Income Tax Act — I-3.3 108
Definitions 108 (1) In this Subdivision, accumulating income of a trust for a taxation year means the amount that would be the income of the trust for the year if that amount were computed (a) without reference to paragraphs 104(4)(a) and (a.1) and subsections 104(5.1), (5.2) and (12) and 107(4), (b) as if the greatest amount that the trust was entitled to claim under subsection 104(6) in computing its income for the year were so claimed, and (c) without reference to subsection 12(10.2), except to the extent that that subsection applies to amounts paid to a trust to which paragraph 70(6.1)(b) applies and before the death of the spouse or common-law partner referred to in that paragraph; ( revenu accumulé ) beneficiary under a trust includes a person beneficially interested therein; ( bénéficiaire ) capital interest of a taxpayer in a trust means all rights of the taxpayer as a beneficiary under the trust, and after 1999 includes a right (other than a right acquired before 2000 and disposed of before March 2000) to enforce payment of an amount by the trust that arises as a consequence of any such right, but does not include an income interest in the trust; ( participation au capital ) cost amount to a taxpayer at any time of a capital interest or part of it, as the case may be, in a trust, means (notwithstanding subsection 248(1) and except for the purposes of subsection 107(3.1) and section 107.4 and except in respect of a capital interest in a trust that is at that time a foreign affiliate of the taxpayer), (a) where any money or other property of the trust has been distributed by the trust to the taxpayer in satisfaction of all or part of the taxpayer’s capital interest (whether on the winding-up of the trust or otherwise), the total of (i) the money so distributed, and (ii) all amounts each of which is the cost amount to the trust, immediately before the distribution, of each such other property, (a.1) where that time (in this paragraph referred to as the “particular time”) is immediately before the time that is immediately before the time of the death of the taxpayer and subsection 104(4) or (5) deems the trust to dispose of property at the end of the day that includes the particular time, the amount that would be determined under paragraph (b) if the taxpayer had died on a day that ended immediately before the time that is immediately before the particular time, and (b) in any other case, the amount determined by the formula (A - B) × C/D where A is the total of (i) all money of the trust on hand immediately before that time, and (ii) all amounts each of which is the cost amount to the trust, immediately before that time, of each other property of the trust, B is the total of all amounts each of which is the amount of any debt owing by the trust, or of any other obligation of the trust to pay any amount, that was outstanding immediately before that time, C is the fair market value at that time of the capital interest or part thereof, as the case may be, in the trust, and D is the fair market value at that time of all capital interests in the trust; ( coût indiqué ) eligible offset at any time of a taxpayer in respect of all or part of the taxpayer’s capital interest in a trust is the portion of any debt or obligation that is assumed by the taxpayer and that can reasonably be considered to be applicable to property distributed at that time in satisfaction of the interest or part of the interest, as the case may be, if the distribution is conditional upon the assumption by the taxpayer of the portion of the debt or obligation; ( montant de réduction admissible ) eligible real property gain [Repealed, 1995, c. 3, s. 31] eligible real property loss [Repealed, 1995, c. 3, s. 31] eligible taxable capital gains, of a trust for a taxation year, means the lesser of (a) its annual gains limit (within the meaning assigned by subsection 110.6(1)) for the year, and (b) the amount determined by the formula A - B where A is its cumulati