I-3 - Taxation Act

Section 656.4 Disposition versions

2015-10-21

656.4. (Repealed).

1994, c. 22, s. 228; 1997, c. 31, s. 62; 2001, c. 7, s. 69; 2003, c. 2, s. 159; 2004, c. 21, s. 89; 2009, c. 5, s. 201; 2015, c. 21, s. 215.

2009-05-15

656.4. Where a trust so elects in prescribed form filed with the Minister within six months after the end of a taxation year of the trust that includes a day before 1 January 1999, in this section referred to as the “disposition day”, that would, but for this section, be determined in respect of the trust under subparagraph a.1 of the first paragraph of section 653 in the case of a trust described in that subparagraph, or under subparagraph b of the first paragraph of section 653 in any other case, and there is at least one individual who is an exempt beneficiary under the trust on the disposition day,

(a)  for the purposes of sections 653 to 656.3.1, paragraph a of section 657 and section 1031.1, the day determined under subparagraph a.1 or b of the first paragraph of section 653 in respect of the trust is deemed to be the earlier of 1 January 1999 and the first day of the trust’s first taxation year that begins after the first day after the disposition day throughout which there is no individual who is an exempt beneficiary under the trust;

(b)  section 688 does not apply to a distribution made by the trust during the period beginning immediately after the disposition day, and ending at the end of the first day after the disposition day that is determined in respect of the trust under section 653, to any beneficiary, other than an individual who is an exempt beneficiary under the trust immediately before the time of the distribution;

(b.1)  paragraph b does not apply to a distribution made by the trust after 28 February 1995 where the trust filed the form before 1 March 1995;

(c)  section 692.8 does not apply to a disposition by the trust during the period described in paragraph b;

(d)  (paragraph repealed).

1994, c. 22, s. 228; 1997, c. 31, s. 62; 2001, c. 7, s. 69; 2003, c. 2, s. 159; 2004, c. 21, s. 89; 2009, c. 5, s. 201.

2006-03-01

656.4. Where a trust so elects in prescribed form filed with the Minister within six months after the end of a taxation year of the trust that includes a day before 1 January 1999, in this section referred to as the “disposition day”, that would, but for this section, be determined in respect of the trust under subparagraph a.1 of the first paragraph of section 653 in the case of a trust described in that subparagraph, or under subparagraph b of the first paragraph of section 653 in any other case, and there is at least one individual who is an exempt beneficiary under the trust on the disposition day,

(a)  for the purposes of sections 653 to 656.3.1, paragraph a of section 657 and section 1031.1, the day determined under subparagraph a.1 or b of the first paragraph of section 653 in respect of the trust is deemed to be the earlier of 1 January 1999 and the first day of the trust’s first taxation year that begins after the first day after the disposition day throughout which there is no individual who is an exempt beneficiary under the trust;

(b)  section 688 does not apply to a distribution made by the trust during the period beginning immediately after the disposition day, and ending at the end of the first day after the disposition day that is determined in respect of the trust under section 653, to any beneficiary, other than an individual who is an exempt beneficiary under the trust immediately before the time of the distribution;

(b.1)  paragraph b does not apply to distributions made by the trust after 28 February 1995 where the trust filed the form before 1 March 1995;

(c)  section 692.8 does not apply to a disposition by the trust during the period described in paragraph b;

(d)  (paragraph repealed).

1994, c. 22, s. 228; 1997, c. 31, s. 62; 2001, c. 7, s. 69; 2003, c. 2, s. 159; 2004, c. 21, s. 89.