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(3) The definition ``cost amount'' in
subsection 248(1) of the Act is amended by
adding the following after paragraph (c):
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(4) Paragraph (e) of the definition ``cost
amount'' in subsection 248(1) of the Act is
replaced by the following:
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(5) The definition ``cost amount'' in
subsection 248(1) of the Act is amended by
adding the following after paragraph (f):
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(6) Subsections (1) and (2) apply to
taxation years that begin after June 17,
1987 and end after 1987.
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(7) Subsection (3) applies to taxation
years that begin after October 1994.
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(8) Subsections (4) and (5) apply to the
determination of cost amount at a time after
February 22, 1994.
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60. (1) Paragraph 249(4)(c) of the Act is
replaced by the following:
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(2) Subsection (1) applies after February
22, 1994.
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PART IV |
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AMENDMENTS RELATING TO ELIGIBLE FUNERAL ARRANGEMENTS |
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61. (1) The definition ``trust'' in
subsection 108(1) of the Act is amended by
striking out the word ``or'' at the end of
paragraph (d), by adding the word ``or'' at
the end of paragraph (e) and by adding the
following after paragraph (e):
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(2) Subsection (1) applies to the 1993 and
subsequent taxation years.
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62. (1) The Act is amended by adding the
following after section 148:
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ELIGIBLE FUNERAL ARRANGEMENTS |
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Definitions
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148.1 (1) In this section,
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``custodian'' « dépositaire »
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``custodian'' of an arrangement means
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``eligible
funeral
arrangement'' « arrangemen t de services funéraires »
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``eligible funeral arrangement'' at a particular
time means an arrangement established and
maintained by a qualifying person solely
for the purpose of funding funeral services
with respect to one or more individuals and
of which there is one or more custodians
each of whom was resident in Canada at the
time the arrangement was established,
where
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``funeral
services'' « services funéraires »
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``funeral services'' with respect to an
individual means property and services that
relate directly to funeral, burial, cremation
or cemetery arrangements in Canada in
consequence of the death of the individual
or to any combination of such
arrangements;
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``qualifying
person'' « personne admissible »
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``qualifying person'' means a person licensed
or otherwise authorized under the laws of a
province to provide funeral services for
individuals;
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``relevant
contribution'' « versement admissible »
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``relevant contribution'' in respect of an
individual under a particular arrangement
means
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Exemption for
eligible
funeral
arrangements
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(2) Notwithstanding any other provision of
this Act,
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Income
inclusion on
return of
funds
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(3) Where at any particular time in a
taxation year a particular amount is
distributed (otherwise than as payment for the
provision of funeral services with respect to an
individual) to a taxpayer from an arrangement
that was, at the time it was established, an
eligible funeral arrangement and the
particular amount is paid from the balance in
respect of the individual under the
arrangement, there shall be added in
computing the taxpayer's income for the year
from property the lesser of the particular
amount and the amount determined by the
formula
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A + B - C
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where
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A is the balance in respect of the individual
under the arrangement immediately before
the particular time;
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B is the total of all payments made from the
arrangement before the particular time for
the provision of funeral services with
respect to the individual; and
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C is the total of all relevant contributions made
before that time in respect of the individual
under the particular arrangement.
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(2) Subsection (1) applies to the 1993 and
subsequent taxation years.
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63. (1) Subsection 149(1) of the Act is
amended by adding the following after
paragraph (s):
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Trust
governed by
eligible
funeral
arrangement
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(2) Subsection (1) applies to the 1993 and
subsequent taxation years.
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64. (1) Subsection 212(1) of the Act is
amended by striking out the word ``or'' at
the end of paragraph (t), by adding the word
``or'' at the end of paragraph (u) and by
adding the following after paragraph (u):
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Payments
under an
eligible
funeral
arrangement
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(2) Paragraph 212(13)(e) of the Act is
replaced by the following:
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(3) Subsections (1) and (2) apply to
amounts paid or credited after October 21,
1994.
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65. (1) Subsection 248(1) of the Act is
amended by adding the following in
alphabetical order:
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``eligible
funeral
arrangement'' « arrangemen t de services funéraire »
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``eligible funeral arrangement'' has the
meaning assigned by subsection 148.1(1);
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(2) Subsection (1) applies after 1992.
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PART V |
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AMENDMENTS RELATING TO REAL ESTATE INVESTMENT TRUSTS |
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66. (1) Paragraph 108(2)(b) of the Act is
replaced by the following:
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(2) Subsection (1) applies to the 1994 and
subsequent taxation years.
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67. (1) Paragraph 131(8)(b) of the Act is
replaced by the following:
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(2) Subsection (1) applies to the 1994 and
subsequent taxation years.
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68. (1) Paragraph 132(6)(b) of the Act is
replaced by the following:
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(2) Subsection (1) applies to the 1994 and
subsequent taxation years.
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