I-3 - Taxation Act

Section 796.6 Disposition versions

2021-06-02

796.6. Where a participating farmer has not received, immediately before the participating farmer’s death, an eligible unit in an eligible trust for which the participating farmer was eligible—pursuant to the plan under which the eligible trust directs its trustees to grant units to persons who have delivered grain after 31 July 2013 under a contract with the Canadian Wheat Board—and the eligible trust issues the unit to the succession that arose on and as a consequence of the death, the following rules apply:

(a)  the participating farmer is deemed to have acquired the unit at the time that is immediately before the time that is immediately before the death, as a participating farmer from the eligible trust, and to own the unit at the time that is immediately before the death;

(b)  for the purposes of paragraph f of the definition of “eligible trust” in section 796.1, the succession is deemed not to have acquired the unit from the trust; and

(c)  for the purposes of subparagraph c of the first paragraph of section 796.8 and the second paragraph of that section, the succession is deemed to have acquired the eligible unit on and as a consequence of the death.

2021, c. 14, s. 101.