I-3 - Taxation Act

Section 776.59 Disposition versions

2006-03-01

776.59. For the purposes of section 776.51, the aggregate of all amounts deductible in computing the income of a trust for the year under sections 656.2, 657 and 657.4 shall be established as if it were equal to the total of the aggregate of all amounts otherwise deductible under those sections and the aggregate of all amounts each of which is 1/2 of

(a)  an amount designated by the trust for the year under section 668; or

(b)  that portion of a net taxable capital gain of the trust that may reasonably be considered

i.  to be included in an amount included in computing the income for the year of a beneficiary of the trust under any of sections 661 to 663 if the beneficiary is not resident in Canada, or

ii.  to have been paid in the year by a trust governed by an employee benefit plan to a beneficiary under that plan.

1988, c. 4, s. 79; 1989, c. 5, s. 150; 1990, c. 59, s. 300; 2003, c. 2, s. 245; 2005, c. 23, s. 118.