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Versions of s. 127.53(3)

I-3.3 — Income Tax Act · 1 version

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

  1. 2004-08-31 to 2014-12-16 View Source

    Notwithstanding paragraph 127.53(1)(b), where more than one trust described in that paragraph arose as a consequence of contributions to the trusts by an individual and no agreement as contemplated by subsection 127.53(2) has been filed with the Minister before the expiration of 30 days after notice in writing has been forwarded by the Minister to any of the trusts that such an agreement is required for the purpose of an assessment of tax under this Part, the Minister may, for the purpose of this Division, allocate an amount to one or more of the trusts for a taxation year, the total of all of which amounts does not exceed $40,000, and the basic exemption for the year of each of the trusts is the amount so allocated to it.