I-3 - Taxation Act

Section 890.10 Disposition versions

2006-03-01

890.10. For the purposes of paragraphs a and c of section 890.9, where, at any time in a year, a trust governed by a retirement compensation arrangement makes, in respect of property, any of the transactions described in the second paragraph, the amount, if any, by which the fair market value referred to in subparagraph a, b or c of the second paragraph differs from the consideration referred to therein or, if there is no consideration, the amount of the fair market value referred to therein is deemed to be an amount received at that time by the person out of or under the arrangement that can reasonably be considered to have been received in respect of an office or employment of a taxpayer.

The transactions referred to in the first paragraph are the following:

(a)  the trust disposes of property to a person for consideration less than the fair market value of the property at the time of the disposition, or for no consideration;

(b)  the trust acquires property from a person for consideration greater than the fair market value of the property at the time of the acquisition;

(c)  the trust permits a person to use or enjoy property of the trust for no consideration or for consideration less than the fair market value of such use or enjoyment.

1989, c. 77, s. 95.