subparagraph i and subparagraph 1 of subparagraph ii;

“post-1971 spousal trust” means a trust that would be described in subparagraph a of the first paragraph of section 653 if that subparagraph were read without reference to subparagraph ii;

“pre-1972 spousal trust” at a particular time means a trust that was created by the will of an individual who died before 1 January 1972, or created before 18 June 1971 by an individual during the individual’s lifetime, that, throughout the period beginning at the time it was created and ending at the earliest of 1 January 1993, the day on which the individual’s spouse died and the particular time, was a trust under which the individual’s spouse was entitled to receive all of the income of the trust that arose before the spouse’s death, but does not include a trust under which a person other than the individual’s spouse received or otherwise obtained enjoyment of any of the income or capital of the trust before the end of that period.

1994, c. 22, s. 224; 1997, c. 3, s. 71; 2000, c. 5, s. 141; 2003, c. 2, s. 155.