I-3 - Taxation Act

Section 657.1 Disposition versions

2017-02-08

657.1. Notwithstanding paragraph a of section 657,

(a)  where that section applies to an employee trust, the amount that may be deducted by the trust under that paragraph a is equal to the amount by which the amount that would, but for this section and that paragraph a, be its income for the year exceeds the amount by which the aggregate of its income for the year from a business exceeds the aggregate of its losses for the year from a business;

(b)  where that section applies to a trust governed by an employee benefit plan or a trust the taxable income of which for the year is subject to tax under this Part because of section 921.1 or 961.16.1, the amount that may be deducted by such a trust under that paragraph a is equal to the part of the amount that, but for this section and that paragraph a, would be the income of the trust for the year, to the extent that that part is paid in the year to a beneficiary;

(c)  where that section applies to a trust deemed by section 851.25 to exist in respect of a congregation that is a part of a religious organization, the amount that may be deducted by such a trust under that paragraph a is equal to such part of its income as became payable in the year to a beneficiary; and

(d)  where that section applies to an employee life and health trust, the amount that may be deducted by such a trust under that paragraph a is equal to the amount that became payable by the trust in the year as a designated employee benefit (as defined in section 869.1).

1982, c. 5, s. 137; 1984, c. 15, s. 141; 2000, c. 5, s. 142; 2003, c. 2, s. 162; 2011, c. 6, s. 140; 2017, c. 1, s. 153.

2011-06-06

657.1. Notwithstanding paragraph a of section 657,

(a)  where that section applies to an employee trust, the amount that may be deducted by the trust under that paragraph a is equal to the amount by which the amount that would, but for this section and that paragraph a, be its income for the year exceeds the amount by which the aggregate of its income for the year from a business exceeds the aggregate of its losses for the year from a business;

(b)  where that section applies to a trust governed by an employee benefit plan or a trust the taxable income of which for the year is subject to tax under this Part because of section 921.1 or 961.16.1, the amount that may be deducted by such a trust under that paragraph a is equal to the part of the amount that, but for this section and that paragraph a, would be the income of the trust for the year, to the extent that that part is paid in the year to a beneficiary;

(c)  where that section applies to an inter vivos trust deemed by section 851.25 to exist in respect of a congregation that is a part of a religious organization, the amount that may be deducted by such a trust under that paragraph a is equal to such part of its income as became payable in the year to a beneficiary; and

(d)  where that section applies to an employee life and health trust, the amount that may be deducted by such a trust under that paragraph a is equal to the amount that became payable by the trust in the year as a designated employee benefit (as defined in section 869.1).

1982, c. 5, s. 137; 1984, c. 15, s. 141; 2000, c. 5, s. 142; 2003, c. 2, s. 162; 2011, c. 6, s. 140.

2006-03-01

657.1. Notwithstanding paragraph a of section 657,

(a)  where that section applies to an employee trust, the amount that may be deducted by the trust under that paragraph a is equal to the amount by which the amount that would, but for this section and that paragraph a, be its income for the year exceeds the amount by which the aggregate of its income for the year from a business exceeds the aggregate of its losses for the year from a business;

(b)  where that section applies to a trust governed by an employee benefit plan or a trust the taxable income of which for the year is subject to tax under this Part because of section 921.1 or 961.16.1, the amount that may be deducted by such a trust under that paragraph a is equal to the part of the amount that, but for this section and that paragraph a, would be the income of the trust for the year, to the extent that that part is paid in the year to a beneficiary; and

(c)  where that section applies to an inter vivos trust deemed by section 851.25 to exist in respect of a congregation that is a part of a religious organization, the amount that may be deducted by such a trust under that paragraph a is equal to such part of its income as became payable in the year to a beneficiary.

1982, c. 5, s. 137; 1984, c. 15, s. 141; 2000, c. 5, s. 142; 2003, c. 2, s. 162.