I-3 - Taxation Act

Section 772.15 Disposition versions

2011-06-06

772.15. Subject to the second paragraph, a taxpayer who is a designated beneficiary under a designated trust for a taxation year of the designated trust may deduct from the taxpayer’s tax otherwise payable under this Part for a particular taxation year, the income tax paid by the designated trust for the year to the government of a province, other than Québec, that relates to an amount that the designated trust has designated in respect of the taxpayer or a partnership of which the taxpayer is a member in its fiscal return filed for the year under Part I of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), in accordance with subsection 13.1 or 13.2 of section 104 of that Act, and that the taxpayer has included in computing the taxpayer’s income for the particular year under section 662 or 663.

If the taxpayer described in the first paragraph is a corporation that has, in the particular taxation year, an establishment in Québec and an establishment outside Québec, the amount that the taxpayer may deduct from the taxpayer’s tax otherwise payable under this Part for the particular year, in accordance with the first paragraph, may not exceed the proportion of that amount otherwise determined that the corporation’s business carried on in Québec is of the aggregate of the corporation’s business carried on in Canada or in Québec and elsewhere in the particular year, as determined under subsection 2 of section 771.

The income tax paid by the designated trust for the year to the government of a province, other than Québec, that relates to a designated amount referred to in the first paragraph shall not exceed the tax that would have been otherwise payable by the designated trust in respect of that amount under this Part, if the designated trust had been resident in Québec on the last day of the year.

2004, c. 21, s. 211; 2011, c. 6, s. 163.

2006-03-01

772.15. A taxpayer who is a designated beneficiary under a designated trust for a taxation year of the designated trust may deduct from the taxpayer’s tax otherwise payable under this Part for a particular taxation year, the income tax paid by the designated trust for the year to the government of a province, other than Québec, that relates to an amount that the designated trust has designated in respect of the taxpayer or a partnership of which the taxpayer is a member in its fiscal return filed for the year under Part I of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), in accordance with subsection 13.1 or 13.2 of section 104 of that Act, and that the taxpayer has included in computing the taxpayer’s income for the particular year under section 662 or 663.

The income tax paid by the designated trust for the year to the government of a province, other than Québec, that relates to a designated amount referred to in the first paragraph shall not exceed the tax that would have been otherwise payable by the designated trust in respect of that amount under this Part, if the designated trust had been resident in Québec on the last day of the year.

2004, c. 21, s. 211.