I-3 - Taxation Act

Section 1120 Disposition versions

2009-05-15

1120. Subject to section 1120.1, a trust is a mutual fund trust at any time if, at that time,

(a)  it was a unit trust resident in Canada;

(b)  its only undertaking was

i.  the investing of its funds in property, other than immovable property or an interest in immovable property,

ii.  the acquiring, holding, maintaining, improving, leasing or managing of any immovable property, or interest in immovable property, that is capital property of the trust, or

iii.  any combination of the activities described in subparagraphs i and ii; and

(c)  it complied with the prescribed conditions.

1972, c. 23, s. 835; 1973, c. 17, s. 131; 1993, c. 16, s. 353; 1996, c. 39, s. 273; 1997, c. 31, s. 131; 2001, c. 7, s. 163; 2009, c. 5, s. 506.

2006-03-01

1120. Subject to section 1120.1, a trust is a mutual fund trust at any time if, at that time,

(a)  it was a unit trust resident in Canada;

(b)  its only undertaking was

i.  the investing of its funds in property, other than immovable property or an interest in immovable property,

ii.  the acquiring, holding, maintaining, improving, leasing or managing of any immovable property, or interest in immovable property, that is capital property of the trust, or

iii.  any combination of the activities described in subparagraphs i and ii; and

(c)  it complied with the prescribed conditions relating to the number of its unit holders, dispersal of ownership of its units and public trading of its units.

1972, c. 23, s. 835; 1973, c. 17, s. 131; 1993, c. 16, s. 353; 1996, c. 39, s. 273; 1997, c. 31, s. 131; 2001, c. 7, s. 163.