I-3 - Taxation Act

Section 935.35 Disposition versions

2023-09-26

935.35. Where tax is payable under this Part for a taxation year because of section 935.32 by a trust that is governed by a first home savings account that carries on a business at any time in the taxation year, the following rules apply:

(a)  the holder of the first home savings account is solidarily liable with the trust to pay each amount payable under this Act by the trust that is attributable to that business; and

(b)  the issuer’s liability at any time for amounts payable under this Act in respect of that business may not exceed the aggregate of

i.  the amount of property of the trust that the issuer is in possession or control of at that time in its capacity as legal representative of the trust, and

ii.  the total amount of all distributions of property from the trust on or after the date that the notice of assessment was sent in respect of the taxation year and before that time.

2023, c. 19, s. 98.