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I-3 - Taxation Act

Section 661
Disposition versions

Full text
661. A taxpayer shall include, in computing his income for a taxation year, the value of all benefits received by him in the year under a trust, irrespective of when it was created, except to the extent that the value of such benefits is otherwise required to be included in computing his income for a taxation year, or has been deducted under paragraph n of section 257 in computing the adjusted cost base of his interest in the trust or would be so deducted if that paragraph applied in respect of such interest and were read without reference to subparagraph 3 of subparagraph i.1 of the said paragraph.
1972, c. 23, s. 499; 1990, c. 59, s. 225.
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