I-3 - Taxation Act

Section 965.31.4 Disposition versions

2006-03-01

965.31.4. For the purposes of this Title, where, at any time, a trust governed by a registered retirement savings plan or a registered retirement income fund, of the type commonly called self-directed, holds as actual owner a common share with full voting rights of the capital stock of a Québec business investment company, the following rules apply:

(a)  the annuitant, within the meaning of paragraph b of section 905.1 or paragraph d of section 961.1.5, as the case may be, under the plan or fund at that time is deemed to be the shareholder holding the share at that time as the actual owner thereof and the trust is deemed not to be that shareholder;

(b)  the cost of the share referred to in section 965.31.2 to the annuitant referred to in paragraph a is deemed to be the same as the cost thereof to the trust;

(c)  loans and advances due to the trust at that time by the Québec business investment company are deemed to be due at that time by the latter to the annuitant referred to in paragraph a and not to the trust;

(d)  investments referred to in section 965.34 of the trust in the Québec business investment company are deemed to be investments of the annuitant referred to in paragraph a and not those of the trust.

1991, c. 8, s. 65.