,CANADA ,CU/OMS                       #A
& ,REV5UE ,AG5CY

              ,9COME ,TAX
          ,9T]PRET,N ,BULLET9
    
,SUBJECT3 ,,9COME ,,TAX ,,ACT
  ,4POSI;N ( AN ,9COME ,9T]E/ 9 A ,TRU/
,NUMB]3 ,,IT-#CHE;,R#B
,DATE3 ,MAY #AG1 #AIIA
,REF];E3 ,SUBSEC;N #AJF7#B7 7AL
  SUBSEC;NS #EF7#B71 #FI7#A71 #GD.A7#A7
  & 7#B71 #AJD7#AC71 #AJF7#A71 7#A.A7 &
  7#C71 #AJH7#C71 #AAJ.A7#A71 #AAB7#A7 &
  #ACH7#F71 P>AGRAPHS #AJH7#A77E7 &
  #BDH7#H77C7 &! DEF9I;N ( 8P]SONAL
  TRU/0 9 SUBSEC;N #BDH7#A77

               ,APPLIC,N
    
  ,? BULLET9 C.ELS & REPLACES ,9T]PRET,N
,BULLET9 ,,IT-#CHE;,R DAT$ ,AUGU/ #F1
#AIGI4 ,CURR5T REVI.NS >E DESIGNAT$
0V]TICAL L9ES4
                                      #A
                ,SUMM>Y              A#A
    
  ,? BULLET9 4CUSSES ! 4POSI;N ( AN
9COME 9T]E/ 9 A TRU/ &! CIRCUM/.ES "U :
! PROCE$S >E REQUIR$ 6BE 9CLUD$ 9 !
TRANSF]OR'S 9COME PURSUANT 6SUBSEC;N
#AJF7#B74 ,! BULLET9 AL 3SID]S ! AM.T
6BE ATTRIBUT$ 6PROCE$S ( 4POSI;N &! CO/S
(! 9COME 9T]E/ T MAY 2 DEDUCT$4

          ,4CUS.N & ,9T]PRET,N
    
#A4 ,P>AGRAPH #AJH7#A77E7 DEF9ES AN
  9COME 9T]E/ (A TAXPAY] 9 A TRU/4 ,":
  S* AN 9T]E/ 9 A TRU/ 0 CR1T$ OR
  MAT]I,Y ALT]$ AF ,JANU>Y #CA1 #AIHG &
  ACQUIR$ AF #AJ3JJ P4M4 ,EA/]N ,/&>D
  ,"T ON ,FEBRU>Y #F1 #AIHG1 X IS AN
  9COME 9T]E/ 9 A TRU/ ONLY IF X IS ! "R
  (A P]SON Z B5EFICI>Y 6RCV ALL OR "P (!
  9COME (A P]SONAL TRU/4 ,9COME (A
  P]SONAL TRU/ 7OR ! TRU/'S 9COME REF]R$
  6IN #B 2L7 M1NS 9COME -PUT$ = TRU/
  A3.T+ PURPOSES & N = 9COME TAX
  PURPOSES1 & Z FUR!R MODIFI$         #B
             ,,IT-#CHE;,R#B          B#A
  0SUBSEC;N #AJH7#C74 ,A P]SONAL TRU/1 Z
  DEF9$ 9 SUBSEC;N #BDH7#A71 IS EI A
  TE/A;T>Y TRU/1 OR AN 9T] VIVOS TRU/ 9
  : NO B5EFICIAL 9T]E/ 0 ACQUIR$ =
  3SID],N PAYA# 6! TRU/ OR 6A P]SON :O
  HAS MADE A 3TRIBU;N 6! TRU/4 ,=!
  PURPOSES (! DEF9I;N (A P]SONAL TRU/1
  LOVE & A6EC;N W N 2 REG>D$ Z 3SID],N4
  ,FUR!R1 ! M]E RET5;N ( AN 9T]E/ 9 !
  TRU/ AT ! "T ! TRU/ 0 CR1T$1 0!
  9DIVIDUAL OR RELAT$ 9DIVIDUALS :O
  SETTL$ ! TRU/ W N RESULT 9 !
  4QUALIFIC,N (! TRU/ Z A P]SONAL TRU/4
--------------------------------------#B
#B4 ,PRIOR 6! AM5D;T (! DEF9I;N Z \TL9$
  9 #A ABV1 AN 9COME 9T]E/ 9 A TRU/ 0 !
  "R 7:E!R IMM OR FUTURE & :E!R ABSOLUTE
  OR 3T+5T7 (A P]SON Z A B5EFICI>Y "U !
  TRU/ 6RCV ALL OR ANY "P (! TRU/'S
  9COME4 ,? DEF9I;N 3T9UES 6APPLY 6S*
  9T]E/S T 7 CR1T$ 2F ,FEBRU>Y #A1
  #AIHG1 H N BE5 MAT]I,Y *ANG$ AF
  ,JANU>Y #CA1 #AIHG & 7 ACQUIR$ N LAT]
                                      #C
             ,,IT-#CHE;,R#B          A#B
  ?AN #AJ3JJ P4M4 ,EA/]N ,/&>D ,"T ON
  ,FEBRU>Y #F1 #AIHG4
#C4 ,Z A RESULT (! AM5D;T 6! DEF9I;N (
  AN 9COME 9T]E/1 ANY 9T]E/ 9 A TRU/
  DEF9$ 9 P>AGRAPH #AJH7#A77J7 7O!R ?AN
  AN 9COME 9T]E/ ACQUIR$ 9 ! CIRCUM/.ES
  \TL9$ 9 #A & #B ABV7 IS TR1T$ Z A
  CAPITAL 9T]E/1 :E!R OR N T 9T]E/ IS A
  "R 6RCV ALL OR ANY "P (! 9COME OR
  CAPITAL (! TRU/4

      ,ASSIGN;TS & ,O!R ,4POSI;NS
    
#D4 ,A TAXPAY] :O ASSIGNS OR 4POSES ( AN
  9COME 9T]E/ 9 A TRU/ 9 FAV\R ( ANO!R
  P]SON W 2 SUBJECT 6! PROVI.NS (
  SUBSEC;N #AJF7#B7 & M/ 9CLUDE 9 9COME
  ! PROCE$S ( 4POSI;N4 ,IF ! TRANSAC;N
  IS N AT >M'S L5G? &! PROCE$S >E LESS
  ?AN FAIR M>KET VALUE1 ! TAXPAY] W 2
  DEEM$ 0VIRTUE ( SUBP>AGRAPH
  #FI7#A77B77;I7 6H RCVD PROCE$S (
  4POSI;N EQUAL 6! FAIR M>KET VALUE (!
  9T]E/ 4POS$ (4 ,": ! TAXPAY]        #D
             ,,IT-#CHE;,R#B          B#B
  4POSES ( AN 9COME 9T]E/ 0GIFT 9T]
  VIVOS1 SUBP>AGRAPH #FI7#A77B77;II7
  APPLIES )! RESULT T ! PROCE$S (
  4POSI;N >E DEEM$ 6BE ! FAIR M>KET
  VALUE (! 9COME 9T]E/4
#E4 ,": ! ASSIGN;T 9 FAV\R ( ANO!R P]SON
  IS A PAY;T 9 RESPECT ( PROCE$S (
  4POSI;N ( AN 9COME 9T]E/ 9 A TRU/ :5 X
  IS DUE &! ASSIGNEE HAS A LEGAL "R 6RCV
  X1 SUBSEC;N #AJF7#B7 DOES N APPLY 6!
  ASSIGNEE1 B ! TRANSAC;N MAY 2 GOV]N$
  0! PROVI.NS ( SUBSEC;N #EF7#B74
#F4 ,A PAY;T1 Z DESCRIB$ 9 SUBSEC;N
  #AJF7#C71 6A TAXPAY] F A TRU/ 9
  SATISFAC;N ( ALL OR "P (! TAXPAY]'S
  9COME 9T]E/ 9 ! TRU/ IS N A 4POSI;N
  PRODUC+ 9COME "U P>AGRAPH #AJF7#B77A7
  & NO AM.T IS 9CLUD$ 9 ! 9COME (!
  TAXPAY] 0R1SON (! PAY;T4




                                      #E
                ,4CLAIM]             C#B
    
#G4 ,A TAXPAY] :O EXECUTES A 4CLAIM] 7N
  9 FAV\R ( ANY P]SON7 ( AN 9COME 9T]E/
  9 A TRU/ AT ! "T ! TAXPAY] 2COMES AW>E
  ( X 7OR )9 A R1SONA# "T "!AF7 W 2
  3SID]$ N 6H ACQUIR$ T 9COME 9T]E/ 9 !
  TRU/4 ,SUBSEC;N #AJF7#B7 W1
--------------------------------------#C
  "!=E1 H NO APPLIC,N 9 S* A SITU,N4 ,=!
  PURPOSES ( ? P>AGRAPH 84CLAIM]0
  9CLUDES A RENUNCI,N (A SU3ES.N MADE "U
  ! LAWS (! ,PROV9CE ( ,QUEBEC T IS N
  MADE 9 FAV\R ( ANY P]SON4 ,A P]SON :O
  HAS A3EPT$ ANY FUNDS F ! TRU/ 9
  RESPECT ( AN 9COME 9T]E/ 9 ! TRU/ OR
  EXECUTES A 84CLAIM]0 9 RESPECT ( AN
  9COME 9T]E/ 9 ! TRU/ 9 FAV\R ( ANO!R
  P]SON WD 2 3SID]$ 6H ACQUIR$ ! 9COME
  9T]E/ & "!=E WD 2 UNA# 6EXECUTE A
  VALID 4CLAIM]4



                                      #F
          ,REL1SE OR ,SURR5D]        A#C
    
#H4 ,": A TAXPAY] =M,Y REL1SES OR
  SURR5D]S ALL OR ANY "P ( AN 9COME
  9T]E/ 9 A "PICUL> TRU/ 9 RESPECT (
  FUTURE PAY;TS 7AM.TS N DUE & PAYA# AT
  ! "T (! REL1SE OR SURR5D]7 9 FAV\R (
  "O OR M O!R P]SONS1 ! TAXPAY] W 2
  DEEM$1 0VIRTUE ( P>AGRAPH #FI7#A77B71
  6H RCVD PROCE$S ( 4POSI;N EQUAL 6!
  FAIR M>KET VALUE AT ! "T (! REL1SE OR
  SURR5D] (! 9COME 9T]E/ REL1S$ OR
  SURR5D]$ & M/ 9CLUDE T AM.T 9 9COME
  PURSUANT 6SUBSEC;N #AJF7#B74 ,X %D 2
  NOT$ T P>AGRAPH #BDH7#H77C7 DOES N
  APPLY 6AN 9COME 9T]E/ T >ISES ^U ! D1?
  (! DEC1S$ S9CE S* AN 9T]E/ CD N H BE5
  PROP]TY (! DEC1S$ IMMLY 2F D1?4
#I4 ,A TAXPAY] :O = NO 3SID],N VALIDLY
  REL1SES OR SURR5D]S AN 9COME 9T]E/ 9 A
  TRU/ 9 RESPECT ( FUTURE PAY;TS 7N DUE
  & PAYA# AT ! "T ! REL1SE OR SURR5D] IS
  EXECUT$7 & DOES N DIRECT 9 ANY MANN]
  :O IS 5TITL$ 6RCV ! B5EFITS1 W N 2
  3SID]$ 6H RCVD ANY PROCE$S (        #G
             ,,IT-#CHE;,R#B          B#C
  4POSI;N =! PURPOSES ( SUBSEC;N
  #AJF7#B74 ,! RESULT W 2 ! SAME IF !
  TAXPAY] DESIGNATES OR O!RWISE AGREES :
  P]SON OR P]SONS W B5EFIT 0R1SON (!
  REL1SE OR SURR5D]1 IF ! SAME P]SON OR
  P]SONS WD 2 5TITL$ 6B5EFIT 9 ! SAME
  WAY "U ! TRU/ )\T ! TAXPAY]'S DESIGN,N
  OR AGREE;T4 ,H["E1 ! ATTRIBU;N RULES (
  SUBSEC;NS #GD.A7#A7 & 7#B7 >E 3SID]$
  6APPLY IF ! P]SON OR P]SONS :O B5EFIT
  "U ! T]MS (! TRU/ Z A 3SEQU;E (!
  REL1SE OR SURR5D] >E P]SONS DESCRIB$ 9
  ^? SUBSEC;NS4

   ,CO/ ( AN ,9COME ,9T]E/ 9 A ,TRU/
    
#AJ4 ,SUBSEC;N #AJF7#A7 P]MITS A TAXPAY]
  6DEDUCT AN AM.T 9 RESPECT (! CO/ ( AN
  9COME 9T]E/ 9 A TRU/ ": AM.TS H BE5
  9CLUD$ 9 9COME EI ON ! 4POSI;N ( S*
  9T]E/ PURSUANT 6SUBSEC;N #AJF7#B71 Z
  DESCRIB$ 9 #D & #H ABV1 OR ": !
  TAXPAY] HAS 9COME F ! 9T]E/ "U
  SUBSEC;N                            #H
             ,,IT-#CHE;,R#B           #D
  #AJD7#AC71 OR BO?4 ,! AM.T T C 2
  DEDUCT$ 9 ANY YE>1 H["E1 _C EXCE$ !
  LESS] (
  7A7 T POR;N (! CO/ T 0 N DEDUCTI# =
    PREVI\S YE>S1 &
  7B7 ! AM.T 9CLUD$ 9 9COME =! YE>
    PURSUANT 6SUBSEC;NS #AJD7#AC7 &
    #AJF7#B7 M9US1 = 9T]E/S ACQUIR$ AF
    #E3JJ P4M4 ,E4,S4,T4 ON ,NOVEMB]
    #BF1 #AIHE1 ! DEDUC;NS ALL[$ 9
    RESPECT ( ^? AM.TS =! #AIHF &
    SUBSEQU5T TAX,N YE>S "U SUBSEC;NS
    #AAB7#A7 OR #ACH7#F7 &1 =! #AIHF &
    #AIHG TAX,N YE>S "U SUBSEC;N
    #AAJ.A7#A74
  ,=! PURPOSES ( SUBSEC;N #AJF7#A71 !
  CO/ 6! TAXPAY] ( AN 9COME 9T]E/ 9 A
  TRU/ ACQUIR$ DIRECTLY F ! P]SON :O 0 A
  B5EFICI>Y 9 RESPECT (! 9COME 9T]E/ W
  G5],Y 2 ! AM.T PD = X4 ,H["E1 IF !
  9T]E/ 0 ACQUIR$ F ! B5EFICI>Y 9 A NON-
  >M'S L5G? TRANSAC;N &! AM.T PD = X
  EXCE$$ XS FAIR M>KET VALUE1 XS CO/ W 2
  DEEM$ 6BE XS FAIR M>KET VALUE       #I
             ,,IT-#CHE;,R#B          A#D
  0VIRTUE ( P>AGRAPH #FI7#A77A7 &1 IF !
  9COME 9T]E/ 0 ACQUIR$ F ! B5EFICI>Y
  0WAY ( GIFT1 XS CO/ W 2 DEEM$ 6BE XS
  FAIR M>KET VALUE 0VIRTUE ( P>AGRAPH
  #FI7#A77C74 ,IF ! 9COME 9T]E/ 0 N
  ACQUIR$ F A P]SON :O 0 A B5EFICI>Y 9
  RESPECT (! 9T]E/1 XS CO/ IS DEEM$ 6BE
  NIL 0VIRTUE ( SUBSEC;N #AJF7#A.A74















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