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I-3 - Taxation Act

Section 691
Disposition versions

Full text
691. Notwithstanding section 688, the rules set out in section 688.1 apply at any time to property distributed to a beneficiary by a trust described in subparagraph a of the first paragraph and the second paragraph of section 653 where
(a)  the beneficiary is not
i.  in the case of a post-1971 spousal trust, the spouse referred to in subparagraph a of the first paragraph of section 653,
ii.  in the case of an alter ego trust, the taxpayer referred to in subparagraph a of the first paragraph of section 653, and
iii.  in the case of a joint spousal trust, the taxpayer or spouse referred to in subparagraph a of the first paragraph of section 653; and
(b)  the property is distributed on or before the earlier of
i.  a reacquisition, in respect of any property of the trust, that occurs immediately after the day described in subparagraph a of the first paragraph of section 653, and
ii.  the cessation of the trust’s existence.
1972, c. 23, s. 522; 1977, c. 26, s. 77; 1984, c. 15, s. 155; 1986, c. 19, s. 138; 1994, c. 22, s. 241; 2001, c. 7, s. 81; 2003, c. 2, s. 181; 2015, c. 21, s. 225.
691. Notwithstanding section 688, the rules set out in section 688.1 apply at any time to property distributed to a beneficiary by a trust described in subparagraph a of the first paragraph and the second paragraph of section 653 where
(a)  the beneficiary is not
i.  in the case of a post-1971 spousal trust, the spouse referred to in subparagraph a of the first paragraph of section 653,
ii.  in the case of an alter ego trust, the taxpayer referred to in subparagraph a of the first paragraph of section 653, and
iii.  in the case of a joint spousal trust, the taxpayer or spouse referred to in subparagraph a of the first paragraph of section 653; and
(b)  the taxpayer or spouse referred to in any of subparagraphs i to iii of paragraph a, as the case may be, is alive on the day of the distribution.
1972, c. 23, s. 522; 1977, c. 26, s. 77; 1984, c. 15, s. 155; 1986, c. 19, s. 138; 1994, c. 22, s. 241; 2001, c. 7, s. 81; 2003, c. 2, s. 181.
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