I-3 - Taxation Act

Section 965.0.40 Disposition versions

2022-06-08

965.0.40. Where, as a result of the death of an individual, an amount is received by a taxpayer in a taxation year under an advanced life deferred annuity and the amount is described in paragraph f of the definition of that expression in section 965.0.38, the following rules apply:

(a)  if the taxpayer is the spouse of the individual or is a child or grandchild of the individual who was, immediately before the death of the individual, financially dependent on the individual for support, the amount must be included in computing the taxpayer’s income for the year; and

(b)  if the taxpayer is not a person described in paragraph a, the amount must be included in computing the individual’s income for the taxation year in which the individual died.

2022, c. 23, s. 88.