I-3 - Taxation Act

Section 692 Disposition versions

2009-05-15

692. Despite section 688, the rules set out in section 688.1 apply if a property, other than a property referred to in the second paragraph, is distributed by a trust to a taxpayer not resident in Canada, including a partnership other than a Canadian partnership, as consideration for all or part of the taxpayer’s capital interest in the trust.

The property to which the first paragraph refers is

(a)  a share of the capital stock of a non-resident-owned investment corporation; or

(b)  a property referred to in any of subparagraphs i to iii of subparagraph b of the first paragraph of section 785.2;

(c)  (subparagraph repealed);

(d)  (subparagraph repealed);

(e)  (subparagraph repealed);

(f)  (subparagraph repealed);

(g)  (subparagraph repealed);

(h)  (subparagraph repealed).

1972, c. 23, s. 523; 1977, c. 26, s. 78; 1990, c. 59, s. 248; 1994, c. 22, s. 242; 1997, c. 3, s. 71; 2001, c. 7, s. 83; 2003, c. 2, s. 183; 2004, c. 8, s. 134; 2009, c. 5, s. 230.

2006-03-01

692. Notwithstanding section 688, the rules set out in section 688.1 apply where a property, other than a property referred to in the second paragraph, is distributed by a trust resident in Canada to a taxpayer not resident in Canada, including a partnership other than a Canadian partnership, as consideration for all or part of the taxpayer’s capital interest in the trust.

The property to which the first paragraph refers is

(a)  a share of the capital stock of a non-resident-owned investment corporation; or

(b)  a property referred to in any of subparagraphs i to iii of paragraph b of section 785.2;

(c)  (subparagraph repealed);

(d)  (subparagraph repealed);

(e)  (subparagraph repealed);

(f)  (subparagraph repealed);

(g)  (subparagraph repealed);

(h)  (subparagraph repealed).

1972, c. 23, s. 523; 1977, c. 26, s. 78; 1990, c. 59, s. 248; 1994, c. 22, s. 242; 1997, c. 3, s. 71; 2001, c. 7, s. 83; 2003, c. 2, s. 183; 2004, c. 8, s. 134.