Bill C-70

(c.1) where the taxpayer was a financial institution in its taxation year that includes that time and the property was a mark-to-market property for the year, the cost to the taxpayer of the property,

(d.1) where the property was a loan or lending asset (other than a net income stabilization account or a property in respect of which paragraph (b), (c), (c.1) or (d.2) applies), the amortized cost of the property to the taxpayer at that time,

(d.2) where the taxpayer was a financial institution in its taxation year that includes that time and the property was a specified debt obligation (other than a mark-to-market property for the year), the tax basis of the property to the taxpayer at that time,

(e) where the property was a right of the taxpayer to receive an amount, other than property that is

(i) a debt the amount of which was deducted under paragraph 20(1)(p) in computing the taxpayer's income for a taxation year that ended before that time,

(ii) a net income stabilization account, or

(iii) a right in respect of which paragraph (b), (c), (c.1), (d.1) or (d.2) applies,

the amount the taxpayer has a right to receive,

and, for the purposes of this definition, ``financial institution'', ``mark-to-market property'' and ``specified debt obligation'' have the meanings assigned by subsection 142.2(1), and ``tax basis'' has the meaning assigned by subsection 142.4(1);

(c) subject to paragraph 128(1)(d), section 128.1, and paragraphs 142.6(1)(a) and 149(10)(a), and notwithstanding subsections (1) and (3), where the taxation year of the corporation that would, but for this subsection, have been its last taxation year that ended before that time would, but for this paragraph, have ended within the 7-day period that ended immediately before that time, that taxation year shall, except where control of the corporation was acquired by a person or group of persons within that period, be deemed to end immediately before that time where the corporation so elects in its return of income under Part I for that taxation year; and

PART IV

AMENDMENTS RELATING TO ELIGIBLE FUNERAL ARRANGEMENTS

(e.1) a trust governed by an eligible funeral arrangement,

ELIGIBLE FUNERAL ARRANGEMENTS

(a) where a trust is governed by the arrangement, a trustee of the trust, and

(b) in any other case, a qualifying person who receives a contribution under the arrangement as a deposit for the provision by the person of funeral services;

(a) each contribution made before the particular time under the arrangement was made for the purpose of funding funeral services to be provided by the qualifying person with respect to an individual, and

(b) for each such individual, the total of all relevant contributions made before the particular time in respect of the individual under the arrangement does not exceed $15,000;

(a) a contribution under the particular arrangement (other than a contribution made by way of a transfer from an eligible funeral arrangement) for the purpose of funding funeral services with respect to the individual, or

(b) such portion of a contribution to another arrangement that was an eligible funeral arrangement (other than any such contribution made by way of a transfer from any eligible funeral arrangement) as can reasonably be considered to have subsequently been used to make a contribution under the particular arrangement by way of a transfer from an eligible funeral arrangement for the purpose of funding funeral services with respect to the individual.

(a) no amount that has accrued, is credited or is added to an eligible funeral arrangement shall be included in computing the income of any person solely because of such accrual, crediting or adding;

(b) subject to paragraph (c) and subsection (3), no amount shall be

(i) included in computing a person's income solely because of the provision by another person of funeral services under an eligible funeral arrangement, or

(ii) included in computing a person's income because of the disposition of an interest under an eligible funeral arrangement or an interest in a trust governed by an eligible funeral arrangement; and

(c) subparagraph (b)(ii) shall not affect the consequences under this Act of the disposition of any right under an eligible funeral arrangement to payment for the provision of funeral services.

(s.1) a trust governed by an eligible funeral arrangement;

(v) a payment made by a custodian (within the meaning assigned by subsection 148.1(1)) of an arrangement that was, at the time it was established, an eligible funeral arrangement, to the extent that such amount would, if the non-resident person were resident in Canada, be included because of subsection 148.1(3) in computing the person's income.

(e) a payment described in any of paragraphs (1)(k) to (n), (q) and (v), or

PART V

AMENDMENTS RELATING TO REAL ESTATE INVESTMENT TRUSTS

(b) throughout the taxation year in which the particular time occurred

(i) it was resident in Canada,

(ii) its only undertaking was

(A) the investing of its funds in property (other than real property),

(B) the acquiring, holding, maintaining, improving, leasing or managing of any real property that is capital property of the trust, or

(C) any combination of the activities described in clauses (A) and (B),

(iii) at least 80% of its property consisted of any combination of shares, bonds, mortgages, marketable securities, cash, real property situated in Canada or rights to or interests in any rental or royalty computed by reference to the amount or value of production from a natural accumulation of petroleum or natural gas in Canada, from an oil or gas well in Canada or from a mineral resource in Canada,

(iv) not less than 95% of its income (determined without reference to subsections 49(2.1) and 104(6)) for the year was derived from, or from the disposition of, investments described in subparagraph (iii), and

(v) not more than 10% of its property consisted of bonds, securities or shares in the capital stock of any one corporation or debtor other than Her Majesty in right of Canada or a province or a Canadian municipality,

and, where the trust would not be a unit trust at the particular time if subparagraph (iii) were read without reference to the words ``real property situated in Canada'', the units of the trust are listed at any time in the year or in the following taxation year on a prescribed stock exchange in Canada.

(b) its only undertaking was

(i) the investing of its funds in property (other than real property),

(ii) the acquiring, holding, maintaining, improving, leasing or managing of any real property that is capital property of the corporation, or

(iii) any combination of the activities described in subparagraphs (i) and (ii), and

(b) its only undertaking was

(i) the investing of its funds in property (other than real property),

(ii) the acquiring, holding, maintaining, improving, leasing or managing of any real property that is capital property of the trust, or

(iii) any combination of the activities described in subparagraphs (i) and (ii), and