,canada ,co/ums                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,attribu;n ( ,tru/ ,9come 6,settlor
,numb]3 ,,it-#cfi;,r
,date3 ,june #bd1 #aiid
,ref];e3 ,special ,rel1se

               ,applic,n
    
  ,! purpose ( ? ,special ,rel1se is
6revise ,9t]pret,n ,bullet9 ,,it-#cfi;,r
dat$ ,m>* #ab1 #aiij1 6reflect ! am5d;ts
6! ,9come ,tax ,act result+ f ,s4,c4
#aiia1 c4 #di 7=m]ly ,bill ;,c-#ah74
,o!r *anges h al be5 made = cl>ific,n
purposes4 ,! -;ts 9 ! bullet9 >e n
a6ect$ 0propos$ am5d;ts 6! ,9come ,tax
,act 3ta9$ 9 ,bill ;,c-#bg1 : rcvd f/
r1d+ 9 ! ,h\se ( ,-mons on ,may #e1
#aiid4
                                      #a
              ,,it-#cfi;,r           a#a
  ,! *anges 6! bullet9 giv5 2l reflect !
/yli/ic & /ructural *anges 3ta9$ 9 !
,9come ,tax ,act z revis$ 0! fif?
,supple;t 6! ,revis$ ,/atutes ( ,canada1
#aihe1 : came 96=ce on ,m>* #a1 #aiid4
,? ,special ,rel1se does n1 h["e1 *ange
o!r p>agraphs (! bullet9 t may 2 a6ect$
solely 0! fif? supple;t revi.ns4 ,all s*
*anges w 2 9corporat$ 96! next full
revi.n (! bullet94

           ,bullet9 ,revi.ns
            7p>agraphs #a-d7
    
#a4 ,p>agraph #a (! bullet9 is c.ell$ &
  replac$ 0! foll[+ new p>agraph4 ,a
  4cus.n has be5 a4$ on ! implic,ns1 9
  rel,n 6subsec;n #ge7#b71 (a g5u9e loan
  made 6a tru/ "u c]ta9 circum/.es4
  #a4 ,! provi.ns ( subsec;n #ge7#b7 may
    apply ": prop]ty is held "u any tru/
    e/abli%$ s9ce #aicd1 o!r ?an ^?
    tru/s ref]r$ 6in #b 2l4 ,unlike 7=
    example7 sec;n #gd.c1 !           #b
              ,,it-#cfi;,r           b#a
    applic,n ( subsec;n #ge7#b7 does n
    dep5d ^u a 8loan0 or 8transf]0 (
    prop]ty1 b ^u ! fact t prop]ty is
    8held0 0! tru/ "u "o or m (! 3di;ns
    describ$ 9 #c7a71 7b7 & 7c7 2l4 ,a
    g5u9e loan 6a tru/ wd n 0xf 2 3sid]$
    6result 9 prop]ty 2+ 8held0 0! tru/
    "u "o or m ( ^! 3di;ns 7i4e41 wd n
    0xf result 9 ! applic,n ( subsec;n
    #ge7#b771 if ! loan is \tside &
    9dep5d5t (! t]ms (! tru/4 ,=a 4cus.n
    on :5 a loan c 2 3sid]$ g5u9e1 see !
    curr5t v].n ( ,,it-#beh1 ,transf] (
    ,prop]ty 6a ,sp\se & ,,it-#bfj1
    ,transf] ( ,prop]ty 6a ,m9or4
  ,": subsec;n #ge7#b7 applies1 c]ta9
  am.ts deriv$ f prop]ty held 0! tru/ >e
  attribut$ 6! p]son f :om ! prop]ty 0
  directly or 9directly rcvd4 ,subsec;n
  #ge7#b7 c1ses 6apply if ! p]son dies
  or c1ses 6be resid5t 9 ,canada4
#b4 ,! la/ s5t;e ( p>agraph #c (!
  bullet9 is c.ell$ 2c x has no curr5t
  relev.e4                            #c
              ,,it-#cfi;,r           c#a
#c4 ,p>agraph #h (! bullet9 is c.ell$ &
  replac$ 0! foll[+1 9 ord] 6reflect !
  am5d;t 6subsec;n #gd.b7#b7 9 ,s4,c4
  #aiia1 c4 #di4 ,? am5d;t 0 e6ective =!
  #aihg & subsequ5t tax,n ye>s4
  #h4 ,= purposes (! capital ga9s
    deduc;n "u sec;n #aaj.f1 any taxa#
    capital ga9 or all[a# capital loss
    attribut$ 6a p]son 9 a tax,n ye>
    pursuant 6subsec;n #ge7#b7 is deem$1
    0virtue ( subsec;n #gd.b7#b71 6h
    >is5 f ! 4posi;n 0t p]son1 9 t ye>1
    (! prop]ty on : ! ga9 or loss 0
    r1liz$4 ,3sequ5tly1 a taxa# capital
    ga9 attribut$ 6a p]son "u subsec;n
    #ge7#b7 is eligi# =! capital ga9s
    deduc;n 6! same ext5t & 9 ! same
    mann] z if ! ga9 _h be5 r1liz$
    directly 0t p]son4
  
,note3
  ,! ,f$]al ,budget rel1s$ 0! ,m9i/] (
  ,f9.e on ,febru>y #bb1 #aiid proposes
  6elim9ate ! 4#ajj1jjj capital       #d
              ,,it-#cfi;,r           d#a
  ga9s deduc;n = ga9s r1liz$ on 4posi;ns
  ( prop]ty o3urr+ af ,febru>y #bb1
  #aiid &= ga9s br"\ 969come af #aiid 0!
  capital ga9s res]ve me*anism4 ,!
  ,budget fur!r proposes t 9dividuals
  7o!r ?an tru/s7 & c]ta9 p]sonal tru/s
  & "pn]%ips cd elect 6cry/allize a3ru$
  ga9s 9 ord] 6use any por;n (!
  4#ajj1jjj capital ga9s deduc;n availa#
  "u ! law4 ,= m 9=m,n on ^! propos$
  *anges1 ref];e %d 2 made 6budget
  docu;ts4

#d4 ,"p 7;ii7 ( p>agraph #ab7b7 (!
  bullet9 is c.ell$ & replac$ 0! foll[+4
  ,? revi.n cl>ifies t ! fair m>ket
  values ref]r$ 6>e ! "os at ! "t !
  prop]ty is transf]r$ 7z 9dicat$ 9
  subp>agraph #afj7#a77e77;i774
  7;ii7 ! am.t 0: ! fair m>ket value (!
    prop]ty1 at ! "t x 0 transf]r$1
    exce$s ! fair
  
                                      #e
              ,,it-#cfi;,r            #b
    m>ket value1 at t "t1 (! 3sid],n
    giv5 =! prop]ty4
  
  ,if y h any -;ts reg>d+ ! matt]s
4cuss$ 9 ? rel1se1 pl1se s5d !m to3

  ,director1 ,te*nical ,public,ns
    ,divi.n
  ,legislative & ,9t]gov]n;tal ,a6airs
    ,bran*
  ,rev5ue ,canada--,cu/oms1 ,excise &
    ,tax,n
  #hge ,h]on ,road
  ,ottawa1 ,ont>io1 ,k#a;,a #j;,l#h
  








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