I-3 - Taxation Act

Section 656.5 Disposition versions

2015-10-21

656.5. (Repealed).

1994, c. 22, s. 228; 2015, c. 21, s. 215.

2006-03-01

656.5. For the purposes of section 656.4, an individual is an exempt beneficiary under a trust at a particular time if the individual is alive and a beneficiary under the trust at the particular time, where

(a)  in the case of a trust that was created after 11 February 1991, the individual, or an individual who, irrespective of section 1, is the brother or sister of the individual, was alive at the earlier of

i.  the time the trust was created, and

ii.  the earliest of all times each of which is the time that another trust was created that, before the particular time and the end of the day that would, but for section 656.4, be determined in respect of the trust under subparagraph a.1 or b of the first paragraph of section 653, transferred property to the trust either directly, or indirectly through one or more trusts, in circumstances in which section 656.9 applies; and

(b)  the individual or the individual’s spouse or former spouse was

i.  the designated contributor in respect of the trust, or

ii.  the grandfather, grandmother, father, mother, brother, sister, child, niece or nephew of the designated contributor in respect of the trust, or of the spouse or former spouse of the designated contributor in respect of the trust.

1994, c. 22, s. 228.