I-3 - Taxation Act

Section 961.13 Disposition versions

2006-03-01

961.13. Notwithstanding section 961.12, a trust governed by a registered retirement income fund shall pay tax under this Part on its taxable income for a taxation year

(a)  if it borrows money in the year or has borrowed money that it has not repaid before the commencement of the year, or

(b)  if it receives in the year a gift of property, other than property transferred in accordance with subparagraph i or ii of paragraph f of subsection 2 of section 146.3 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), or received such a gift of property in a preceding year and has not divested itself of that property or any property substituted therefor before the commencement of the year.

1979, c. 18, s. 68; 1991, c. 25, s. 146; 1995, c. 49, s. 215.