Versions of s. 104(13.1)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2018-06-21 to present available View Source

Where a trust, in its return of income under this Part for a taxation year throughout which it was resident in Canada and not exempt from tax under Part I by reason of subsection 149(1), designates an amount in respect of a beneficiary under the trust, not exceeding the amount determined by the formula A/B × (C - D - E) where A is the beneficiary’s share of the income of the trust for the year computed without reference to this Act, B is the total of all amounts each of which is a beneficiary’s share of the income of the trust for the year computed without reference to this Act, C is the total of all amounts each of which is an amount that, but for this subsection or subsection 104(13.2), would be included in computing the income of a beneficiary under the trust by reason of subsection 104(13) or 105(2) for the year, D is the amount deducted under subsection 104(6) in computing the income of the trust for the year, and E is equal to the amount determined by the trust for the year and used as the value of C for the purposes of the formula in subsection 104(13.2) or, if no amount is so determined, nil,

Full text

Where a trust, in its return of income under this Part for a taxation year throughout which it was resident in Canada and not exempt from tax under Part I by reason of subsection 149(1), designates an amount in respect of a beneficiary under the trust, not exceeding the amount determined by the formula A/B × (C - D - E) where A is the beneficiary’s share of the income of the trust for the year computed without reference to this Act, B is the total of all amounts each of which is a beneficiary’s share of the income of the trust for the year computed without reference to this Act, C is the total of all amounts each of which is an amount that, but for this subsection or subsection 104(13.2), would be included in computing the income of a beneficiary under the trust by reason of subsection 104(13) or 105(2) for the year, D is the amount deducted under subsection 104(6) in computing the income of the trust for the year, and E is equal to the amount determined by the trust for the year and used as the value of C for the purposes of the formula in subsection 104(13.2) or, if no amount is so determined, nil,
2004-08-31 to 2018-06-21 View Source

Where a trust, in its return of income under this Part for a taxation year throughout which it was resident in Canada and not exempt from tax under Part I by reason of subsection 149(1), designates an amount in respect of a beneficiary under the trust, not exceeding the amount determined by the formula A/B × (C - D - E) where A is the beneficiary’s share of the income of the trust for the year computed without reference to this Act, B is the total of all amounts each of which is a beneficiary’s share of the income of the trust for the year computed without reference to this Act, C is the total of all amounts each of which is an amount that, but for this subsection or subsection 104(13.2), would be included in computing the income of a beneficiary under the trust by reason of subsection 104(13) or 105(2) for the year, D is the amount deducted under subsection 104(6) in computing the income of the trust for the year, and E is equal to the amount determined by the trust for the year and used as the value of C for the purposes of the formula in subsection 104(13.2) or, if no amount is so determined, nil,