Income Tax Act — I-3.3 108
 source, and (b) an amount deductible in computing the amount that would, but for subsections 104(6) and (12), be the income of a trust for a taxation year shall not be deducted by a beneficiary of the trust in computing the beneficiary’s income for a taxation year, but, for greater certainty, nothing in this subsection shall affect the application of subsection 56(4.1), sections 74.1 to 75 and 120.4 and subsection 160(1.2) of this Act and section 74 of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952. Variation of trusts (6) Where at any time the terms of a trust are varied (a) for the purposes of subsections 104(4), (5) and (5.2) and subject to paragraph (b), the trust is, at and after that time, deemed to be the same trust as, and a continuation of, the trust immediately before that time; (b) for greater certainty, paragraph (a) does not affect the application of paragraph 104(4)(a.1); and (c) for the purposes of paragraph 53(2)(h), subsection 107(1), paragraph (j) of the definition excluded right or interest in subsection 128.1(10) and the definition personal trust in subsection 248(1), no interest of a beneficiary under the trust before it was varied is considered to be consideration for the interest of the beneficiary in the trust as varied. Interests acquired for consideration (7) For the purposes of paragraph 53(2)(h), subparagraph (c)(i) of the definition exempt amount in subsection 94(1), subsection 107(1), paragraph (j) of the definition excluded right or interest in subsection 128.1(10) and paragraph (b) of the definition personal trust in subsection 248(1), (a) an interest in a trust is deemed not to be acquired for consideration solely because it was acquired in satisfaction of any right as a beneficiary under the trust to enforce payment of an amount by the trust; and (b) if all the beneficial interests in a particular trust acquired by way of the transfer, assignment or other disposition of property to the particular trust were acquired by (i) one person, or (ii) two or more persons who would be related to each other if (A) a trust and another person were related to each other, where the other person is a beneficiary under the trust or is related to a beneficiary under the trust, and (B) a trust and another trust were related to each other, where a beneficiary under the trust is a beneficiary under the other trust or is related to a beneficiary under the other trust, any beneficial interest in the particular trust acquired by such a person is deemed to have been acquired for no consideration. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 108; 1994, c. 7, Sch. II, s. 77, Sch. VIII, s. 44, c. 21, s. 48; 1995, c. 3, s. 31, c. 21, ss. 61, 66; 1996, c. 21, s. 19; 1998, c. 19, ss. 19, 129; 2000, c. 12, s. 142, c. 19, s. 16; 2001, c. 17, ss. 83, 241; 2007, c. 2, s. 16, c. 35, ss. 28, 110; 2008, c. 28, s. 11; 2009, c. 2, s. 28, c. 31, s. 3; 2010, c. 25, s. 19; 2012, c. 31, s. 23; 2013, c. 34, ss. 12, 123, 236; 2014, c. 39, s. 28; 2015, c. 36, s. 6; 2016, c. 12, s. 38; 2017, c. 33, s. 37 2021, c. 23, s. 14 2022, c. 19, s. 15 2023, c. 26, s. 23 2024, c. 15, s. 26 2024, c. 17, s. 23