,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,elec;n 0,memb]s (a ,"pn]%ip "u
  subsec;n #ig7#b7
,numb]3 ,,it-#dac;,r
,date3 ,july #g1 #aihi
,ref];e3 ,subsec;ns #if7#c7 & #ig7#b7
  7al subsec;ns #if7#d71 7#e71 7#e.a7 &
  7#f7 & p>agraph #ajb7b774

               ,applic,n
    
  ,? bullet9 c.els & replaces ,,it-#dac
dat$ ,may #ae1 #aigh4 ,curr5t revi.ns >e
9dicat$ 0v]tical l9es4

                ,summ>y
    
  ,pursuant 6subsec;n #ig7#b7 a taxpay]
may 4pose ( c]ta9 prop]ty 6a "pn]%ip on
a rollov] basis provid$ t a jo9t      #a
              ,,it-#dac;,r           a#a
elec;n is execut$ 0! taxpay] & all ! o!r
memb]s (! "pn]%ip & t ! o!r require;ts (
t subsec;n >e satisfi$4 ,6be valid1 s*
an elec;n on 2half (! memb]s (a "pn]%ip
m/ -ply )! rules 9 subsec;n #if7#c74 ,?
bullet9 expla9s ! implic,ns ( subsec;n
#if7#c7 6a subsec;n #ig7#b7 elec;n ": !
prop]ty is 4pos$ ( 0a ,canadian "pn]%ip
or ": a memb] (! ,canadian "pn]%ip t
acquires ! prop]ty is xf a ,canadian
"pn]%ip4

     ,4cus.n & 9t]pret,n 7p>agraphs
                 #a-h7
    
#a4 ,p>agraph #ajb7b7 cl>ifies t ! rules
  9 subdivi.n ;j 7sec;ns #if 6#ajc7
  apply 6a "pn]%ip : is a memb] ( ano!r
  "pn]%ip4 ,al? p>agraph #ajb7b7 applies
  af ,febru>y #be1 #aihf xs 5act;t m]ely
  recognizes ! ,de"p;t's previ\s posi;n
  9 respect ( subdivi.n ;j & does n
  9volve a *ange 9 t posi;n4
                                      #b
              ,,it-#dac;,r           b#a
#b4 ,p>agraph #if7#c77a7 provides t ": a
  p]son :o is a memb] (a "pn]%ip has
  made an elec;n "u subsec;n #ig7#b71 !
  elec;n is n valid un.s x 0 made or
  execut$ on 2half ( t p]son & ea* o!r
  p]son :o 0 a memb] (! "pn]%ip & t
  p]son _h au?or;y 6act =! "pn]%ip4 ,":
  a "pn]%ip 4poses ( prop]ty : is !
  subject ( an elec;n "u subsec;n
  #ig7#b71 ! mann] 9 : ! require;ts (
  p>agraph #if7#c77a7 apply 6! "p (!
  jo9t elec;n 6be made on 2half (!
  memb]s (! 4pos+ "pn]%ip is 4cuss$ 9 #c
  2l4 ,": a "pn]%ip is a memb] ( ano!r
  "pn]%ip : acquires prop]ty t is !
  subject ( an elec;n "u subsec;n
  #ig7#b71 ! mann] 9 : ! require;ts (
  p>agraph #if7#c77a7 apply 6! "p (!
  jo9t elec;n 6be made on 2half (!
  memb]s (! acquir+ "pn]%ip is 4cuss$ 9
  #d 2l4
--------------------------------------#b
#c4 ,": ! 8taxpay]0 ref]r$ 6in subsec;n
  #ig7#b7 t 4poses ( prop]ty 6a       #c
              ,,it-#dac;,r           a#b
  "pn]%ip is xf a "pn]%ip 7! f/
  "pn]%ip71 t "p (! jo9t elec;n requir$
  0subsec;n #ig7#b7 6be made 0!
  8taxpay]0 m/ 2 made or execut$ 0a
  memb] ( t f/ "pn]%ip on 2half ( all
  memb]s ( t f/ "pn]%ip1 9clud+ ! memb]
  mak+ or execut+ ! elec;n &! memb] :o
  makes or executes ! elec;n m/ h
  au?or;y 6act on 2half (! memb]s ( t
  "pn]%ip4
#d4 ,g5],y1 t "p (! jo9t elec;n 9
  respect ( all o!r memb]s (! "pn]%ip t
  is acquir+ ! prop]ty m/ 2 made 0a
  memb] ( t "pn]%ip on 2half ( t memb]
  &( ea* o!r p]son :o 0 a memb] (!
  "pn]%ip & t memb] m/ h ! au?or;y 6act
  =! "pn]%ip4 ,9 a situ,n ": a "pn]%ip
  7! f/ "pn]%ip7 is a memb] (! "pn]%ip
  7! second "pn]%ip7 t is acquir+ !
  prop]ty1 t "p (! jo9t elec;n requir$
  0subsec;n #ig7#b7 6be made by 8all o!r
  memb]s (! "pn]%ip0 m/ 2 made or
  execut$ 0a memb] (! second "pn]%ip on
  2half ( ea* memb] (! f/ "pn]%ip &   #d
              ,,it-#dac;,r           b#b
  ea* memb] (! second "pn]%ip1 9clud+ !
  memb] mak+ or execut+ ! elec;n &!
  memb] mak+ or execut+ ! elec;n m/ h !
  au?or;y 6act on 2half (! memb]s (! f/
  "pn]%ip z well z on 2half (! memb]s (!
  second "pn]%ip4
#e4 ,p>agraph #if7#c77b7 provides t un.s
  ! subsec;n #ig7#b7 elec;n is 9valid
  0virtue ( p>agraph #if7#c77a71 ea* o!r
  p]son :o 0 a memb] (! "pn]%ip dur+ !
  relevant fiscal p]iod % 2 deem$ 6h
  made or execut$ ! elec;n4 ,": "o memb]
  (! "pn]%ip 7! 8second "pn]%ip07 is xf
  a "pn]%ip 7! 8f/ "pn]%ip071 ea* p]son
  :o is a memb] (! f/ "pn]%ip is al
  deem$ 6h made or execut$ ! elec;n 9
  a4i;n 6ea* o!r p]son :o is a memb] (!
  second "pn]%ip4
#f4 ,subsec;n #if7#d7 provides t any
  elec;n "u subsec;n #ig7#b7 % 2 made on
  or 2f ! "d t is ! e>lie/ (! "ds on or
  2f : any taxpay] mak+ ! elec;n is
  requir$ 6file a return ( 9come
  pursuant 6sec;n #aej =! taxpay]'s   #e
              ,,it-#dac;,r           c#b
  tax,n ye> 9 : ! transac;n 6: ! elec;n
  relates o3urr$4 ,! ^ws 8any taxpay]0 9
  ! =ego+ s5t;e 9cludes
  7a7 ! taxpay] :o 4pos$ (! prop]ty 6!
    "pn]%ip &1 ": x 0 a "pn]%ip t 4pos$
    (! prop]ty1 ea* memb] ( t "pn]%ip1 &
  7b7 ea* memb] (! "pn]%ip t acquir$ !
    prop]ty &1 ": a memb] (! "pn]%ip t
    acquir$ ! prop]ty 0 xf a "pn]%ip 7!
    f/ "pn]%ip71 ea* memb] (! f/ "pn]%ip
    z well4
--------------------------------------#c
#g4 ,": x is a "pn]%ip t 4poses (!
  prop]ty1 ! late fil+ p5alty1 if any1
  provid$ = 9 subsec;ns #if7#e71 7#e.a7
  & 7#f7 is 3sid]$ 6be paya# 0t "pn]%ip
  on 2half ( xs memb]s &! notice (
  assess;t ref]r$ 6in subsec;n #if7#g7 w
  2 s5t 6! a4ress (! "pn]%ip4
#h4 ,elec;ns =! purposes ( subsec;n
  #ig7#b7 m/ 2 made on prescrib$ ,=m
  ,t#bjei & require ! signatures (!
  transf]or or an au?oriz$ sign+ (fic]
  &(! au?oriz$ (fic] (! transf]ee4    #f