VIII, s. 43](f)[Repealed, 2016, c. 12, s. 36]
(i)the adjusted cost base to the taxpayer of the capital interest or part of it, as the case may be, immediately before that time (determined without reference to paragraph (1)(a))
(ii)the cost amount to the taxpayer of the capital interest or part of it, as the case may be, immediately before that time;
(i)where the property is capital property (other than depreciable property), 100%, and(ii)[Repealed, 2016, c. 12, s. 36](iii)in any other case, 50%;
(i)the cost at which the taxpayer would be deemed by paragraph (b) to have acquired the property if the specified percentage referred to in that paragraph were 100%
(ii)the total of all amounts each of which is an eligible offset at that time of the taxpayer in respect of the capital interest or the part of it;
(i)the capital cost to the taxpayer of the property shall be deemed to be the amount that was the capital cost of the property to the trust, and(ii)the excess shall be deemed to have been allowed to the taxpayer in respect of the property under regulations made under paragraph 20(1)(a) in computing income for taxation years before the acquisition by the taxpayer of the property.
(a)the trust is resident in Canada at the time of the distribution;(b)the property is taxable Canadian property; or(c)the property is capital property used in, or property described in the inventory of, a business carried on by the trust through apermanent establishment(as defined by regulation) in Canada immediately before the time of the distribution.
(a)subsection (2) does not apply to the distribution; and(b)for the purpose of subparagraph (1)(a)(ii), the cost amount of the interest to the beneficiary is deemed to be nil.
(a)the trust shall be deemed to have disposed of the property immediately before the particular time that is immediately before that time for proceeds of disposition equal to the fair market value of the property at that time; and(b)the trust shall be deemed to have reacquired the property at the particular time at a cost equal to that fair market value.
(a)the trust is deemed to have disposed of the property for proceeds equal to its fair market value at that time;(b)the beneficiary is deemed to have acquired the property at a cost equal to the proceeds determined under paragraph (a);(c)unless the trust is a mutual fund trust, the beneficiary’s proceeds of disposition of the portion of the former interest disposed of by the beneficiary on the distribution are deemed to be equal to the amount, if any, by which(i)the proceeds determined under paragraph (a) (other than the portion, if any, of the proceeds that is a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies)exceed the total of(ii)where the property is not a Canadian resource property or foreign resource property, the amount, if any, by which(A)the fair market value of the property at that timeexceeds the total of(B)the cost amount to the trust of the property immediately before that time, and(C)the portion, if any, of the excess that would be determined under this subparagraph if this subparagraph were read without reference to this clause that represents a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and(iii)all amounts each of which is an eligible offset at that time of the taxpayer in respect of the former interest;(d)notwithstanding paragraphs (a) to (c), where the trust is non-resident at that time, the property is not described in paragraph (2.001)(b) or (c) and, if this Act were read without reference to this paragraph, there would be no income, loss, taxable capital gain or allowable capital loss of a taxpayer in respect of the property because of the application of subsection 75(2) to the disposition at that time of the property,(i)the trust is deemed to have disposed of the property for proceeds equal to the cost amount of the property,(ii)the beneficiary is deemed to have acquired the property at a cost equal to the fair market value of the property, and(iii)the beneficiary’s proceeds of disposition of the portion of the former interest disposed of by the beneficiary on the distribution are deemed to be equal to the amount, if any, by which(A)the fair market value of the propertyexceeds the total of(B)the portion, if any, of the amount of the distribution that is a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and(C)all amounts each of which is an eligible offset at that time of the taxpayer in respect of the former interest; and(e)where the trust is a mutual fund trust, the distribution occurs in a taxation year of the trust before its 2003 taxation year, the trust has elected under subsection (2.11) in respect of the year and the trust so elects in respect of the distribution in prescribed form filed with the trust’s return of income for the year,(i)this subsection shall be read without reference to paragraph (c), and(ii)the beneficiary’s proceeds of disposition of the portion of the former interest disposed of by the beneficiary on the distribution are deemed to be equal to the amount determined under paragraph (a).
(i)the proceeds determined under paragraph (a) (other than the portion, if any, of the proceeds that is a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies)
(ii)where the property is not a Canadian resource property or foreign resource property, the amount, if any, by which(A)the fair market value of the property at that timeexceeds the total of(B)the cost amount to the trust of the property immediately before that time, and(C)the portion, if any, of the excess that would be determined under this subparagraph if this subparagraph were read without reference to this clause that represents a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and(iii)all amounts each of which is an eligible offset at that time of the taxpayer in respect of the former interest;
(A)the fair market value of the property at that time
(B)the cost amount to the trust of the property immediately before that time, and(C)the portion, if any, of the excess that would be determined under this subparagraph if this subparagraph were read without reference to this clause that represents a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and
(i)the trust is deemed to have disposed of the property for proceeds equal to the cost amount of the property,(ii)the beneficiary is deemed to have acquired the property at a cost equal to the fair market value of the property, and(iii)the beneficiary’s proceeds of disposition of the portion of the former interest disposed of by the beneficiary on the distribution are deemed to be equal to the amount, if any, by which(A)the fair market value of the propertyexceeds the total of(B)the portion, if any, of the amount of the distribution that is a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and(C)all amounts each of which is an eligible offset at that time of the taxpayer in respect of the former interest; and
(A)the fair market value of the property
(B)the portion, if any, of the amount of the distribution that is a payment to which paragraph (h) or (i) of the definitiondispositionin subsection 248(1) applies, and(C)all amounts each of which is an eligible offset at that time of the taxpayer in respect of the former interest; and
(i)this subsection shall be read without reference to paragraph (c), and(ii)the beneficiary’s proceeds of disposition of the portion of the former interest disposed of by the beneficiary on the distribution are deemed to be equal to the amount determined under paragraph (a).
(a)if the election is to have this paragraph apply, to all of those distributions (other than distributions of cash denominated in Canadian dollars) to non-resident persons (including a partnership other than a Canadian partnership); and(b)if the election is to have this paragraph apply, to all of those distributions (other than distributions of cash denominated in Canadian dollars).
(a)the election is made after December 20, 2000 and applies to any taxation year that ends before 2003; and(b)the proceeds of disposition of a beneficiary’s interest in the trust have been determined under paragraph (2.1)(e).
(a)the amount, if any, by which the beneficiary’s exempt capital gains balance (as defined in subsection 39.1(1)) in respect of the trust for the beneficiary’s taxation year that includes that time exceeds the total of all amounts each of which is(i)an amount by which a capital gain is reduced under section 39.1 in the year because of the beneficiary’s exempt capital gains balance in respect of the trust,(ii)twice an amount by which a taxable capital gain is reduced under section 39.1 in the year because of the beneficiary’s exempt capital gains balance in respect of the trust, or(iii)an amount included in the cost to the beneficiary of another property received by the beneficiary at or before that time in the year because of this subsection,(b)the amount by which the fair market value of the particular property at that time exceeds the adjusted cost base to the trust of the particular property immediately before that time, and(c)the amount designated in respect of the particular property in the election.
(i)an amount by which a capital gain is reduced under section 39.1 in the year because of the beneficiary’s exempt capital gains balance in respect of the trust,(ii)twice an amount by which a taxable capital gain is reduced under section 39.1 in the year because of the beneficiary’s exempt capital gains balance in respect of the trust, or(iii)an amount included in the cost to the beneficiary of another property received by the beneficiary at or before that time in the year because of this subsection,
(a)the distribution is a SIFT trust wind-up event to which section 88.1 does not apply;(b)the property is a share and the only shares distributed on any SIFT trust wind-up event of the trust are of a single class of the capital stock of a taxable Canadian corporation; and(c)where the trust is a SIFT wind-up entity, the distribution occurs no more than 60 days after the earlier of(i)the first SIFT trust wind-up event of the trust, and(ii)the first distribution to the trust that is a SIFT trust wind-up event of another trust.
(i)the first SIFT trust wind-up event of the trust, and(ii)the first distribution to the trust that is a SIFT trust wind-up event of another trust.
(a)the trust is deemed to have disposed of the property for proceeds of disposition equal to the adjusted cost base to the trust of the property immediately before the distribution;(b)the taxpayer is deemed to have disposed of the taxpayer’s interest as a beneficiary under the trust for proceeds of disposition equal to the cost amount to the taxpayer of the interest immediately before the distribution;(c)the taxpayer is deemed to have acquired the property at a cost equal to(i)if, at all times at which the trust makes a distribution that is a SIFT trust wind-up event, the taxpayer is the only beneficiary under the trust and is a SIFT wind-up entity or a taxable Canadian corporation, the adjusted cost base to the trust of the property immediately before the distribution, and(ii)in any other case, the cost amount to the taxpayer of the taxpayer’s interest as a beneficiary under the trust immediately before the distribution;(d)if the taxpayer’s interest as a beneficiary under the trust was immediately before the disposition taxable Canadian property of the taxpayer, the property is deemed to be, at any time that is within 60 months after the distribution, taxable Canadian property of the taxpayer; and(e)if a liability of the trust becomes as a consequence of the distribution a liability of the corporation described in paragraph (3)(b) in respect of the distribution, and the amount payable by the corporation on the maturity of the liability is the same as the amount that would have been payable by the trust on its maturity,(i)the transfer of the liability by the trust to the corporation is deemed not to have occurred, and(ii)the liability is deemed(A)to have been incurred or issued by the corporation at the time at which, and under the agreement under which, it was incurred or issued by the trust, and(B)not to have been incurred or issued by the trust.
(i)if, at all times at which the trust makes a distribution that is a SIFT trust wind-up event, the taxpayer is the only beneficiary under the trust and is a SIFT wind-up entity or a taxable Canadian corporation, the adjusted cost base to the trust of the property immediately before the distribution, and(ii)in any other case, the cost amount to the taxpayer of the taxpayer’s interest as a beneficiary under the trust immediately before the distribution;
(i)the transfer of the liability by the trust to the corporation is deemed not to have occurred, and(ii)the liability is deemed(A)to have been incurred or issued by the corporation at the time at which, and under the agreement under which, it was incurred or issued by the trust, and(B)not to have been incurred or issued by the trust.
(A)to have been incurred or issued by the corporation at the time at which, and under the agreement under which, it was incurred or issued by the trust, and(B)not to have been incurred or issued by the trust.
(a)the beneficiary is not(i)in the case of a post-1971 spousal or common-law partner trust, the spouse or common-law partner referred to in paragraph 104(4)(a),(ii)in the case of an alter ego trust, the taxpayer referred to in paragraph 104(4)(a), and(iii)in the case of a joint spousal or common-law partner trust, the taxpayer, spouse or common-law partner referred to in paragraph 104(4)(a); and(b)the distribution of the property occurs on or before the earlier of(i)a reacquisition, in respect of any property of the trust, that occurs immediately after the day described by paragraph 104(4)(a), and(ii)the cessation of the trust’s existence.
(i)in the case of a post-1971 spousal or common-law partner trust, the spouse or common-law partner referred to in paragraph 104(4)(a),(ii)in the case of an alter ego trust, the taxpayer referred to in paragraph 104(4)(a), and(iii)in the case of a joint spousal or common-law partner trust, the taxpayer, spouse or common-law partner referred to in paragraph 104(4)(a); and
(i)a reacquisition, in respect of any property of the trust, that occurs immediately after the day described by paragraph 104(4)(a), and(ii)the cessation of the trust’s existence.
(a)the distribution was in satisfaction of all or any part of the taxpayer’s capital interest in the particular trust;(b)subsection 75(2) was applicable (determined without its reference to “while the person is resident in Canada” and as if subsection 75(3) as it read before March 21, 2013 were read without reference to its paragraph (c.2)), or subsection 94(8.2) was applicable (determined without reference to paragraph 94(8.1)(a)), at a particular time in respect of any property of(i)the particular trust, or(ii)a trust the property of which included a property that, through one or more dispositions to which subsection 107.4(3) applied, became a property of the particular trust, and the property was not, at any time after the particular time and before the distribution, the subject of a disposition for proceeds of disposition equal to the fair market value of the property at the time of the disposition;(c)the taxpayer was neither(i)the person (other than a trust described in subparagraph (b)(ii)) from whom the particular trust directly or indirectly received the property, or property for which the property was substituted, nor(ii)an individual in respect of whom subsection 73(1) would be applicable on the transfer of capital property from the person described in subparagraph (i); and(d)the person described in subparagraph (c)(i) was in existence at the time the property was distributed.
(i)the particular trust, or(ii)a trust the property of which included a property that, through one or more dispositions to which subsection 107.4(3) applied, became a property of the particular trust, and the property was not, at any time after the particular time and before the distribution, the subject of a disposition for proceeds of disposition equal to the fair market value of the property at the time of the disposition;
(i)the person (other than a trust described in subparagraph (b)(ii)) from whom the particular trust directly or indirectly received the property, or property for which the property was substituted, nor(ii)an individual in respect of whom subsection 73(1) would be applicable on the transfer of capital property from the person described in subparagraph (i); and
(a)at a particular time before December 21, 2002 there was a qualifying disposition (within the meaning assigned by subsection 107.4(1)) of the property, or of other property for which the property is substituted, by a particular partnership or a particular corporation, as the case may be, to a trust; and(b)the beneficiary is neither the particular partnership nor the particular corporation.
(a)the trust’s tax payable under this Part for the year, determined before taking into consideration the specified future tax consequences for the year, and(b)the amount that would be determined under paragraph (a) if subsection (5) did not apply to each distribution in the year of taxable Canadian property to which the rules in subsection (2) do not apply solely because of the application of subsection (5).
(a)the property or property for which it was substituted was held by a trust; and(b)either(i)the trust was non-resident and the property (or property for which it was substituted) was not taxable Canadian property of the trust, or(ii)neither the vendor — nor a person that would, if section 251.1 were read without reference to the definitioncontrolledin subsection 251.1(3), be affiliated with the vendor — had a capital interest in the trust.
(i)the trust was non-resident and the property (or property for which it was substituted) was not taxable Canadian property of the trust, or(ii)neither the vendor — nor a person that would, if section 251.1 were read without reference to the definitioncontrolledin subsection 251.1(3), be affiliated with the vendor — had a capital interest in the trust.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 1071994, c. 7, Sch