Versions of s. 122(1)(c)

I-3.3 — Income Tax Act · 3 versions · View current text

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

2017-12-14 to present available View Source

if subsection (2) applies to the trust for the taxation year, the amount determined by the formula A –− B(B − C) where A is the amount that would be determined for B for the year if the rate of tax payable under this Part by the trust for each taxation year referred to in the description of B were the highest individual percentage for the taxation year, and the trust’s taxable income for a particular taxation year referred to in the description of B were reduced by the total of the amount, if any, that was paid or distributed in satisfaction of all or part of an individual’s interest as a beneficiary under the trust if the individual was an electing beneficiary of the trust for the particular year, the payment or distribution can reasonably be considered to be made out of that taxable income, and the payment or distribution was made in a taxation year referred to in the description of B, the amount that is the portion of the tax payable under this Part by the trust for the particular year that can reasonably be considered to relate to the amount determined under clause (A), and the amount that is the portion of the tax payable, under the law of the province in which the trust is resident for the particular year, that can reasonably be considered to relate to the amount determined under clause (A), ~~and~~ B is the total of all amounts each of which is the amount of tax payable under this Part by the trust for a taxation year that precedes the year if that preceding taxation year is the later of the first taxation year for which the trust was a qualified disability trust, and the last taxation year, if any, for which subsection (2) applied to the trust, or a taxation year that ends after the taxation year described in subparagraph ~~(i).~~(i), and C is the total of all amounts each of which is an amount determined for clause (ii)(B) of the description of A in determining the amount for A for the year.

Full text

if subsection (2) applies to the trust for the taxation year, the amount determined by the formula A − (B − C) where A is the amount that would be determined for B for the year if the rate of tax payable under this Part by the trust for each taxation year referred to in the description of B were the highest individual percentage for the taxation year, and the trust’s taxable income for a particular taxation year referred to in the description of B were reduced by the total of the amount, if any, that was paid or distributed in satisfaction of all or part of an individual’s interest as a beneficiary under the trust if the individual was an electing beneficiary of the trust for the particular year, the payment or distribution can reasonably be considered to be made out of that taxable income, and the payment or distribution was made in a taxation year referred to in the description of B, the amount that is the portion of the tax payable under this Part by the trust for the particular year that can reasonably be considered to relate to the amount determined under clause (A), and the amount that is the portion of the tax payable, under the law of the province in which the trust is resident for the particular year, that can reasonably be considered to relate to the amount determined under clause (A), B is the total of all amounts each of which is the amount of tax payable under this Part by the trust for a taxation year that precedes the year if that preceding taxation year is the later of the first taxation year for which the trust was a qualified disability trust, and the last taxation year, if any, for which subsection (2) applied to the trust, or a taxation year that ends after the taxation year described in subparagraph (i), and C is the total of all amounts each of which is an amount determined for clause (ii)(B) of the description of A in determining the amount for A for the year.
2016-12-15 to 2017-12-14 View Source

if subsection (2) applies to the trust for the taxation year, the amount determined by the formula A – B where A is the amount that would be determined for B for the year if the rate of tax payable under this Part by the trust for each taxation year referred to in the description of B were ~~29%,~~the highest individual percentage for the taxation year, and the trust’s taxable income for a particular taxation year referred to in the description of B were reduced by the total of the amount, if any, that was paid or distributed in satisfaction of all or part of an individual’s interest as a beneficiary under the trust if the individual was an electing beneficiary of the trust for the particular year, the payment or distribution can reasonably be considered to be made out of that taxable income, and the payment or distribution was made in a taxation year referred to in the description of B, the amount that is the portion of the tax payable under this Part by the trust for the particular year that can reasonably be considered to relate to the amount determined under clause (A), and the amount that is the portion of the tax payable, under the law of the province in which the trust is resident for the particular year, that can reasonably be considered to relate to the amount determined under clause (A), and B is the total of all amounts each of which is the amount of tax payable under this Part by the trust for a taxation year that precedes the year if that preceding taxation year is the later of the first taxation year for which the trust was a qualified disability trust, and the last taxation year, if any, for which subsection (2) applied to the trust, or a taxation year that ends after the taxation year described in subparagraph (i).

Full text

if subsection (2) applies to the trust for the taxation year, the amount determined by the formula A – B where A is the amount that would be determined for B for the year if the rate of tax payable under this Part by the trust for each taxation year referred to in the description of B were the highest individual percentage for the taxation year, and the trust’s taxable income for a particular taxation year referred to in the description of B were reduced by the total of the amount, if any, that was paid or distributed in satisfaction of all or part of an individual’s interest as a beneficiary under the trust if the individual was an electing beneficiary of the trust for the particular year, the payment or distribution can reasonably be considered to be made out of that taxable income, and the payment or distribution was made in a taxation year referred to in the description of B, the amount that is the portion of the tax payable under this Part by the trust for the particular year that can reasonably be considered to relate to the amount determined under clause (A), and the amount that is the portion of the tax payable, under the law of the province in which the trust is resident for the particular year, that can reasonably be considered to relate to the amount determined under clause (A), and B is the total of all amounts each of which is the amount of tax payable under this Part by the trust for a taxation year that precedes the year if that preceding taxation year is the later of the first taxation year for which the trust was a qualified disability trust, and the last taxation year, if any, for which subsection (2) applied to the trust, or a taxation year that ends after the taxation year described in subparagraph (i).
2014-12-16 to 2016-12-15 View Source

if subsection (2) applies to the trust for the taxation year, the amount determined by the formula A – B where A is the amount that would be determined for B for the year if the rate of tax payable under this Part by the trust for each taxation year referred to in the description of B were 29%, and the trust’s taxable income for a particular taxation year referred to in the description of B were reduced by the total of the amount, if any, that was paid or distributed in satisfaction of all or part of an individual’s interest as a beneficiary under the trust if the individual was an electing beneficiary of the trust for the particular year, the payment or distribution can reasonably be considered to be made out of that taxable income, and the payment or distribution was made in a taxation year referred to in the description of B, the amount that is the portion of the tax payable under this Part by the trust for the particular year that can reasonably be considered to relate to the amount determined under clause (A), and the amount that is the portion of the tax payable, under the law of the province in which the trust is resident for the particular year, that can reasonably be considered to relate to the amount determined under clause (A), and B is the total of all amounts each of which is the amount of tax payable under this Part by the trust for a taxation year that precedes the year if that preceding taxation year is the later of the first taxation year for which the trust was a qualified disability trust, and the last taxation year, if any, for which subsection (2) applied to the trust, or a taxation year that ends after the taxation year described in subparagraph (i).