I-3 - Taxation Act

Section 7.10 Disposition versions

2011-02-17

7.10. For the purposes of this Part and the regulations, an arrangement (other than a partnership, a qualifying arrangement or an arrangement that is a trust determined without reference to this section) is deemed to be a trust and property subject to rights and obligations under the arrangement is, if the arrangement is deemed by this section to be a trust, deemed to be held in trust and not otherwise, if the arrangement

(a)  is established before 31 October 2003 under a written contract that is governed by the laws of Québec and provides that, for the purposes of this Part and the regulations, the arrangement must be considered to be a trust; and

(b)  creates rights and obligations that are substantially similar to the rights and obligations under a trust (determined without reference to this section and sections 7.9, 7.10.1 and 7.11).

1993, c. 16, s. 6; 2004, c. 8, s. 8; 2011, c. 1, s. 14.

2006-03-01

7.10. For the purposes of this Part and the regulations, an arrangement other than a trust is deemed to be a trust and property subject to rights and obligations under the arrangement is deemed to be held in trust and not otherwise, if the arrangement meets the following conditions:

(a)  it is established by or pursuant to a written contract that is governed by the laws of Québec and in which it is provided that, for the purposes of this Part, the arrangement is considered to be a trust;

(b)  it creates rights and obligations that are substantially similar to the rights and obligations under a trust, determined without reference to sections 7.9 to 7.11.

1993, c. 16, s. 6; 2004, c. 8, s. 8.