VIII, s. 302000, c. 12, s. 142, c. 19, s. 112007, c. 35, s. 1062008, c. 28, s. 62011, c. 24, s. 172022, c. 19, s. 9
75(2)If a trust, that is resident in Canada and that was created in any manner whatever since 1934, holds property on condition(a)that it or property substituted therefor may(i)revert to the person from whom the property or property for which it was substituted was directly or indirectly received (in this subsection referred to as “the person”), or(ii)pass to persons to be determined by the person at a time subsequent to the creation of the trust, or(b)that, during the existence of the person, the property shall not be disposed of except with the person’s consent or in accordance with the person’s direction,any income or loss from the property or from property substituted for the property, and any taxable capital gain or allowable capital loss from the disposition of the property or of property substituted for the property, shall, during the existence of the person while the person is resident in Canada, be deemed to be income or a loss, as the case may be, or a taxable capital gain or allowable capital loss, as the case may be, of the person.Marginal note:Exceptions(3)Subsection 75(2) does not apply to property held in a taxation year(a)by a trust governed by a deferred profit sharing plan, an employee benefit plan, an employees profit sharing plan, a FHSA, a pooled registered pension plan, a registered disability savings plan, a registered education savings plan, a registered pension plan, a registered retirement income fund, a registered retirement savings plan, a registered supplementary unemployment benefit plan, a retirement compensation arrangement or a TFSA;(b)by an employee life and health trust, an employee trust, a private foundation that is a registered charity, a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)), a trust described by paragraph (a.1) of the definitiontrustin subsection 108(1), or a trust described by paragraph 149(1)(y);(c)by a qualifying environmental trust; or(c.1) to (c.3)[Repealed, 2013, c. 40, s. 35](d)by a trust if(i)the trust acquired the property, or other property for which the property is a substitute, from a particular individual,(ii)the particular individual acquired the property or the other property, as the case may be, in respect of another individual as a consequence of the operation of subsection 122.61(1) or under section 4 of theUniversal Child Care Benefit Act, and(iii)the trust has nobeneficiaries(as defined in subsection 108(1)) who may for any reason receive directly from the trust any of the income or capital of the trust other than individuals in respect of whom the particular individual acquired property as a consequence of the operation of a provision described in subparagraph (ii).
(a)that it or property substituted therefor may(i)revert to the person from whom the property or property for which it was substituted was directly or indirectly received (in this subsection referred to as “the person”), or(ii)pass to persons to be determined by the person at a time subsequent to the creation of the trust, or(b)that, during the existence of the person, the property shall not be disposed of except with the person’s consent or in accordance with the person’s direction,
(i)revert to the person from whom the property or property for which it was substituted was directly or indirectly received (in this subsection referred to as “the person”), or(ii)pass to persons to be determined by the person at a time subsequent to the creation of the trust, or
(a)by a trust governed by a deferred profit sharing plan, an employee benefit plan, an employees profit sharing plan, a FHSA, a pooled registered pension plan, a registered disability savings plan, a registered education savings plan, a registered pension plan, a registered retirement income fund, a registered retirement savings plan, a registered supplementary unemployment benefit plan, a retirement compensation arrangement or a TFSA;(b)by an employee life and health trust, an employee trust, a private foundation that is a registered charity, a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)), a trust described by paragraph (a.1) of the definitiontrustin subsection 108(1), or a trust described by paragraph 149(1)(y);(c)by a qualifying environmental trust; or(c.1) to (c.3)[Repealed, 2013, c. 40, s. 35](d)by a trust if(i)the trust acquired the property, or other property for which the property is a substitute, from a particular individual,(ii)the particular individual acquired the property or the other property, as the case may be, in respect of another individual as a consequence of the operation of subsection 122.61(1) or under section 4 of theUniversal Child Care Benefit Act, and(iii)the trust has nobeneficiaries(as defined in subsection 108(1)) who may for any reason receive directly from the trust any of the income or capital of the trust other than individuals in respect of whom the particular individual acquired property as a consequence of the operation of a provision described in subparagraph (ii).
(i)the trust acquired the property, or other property for which the property is a substitute, from a particular individual,(ii)the particular individual acquired the property or the other property, as the case may be, in respect of another individual as a consequence of the operation of subsection 122.61(1) or under section 4 of theUniversal Child Care Benefit Act, and(iii)the trust has nobeneficiaries(as defined in subsection 108(1)) who may for any reason receive directly from the trust any of the income or capital of the trust other than individuals in respect of whom the particular individual acquired property as a consequence of the operation of a provision described in subparagraph (ii).
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 751995, c. 3, s. 211998, c. 19, s. 132001, c. 17, s. 552007, c. 35, s. 1072008, c. 28, s. 72010, c. 25, s. 142012, c. 31, s. 152013, c. 34, ss. 5, 212, c. 40, s. 352017, c. 33, s. 212022, c. 19, s. 10
75.1(1)Where(a)subsection 73(3) or (4) applied to the transfer of property (in this subsection referred to as “transferred property”) by a taxpayer to a child of the taxpayer,(b)the transfer was made at less than the fair market value of the transferred property immediately before the time of the transfer, and(c)in a taxation year, the transferee disposed of the transferred property and did not, before the end of that year, attain the age of 18 years,the following rules apply:(d)the amount, if any, by which(i)the total of the transferee’s taxable capital gains for the year from dispositions of transferred propertyexceeds(ii)the total of the transferee’s allowable capital losses for the year from dispositions of transferred property,shall during the lifetime of the transferor while the transferor is resident in Canada, be deemed to be a taxable capital gain of the transferor for the year from the disposition of property,(e)the amount, if any, by which the total determined under subparagraph 75.1(1)(d)(ii) exceeds the total determined under subparagraph 75.1(1)(d)(i) shall, during the lifetime of the transferor while the transferor is resident in Canada, be deemed to be an allowable capital loss of the transferor for the year from the disposition of property, and(f)any taxable capital gain or allowable capital loss taken into account in computing an amount described in paragraph 75.1(1)(d) or the amount described in paragraph 75.1(1)(e) shall, except for the purposes of those paragraphs, to the extent that the amount so described is deemed by virtue of this subsection to be a taxable capital gain or an allowable capital loss of the transferor, be deemed not to be a taxable capital gain or an allowable capital loss, as the case may be, of the transferee.Definition ofchild(2)For the purposes of this section,childof a taxpayer includes a child of the taxpayer’s child and a child of the taxpayer’s child’s child.
(a)subsection 73(3) or (4) applied to the transfer of property (in this subsection referred to as “transferred property”) by a taxpayer to a child of the taxpayer,(b)the transfer was made at less than the fair market value of the transferred property immediately before the time of the transfer, and(c)in a taxation year, the transferee disposed of the transferred property and did not, before the end of that year, attain the age of 18 years,
(d)the amount, if any, by which(i)the total of the transferee’s taxable capital gains for the year from dispositions of transferred propertyexceeds(ii)the total of the transferee’s allowable capital losses for the year from dispositions of transferred property,shall during the lifetime of the transferor while the transferor is resident in Canada, be deemed to be a taxable capital gain of the transferor for the year from the disposition of property,(e)the amount, if any, by which the total determined under subparagraph 75.1(1)(d)(ii) exceeds the total determined under subparagraph 75.1(1)(d)(i) shall, during the lifetime of the transferor while the transferor is resident in Canada, be deemed to be an allowable capital loss of the transferor for the year from the disposition of property, and(f)any taxable capital gain or allowable capital loss taken into account in computing an amount described in paragraph 75.1(1)(d) or the amount described in paragraph 75.1(1)(e) shall, except for the purposes of those paragraphs, to the extent that the amount so described is deemed by virtue of this subsection to be a taxable capital gain or an allowable capital loss of the transferor, be deemed not to be a taxable capital gain or an allowable capital loss, as the case may be, of the transferee.
(i)the total of the transferee’s taxable capital gains for the year from dispositions of transferred property
(ii)the total of the transferee’s allowable capital losses for the year from dispositions of transferred property,
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 75.11994, c. 7, Sch