Income Tax Act

Marginal note:Designated beneficiary

210 In this Part, a designated beneficiary under a trust at any time means a beneficiary under the trust that was, at that time,

• (a) a non-resident person;

• (b) a non-resident-owned investment corporation;

• (c) a person exempt from tax under Part I by reason of subsection 149(1), where that person acquired an interest in the trust after October 1, 1987 directly or indirectly from a beneficiary under the trust except

  • (i) where the interest was owned continuously since October 1, 1987 or the date on which the interest was created, whichever is later, by persons exempt from tax under Part I by reason of subsection 149(1), or

  • (ii) where the person was a trust governed by

    • (A) a registered retirement savings plan, or

    • (B) a registered retirement income fund,

    and acquired the interest, directly or indirectly, from an individual or the spouse or common-law partner or former spouse or common-law partner of the individual who was, immediately after the interest was acquired, a beneficiary under the trust governed by the fund or plan;

• (d) a trust resident in Canada (other than a testamentary trust, a mutual fund trust or a trust exempt, because of subsection 149(1), from tax under Part I on all or part of its taxable income), if

  • (i) a person described in paragraph 210(a), 210(b) or 210(c),

  • (ii) a partnership described in paragraph 210(e), or

  • (iii) a trust (other than a trust resident in Canada that is a testamentary trust)

  is, at that time, a beneficiary thereunder; or

• (e) a partnership, if a person described in paragraph 210(a), 210(b) or 210(d), a partnership or a person exempt from tax under Part I by reason of subsection 149(1) is, at that time, a member thereof.