I-3 - Taxation Act

Section 656.8 Disposition versions

2015-10-21

656.8. (Repealed).

1994, c. 22, s. 228; 1997, c. 3, s. 71; 2015, c. 21, s. 215.

2006-03-01

656.8. For the purposes of section 656.7,

(a)  the relevant period in respect of a trust is the period that begins one year after the day on which the trust was created and ends at the end of the day that would, but for the election of the trust under section 656.4, be determined in respect of the trust under subparagraph a.1 or b, as the case may be, of the first paragraph of section 653;

(b)  two individuals are deemed to be related to each other where one of them is the uncle, aunt, great uncle, or great aunt of the other individual;

(c)  an individual is deemed not to be a designated contributor in respect of a trust where it is reasonable to consider that one of the main purposes of a series of transactions or events that includes an individual becoming a trustee in respect of trust property, or an acquisition of property or a borrowing by any individual was to defer the day determined in respect of the trust under subparagraph b of the first paragraph of section 653; and

(d)  in determining whether all or substantially all of the value of shares of the capital stock of a corporation is derived from other property, the other property is deemed to include property substituted for the other property and property attributable to profits, gains or distributions in respect of the other property and the substituted property.

1994, c. 22, s. 228; 1997, c. 3, s. 71.