Income Tax Act — I-3.3 132.11
Taxation year of mutual fund trust 132.11 (1) Notwithstanding any other provision of this Act, where a trust (other than a prescribed trust) that was a mutual fund trust on the 74th day after the end of a particular calendar year so elects in writing filed with the Minister with the trust’s return of income for the trust’s taxation year that includes December 15 of the particular year, (a) the trust’s taxation year that began before December 16 of the particular year and, but for this paragraph, would end at the end of the particular year (or, where the first taxation year of the trust began after December 15 of the preceding calendar year and no return of income was filed for a taxation year of the trust that ended at the end of the preceding calendar year, at the end of the preceding calendar year) is deemed to end at the end of December 15 of the particular year; (b) if the trust’s taxation year ends on December 15 because of paragraph (a), subject to subsection (1.1), each subsequent taxation year of the trust is deemed to be the period that begins at the beginning of December 16 of a calendar year and that ends at the end of December 15 of the following calendar year or at any earlier time that is determined under paragraph 128.1(4)(a), 132.2(3)(b), 142.6(1)(a) or 249(4)(a); and (c) each fiscal period of the trust that begins in a taxation year of the trust that ends on December 15 because of paragraph (a) or that ends in a subsequent taxation year of the trust shall end no later than the end of the year or the subsequent year, as the case may be. Revocation of election (1.1) Where a particular taxation year of a trust ends on December 15 of a calendar year because of an election made under paragraph (1)(a), the trust applies to the Minister in writing before December 15 of that calendar year (or before a later time that is acceptable to the Minister) to have this subsection apply to the trust, with the concurrence of the Minister (a) the trust’s taxation year following the particular taxation year is deemed to begin immediately after the end of the particular taxation year and end at the end of that calendar year; and (b) each subsequent taxation year of the trust is deemed to be determined as if that election had not been made. Electing trust’s share of partnership income and losses (2) Where a trust is a member of a partnership a fiscal period of which ends in a calendar year after December 15 of the year and a particular taxation year of the trust ends on December 15 of the year because of subsection (1), each amount otherwise determined under paragraph 96(1)(f) or (g) to be the trust’s income or loss for a subsequent taxation year of the trust is deemed to be the trust’s income or loss determined under paragraph 96(1)(f) or (g) for the particular year and not for the subsequent year. Electing trust’s income from other trusts (3) Where a particular trust is a beneficiary under another trust a taxation year of which (in this subsection referred to as the “other year”) ends in a calendar year after December 15 of the year and a particular taxation year of the trust ends on December 15 of the year because of subsection (1), each amount determined or designated under subsection 104(13), (19), (21), (22) or (29) for the other year that would otherwise be included, or taken into account, in computing the income of the particular trust for a subsequent taxation year of the trust shall (a) be included, or taken into account, in computing the particular trust’s income for the particular year; and (b) not be included, or taken into account, in computing the particular trust’s income for the subsequent year. Amounts paid or payable to beneficiaries (4) Notwithstanding subsection 104(24), for the purposes of subsections (5) and (6) and 104(6) and (13) and paragraph (i) of the definition disposition in subsection 248(1) each amount that is paid, or that becomes payable, by a trust to a beneficiary after the end of a particular tax