I-3 - Taxation Act

Section 851.36 Disposition versions

2021-06-02

851.36. Where an amateur athlete trust holds property on behalf of a beneficiary who has not competed in an international sporting event as a Canadian national team member for a period of eight years that ends in a particular taxation year and that begins in the year that is the later of the two years described in the second paragraph, the trust is deemed to have distributed, at the end of the particular taxation year to the beneficiary, an amount equal to

(a)  where the trust is liable to pay tax under Part XII.2 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in respect of the particular taxation year, 60% of the fair market value of all property held by it at that time; and

(b)  in any other case, the fair market value of all property held by it at that time.

The years referred to in the first paragraph are

(a)  where the beneficiary has competed in an international sporting event as a Canadian national team member, the year in which the beneficiary last so competed; and

(b)  the year in which the trust was created.

1994, c. 22, s. 283; 2021, c. 14, s. 103.

2006-03-01

851.36. Where an amateur athlete trust holds property on behalf of a beneficiary who has not competed in an international sporting event as a Canadian national team member for a period of eight years that ends in a particular taxation year and that begins in the year that is the later of the two years described in the second paragraph, the trust is deemed to have distributed, at the end of the particular taxation year to the beneficiary, an amount equal to

(a)  where the trust is liable to pay tax under Part XII.2 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of the particular taxation year, 64% of the fair market value of all property held by it at that time; and

(b)  in any other case, the fair market value of all property held by it at that time.

The years referred to in the first paragraph are

(a)  where the beneficiary has competed in an international sporting event as a Canadian national team member, the year in which the beneficiary last so competed; and

(b)  the year in which the trust was created.

1994, c. 22, s. 283.