Income Tax Act — I-3.3 104
ess corporation shares of the trust, other than qualified farm property, qualified fishing property or qualified farm or fishing property, I [Repealed, 2014, c. 39, s. 26] (C) [Repealed, 2014, c. 39, s. 26] and for the purposes of section 110.6, those capital properties shall be deemed to have been disposed of by the beneficiary in that taxation year of the beneficiary. Beneficiaries QFFP taxable capital gain — 2024 (21.21) If clause (21.2)(b)(ii)(A) applies to deem, for the purposes of section 110.6, the beneficiary under a trust to have a taxable capital gain (referred to in this subsection as the “QFFP taxable capital gain”) from a disposition of capital property that is qualified farm or fishing property of the beneficiary, for the beneficiary’s taxation year that ends on or after June 25, 2024 and before 2025, and in which the designation year of the trust ends, for the purposes of subsection 110.6(2.2), the beneficiary is, if the trust complies with the requirements of subsection (21.22), deemed to have a taxable capital gain from the disposition of qualified farm or fishing property of the beneficiary on or after June 25, 2024, equal to the amount determined by the formula A × B/C where A is the amount of the QFFP taxable capital gain; B is, if the designation year of the trust ends on or after June 25, 2024 and before 2025, the amount that would be determined in respect of the trust for the designation year under paragraph 3(b) in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified farm or fishing properties of the trust that were disposed of by the trust on or after June 25, 2024 and before 2025; and C is, if the designation year of the trust ends on or after June 25, 2024 and before 2025, the amount that would be determined in respect of the trust for the designation year under paragraph 3(b) in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified farm or fishing properties. Trusts to designate amounts — 2024 (21.22) A trust shall determine and designate, in its return of income under this Part for a designation year of the trust, the amount that is determined under subsection (21.21) to be the beneficiary’s taxable capital gain from the disposition on or after June 25, 2024 and before 2025 of qualified farm or fishing property of the beneficiary. Beneficiaries QSBC taxable capital gain — 2024 (21.23) If clause (21.2)(b)(ii)(B) applies to deem, for the purposes of section 110.6, the beneficiary under a trust to have a taxable capital gain (referred to in this subsection as the “QSBC taxable capital gain”) from a disposition of capital property that is a qualified small business corporation share of the beneficiary, for the beneficiary’s taxation year that ends on or after June 25, 2024 and before 2025, and in which the designation year of the trust ends, for the purposes of subsection 110.6(2.2), the beneficiary is, if the trust complies with the requirements of subsection (21.24), deemed to have a taxable capital gain from the disposition of a qualified small business corporation share of the beneficiary on or after June 25, 2024 and before 2025, equal to the amount determined by the formula A × B/C where A is the amount of the QSBC taxable capital gain; B is, if the designation year of the trust ends on or after June 25, 2024 and before 2025, the amount that would be determined in respect of the trust for the designation year under paragraph 3(b) in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified small business corporation shares of the trust (to the extent that the amount is not included in computing the amount designated under subsection (21.21)) that were disposed of by the trust on or after June 25, 2024 and before 2025; and C is, if the designation year of the trust ends on or after June 25, 2024 and before 2025, the amount that w