I-3 - Taxation Act

Section 985.1.0.1 Disposition versions

2011-12-09

985.1.0.1. (Repealed).

2005, c. 38, s. 216; 2006, c. 13, s. 82; 2011, c. 34, s. 46.

2006-06-13

985.1.0.1. Enduring property of a registered charity means

(a)  a gift received by the charity by way of legacy or inheritance, including a gift deemed by section 752.0.10.10.3 or 752.0.10.10.5;

(b)  if the charity is a charitable organization, a gift from another registered charity, other than a gift described in paragraph d or received from another charity in respect of which more than 50% of the members of the board of directors do not deal at arm’s length with each member of the board of directors of the charitable organization, that is subject to a trust clause or a direction to the effect that the property given, or property substituted for the gift,

i.  is to be held by the charitable organization for a period of not more than five years from the date that the gift was received by the charitable organization, and

ii.  is to be expended in its entirety over the period referred to in the trust clause or the direction

(1)  to acquire a corporeal capital property of the charitable organization to be used directly in charitable activities or administration,

(2)  in the course of a program of charitable activities of the charitable organization that could not reasonably be completed before the end of the first taxation year of the charitable organization ending after the taxation year in which the gift was received, or

(3)  for the uses described in subparagraphs 1 and 2;

(c)  a gift received by the charity, in this section referred to as the “original recipient charity”, other than a gift received from another charity, that is subject to a trust clause or a direction to the effect that the property given, or property substituted for the gift, is to be held by the original recipient charity or by another registered charity, in this section referred to as the “transferee”, for a period of not less than 10 years from the date that the gift was received by the original recipient charity, except that the trust clause or the direction may allow the original recipient charity or the transferee to expend the property before the end of that period to the extent of the amount that is for a taxation year, in respect of the original recipient charity or transferee, the amount determined under subparagraph d of the second paragraph of section 985.9; or

(d)  a gift received by the charity as a transferee from an original recipient charity or another transferee of the property that was, before that gift was so received, an enduring property of the original recipient charity or of the other transferee because of paragraph a or c or this paragraph, or property substituted for the gift, if, in the case of a property that was an enduring property of an original recipient charity because of paragraph c, the gift is subject to the same terms and conditions under the trust clause or the direction as applied to the gift to the original recipient charity.

2005, c. 38, s. 216; 2006, c. 13, s. 82.

2006-03-01

985.1.0.1. Enduring property of a registered charity means

(a)  a gift received by the charity by way of legacy or inheritance, including a gift deemed by section 752.0.10.10.3 or 752.0.10.10.5;

(b)  if the charity is a charitable organization, a gift from another registered charity, other than a gift described in paragraph d or received from another charity in respect of which more than 50% of the members of the board of directors do not deal at arm’s length with each member of the board of directors of the charitable organization, that is subject to a trust clause or a direction to the effect that the property given, or property substituted for the gift,

i.  is to be held by the charitable organization for a period of not more than five years from the date that the gift was received by the charitable organization, and

ii.  is to be expended in its entirety over the period referred to in the trust clause or the direction

(1)  to acquire a corporeal capital property of the charitable organization to be used directly in charitable activities or administration,

(2)  in the course of a program of charitable activities of the charitable organization that could not reasonably be completed before the end of the first taxation year of the charitable organization ending after the taxation year in which the gift was received, or

(3)  for the uses described in subparagraphs 1 and 2;

(c)  a gift received by the charity, in this section referred to as the "original recipient charity", other than a gift received from another charity, that is subject to a trust clause or a direction to the effect that the property given, or property substituted for the gift, is to be held by the original recipient charity or by another registered charity, in this section referred to as the "transferee", for a period of not less than 10 years from the date that the gift was received by the original recipient charity, except that the trust clause or the direction may allow the original recipient charity or the transferee to expend the property before the end of that period to the extent of the amount that is for a taxation year, in respect of the original recipient charity or transferee, the amount determined under subparagraph b.1 of the second paragraph of section 985.9; or

(d)  a gift received by the charity as a transferee from an original recipient charity or another transferee of the property that was, before that gift was so received, an enduring property of the original recipient charity or of the other transferee because of paragraph a or c or this paragraph, or property substituted for the gift, if, in the case of a property that was an enduring property of an original recipient charity because of paragraph c, the gift is subject to the same terms and conditions under the trust clause or the direction as applied to the gift to the original recipient charity.

2005, c. 38, s. 216.