I-3 - Taxation Act

Section 467 Disposition versions

2015-12-04

467. The income, loss, taxable capital gain or allowable capital loss attributable to property held by a trust created since 1934 that is resident in Canada is deemed, if the property or property for which it was substituted has been directly or indirectly received from a person (in this section referred to as the “transferor”), to be that of the transferor throughout the existence of the transferor as long as the transferor is resident in Canada and if either property meets any of the following conditions:

(a)  it may revert to the transferor;

(b)  it may pass to persons to be determined by the transferor at a time subsequent to the creation of the trust; and

(c)  it may not be disposed of during the existence of the transferor without the transferor’s consent.

1972, c. 23, s. 378; 2001, c. 7, s. 47; 2003, c. 2, s. 127; 2015, c. 36, s. 21.

2006-03-01

467. The income, loss, taxable capital gain or allowable capital loss from property transferred by a person, in this section referred to as the “transferor”, or substituted for such property is deemed to be that of the transferor during the existence of the transferor while the transferor is resident in Canada if the property or that for which it was substituted has been transferred to a trust created since 1934 and if either property meets any of the following conditions:

(a)  it may revert to the transferor;

(b)  it may pass to persons to be determined by the transferor at a time subsequent to the creation of the trust; and

(c)  it may not be disposed of during the existence of the transferor without the transferor’s consent.

1972, c. 23, s. 378; 2001, c. 7, s. 47; 2003, c. 2, s. 127.