I-3 - Taxation Act

Section 668.0.2 Disposition versions

2006-03-01

668.0.2. A trust that has filed its fiscal return for its taxation year that includes 22 February 1994 may subsequently designate an amount under section 668 for that year, or amend or revoke a designation made under that section for that year where the designation, amendment or revocation

(a)  is made solely because of an increase or decrease in the net taxable capital gains of the trust for the year that results from an election or revocation to which section 726.9.8, 726.9.9 or 726.9.10 applies; and

(b)  is filed with the Minister, with an amended fiscal return for the year, when the election or revocation referred to in subparagraph a is filed with the Minister.

A designation, amendment or revocation made in accordance with the first paragraph for the taxation year referred to in that paragraph that affects an amount determined in respect of a beneficiary under section 668.1 may be made only where the trust

(a)  designates an amount, or amends or revokes a designation made, under section 668.1 for that year in respect of the beneficiary; and

(b)  files the designation, amendment or revocation referred to in subparagraph a with the Minister when required by subparagraph b of the first paragraph.

Where a trust designates an amount, or amends or revokes a designation, under section 668 or 668.1 in accordance with this section, the designation or amended designation, as the case may be, is deemed to have been made in the trust’s fiscal return for the trust’s taxation year that includes 22 February 1994, and the designation that was revoked is deemed, other than for the purposes of this section, never to have been made.

2000, c. 5, s. 146.