I-3 - Taxation Act

Section 935.47 Disposition versions

2023-09-26

935.47. Where an arrangement ceases at a particular time to be a first home savings account, the following rules apply:

(a)  section 935.31 does not apply to exempt the trust governed by the arrangement from tax under this Part on the taxable income of the trust earned after the particular time;

(b)  if the taxpayer who was the holder under the arrangement immediately before it ceased to be a first home savings account is not deceased at the particular time, an amount equal to the fair market value of all property of the arrangement immediately before the particular time is to be included in computing the taxpayer’s income for the taxation year that includes the particular time; and

(c)  if the last holder is deceased at the particular time, each beneficiary of the first home savings account shall include in computing his or her income, for the taxation year that includes the particular time, the proportion of the fair market value of all property of the arrangement immediately before the particular time that the beneficiary is entitled to.

2023, c. 19, s. 98.