I-3 - Taxation Act

Section 659.1 Disposition versions

2009-05-15

659.1. Where section 659 applies in respect of a taxation year, the trust and the preferred beneficiary having made, in respect of the year, a valid election under that section shall send to the Minister, on or before the trust’s filing-due date for the year, a copy of every document sent to the Minister of Revenue of Canada in connection with that election.

Where, as a consequence of the operation of subsection 3.2 of section 220 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), the time for making a valid election referred to in section 659 is extended or such an election that was made is amended or rescinded, the following rules apply:

(a)  the trust and the preferred beneficiary having made the election shall notify the Minister in writing and attach to the notice a copy of every document to that effect sent by the trust and the preferred beneficiary to the Minister of Revenue of Canada; and

(b)  the trust incurs, jointly with the preferred beneficiary, a penalty equal to $100 for each complete month in the period beginning on the trust’s filing-due date for the year and ending on the day on which the notice referred to in subparagraph a is sent to the Minister, up to $5,000.

Notwithstanding sections 1010 to 1011, such assessments of tax, interest and penalties under this Part shall be made as are necessary by the Minister for any taxation year to take into account the election or the amended or rescinded election referred to in the second paragraph.

1999, c. 83, s. 56; 2000, c. 5, s. 293; 2009, c. 5, s. 203.

2006-03-01

659.1. Where section 659 applies in respect of a taxation year, the trust and the preferred beneficiary having made, in respect of the year, a valid election under that section shall send to the Minister, on or before the trust’s filing-due date for the year, a copy of every document sent to the Minister of Revenue of Canada in connection with that election.

Where, as a consequence of the operation of subsection 3.2 of section 220 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), the time for making a valid election referred to in section 659 is extended or such an election that was made is amended or revoked, the following rules apply:

(a)  the trust and the preferred beneficiary having made the election shall notify the Minister in writing and attach to the notice a copy of every document to that effect sent by the trust and the preferred beneficiary to the Minister of Revenue of Canada; and

(b)  the trust incurs, jointly with the preferred beneficiary, a penalty equal to $100 for each complete month in the period beginning on the trust’s filing-due date for the year and ending on the day on which the notice referred to in subparagraph a is sent to the Minister, up to $5,000.

Notwithstanding sections 1010 to 1011, such assessments of tax, interest and penalties under this Part shall be made as are necessary by the Minister for any taxation year to take into account the election or the amended or revoked election referred to in the second paragraph.

1999, c. 83, s. 56; 2000, c. 5, s. 293.