I-3 - Taxation Act

Section 660.1 Disposition versions

2017-02-08

660.1. (Repealed).

1994, c. 22, s. 233; 2009, c. 5, s. 204; 2017, c. 1, s. 155.

2009-05-15

660.1. If, at the end of the day on which a taxpayer dies and as a consequence of the death, an amount would, but for this section, be deemed under section 656.3 to have been paid to a trust out of the trust’s NISA Fund No. 2, and the trust and the legal representative of the taxpayer make a valid election under subsection 14.1 of section 104 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 in relation to that fund, the portion of the amount, corresponding to the portion designated in the election, is deemed to have been paid to the taxpayer out of the taxpayer’s NISA Fund No. 2 immediately before the end of the day and, for the purposes of subparagraph b of the second paragraph of section 92.5.2 in respect of the trust, the amount is deemed to have been paid out of the trust’s NISA Fund No. 2 immediately before the end of the day.

Chapter V.2 of Title II of Book I applies in relation to an election made under subsection 14.1 of section 104 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1994, c. 22, s. 233; 2009, c. 5, s. 204.

2006-03-01

660.1. Where, at the end of the day on which a taxpayer dies and as a consequence of the death, an amount would, but for this section, be deemed by section 656.3 to have been paid to a trust out of the trust’s NISA Fund No. 2 and the trust and the legal representative of the taxpayer so elect in prescribed manner, such portion of the amount as is designated in the election is deemed to have been paid to the taxpayer out of a NISA Fund No. 2 of the taxpayer immediately before the end of the day and, for the purposes of subparagraph b of the second paragraph of section 92.5.2 in respect of the trust, the amount is deemed to have been paid out of the trust’s NISA Fund No. 2 immediately before the end of the day.

1994, c. 22, s. 233.