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I-3 - Taxation Act
Section 851.2
Disposition versions
851.2. A trust is deemed to be created in respect of an insurer’s segregated fund on the day that the segregated fund is created or, if it is later, the day on which the insurer’s taxation year 1978 commences, and to continue in existence throughout the period during which the fund determines any portion of the benefits payable under its segregated fund policies.
Property of the fund and any income accruing on that property are deemed to be the property and income of that trust and the insurer is deemed to be the trustee having control of the property of the trust.
851.2. An inter vivos trust is deemed to be created in respect of an insurer’s segregated fund at the time that is the later of the day that the segregated fund is created and the day on which the insurer’s taxation year 1978 commences, and to continue in existence throughout the period during which the fund determines any portion of the benefits payable under its segregated fund policies.
Property of the fund and any income accruing on that property are deemed to be the property and income of that trust and the insurer is deemed to be the trustee having control of the property of the trust.
