Legislative Proposal Relating to the Income Tax Act (Amateur Athlete Trust)
1 (1) The portion of subsection 143.1(3) of the Income Tax Act before paragraph (a) is replaced by the following:
Termination of amateur athlete trust
(3) Subject to subsection (3.1), if an amateur athlete trust holds property on behalf of a beneficiary who has not competed in an international sporting event as a Canadian national team member for a period of 8 years that ends in a particular taxation year and that begins in the year that is the later of
(2) Section 143.1 of the Act is amended by adding the following after subsection (3):
Special rule — 2019
(3.1) If the particular taxation year referred to in subsection (3) in respect of an amateur athlete trust would, if this section were read without reference to this subsection, be the 2019 taxation year, the reference to "8 years" in subsection (3) is to be read as a reference to "9 years".
(3) Subsections (1) and (2) are deemed to have come into force on January 1, 2019.
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