"Who is "the person" in Subsection 75(2)?" The Estate Planner, No. 198, July 2011
Date:
July 11 2011
Subsection 75(2) of the Income Tax Act is an anti-avoidance provision. It provides that if a person contributes property to a trust, but under the conditions of the trust the property may revert to the person or the person retains certain powers over that property, then any income or loss from that property is attributed to the person. In a recent decision of Miller J, Sommerer v. The Queen, the Tax Court said that the purpose of this provision was not clear, but with all due respect, the writer disagrees.
This article also includes discussion on the following:
- Existence of a Trust
- Subsection 75(2)
- Textual Interpretation
- Contextual Interpretation
- Purposive Interpretation
- Revert
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