Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
RE: Testamentary Trust
We are writing in response to your letter of April 1, 1993, in which you requested an interpretation of paragraph 108(1)(i) of the Income Tax Act (the "Act"). Specifically, you have asked whether an inter vivos trust becomes a testamentary trust upon the death of the settlor of the trust. We apologize for the delay in responding to your letter.
A testamentary trust arises only upon and as a consequence of the death of an individual. Subparagraph 108(1)(i)(ii) of the Act specifically excludes a situation where property is contributed to a trust prior to that person's death.
We trust that the above comments will be of assistance to you.
Yours truly,
for Director Manufacturing Industries, Partnerships and Trusts DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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