Accumulations Act

Bills that amended this Act0

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Sections8

• 1Maximum accumulation periods

  1 (1) No disposition of any real or personal property shall direct the income thereof to be wholly or partially accumulated for any longer than one of the following terms: 1. The life of the grantor. 2. Twenty-one years from the date of making an inter vivos disposition. 3. The duration of the minority or respective minorities of any person or persons living or conceived but not born at the date of making an inter vivos disposition. 4. Twenty-one years from the death of the grantor, settlor or testator. 5. The duration of the minority or respective minorities of any person or persons living or conceived but not born at the death of the grantor, settlor or testator. 6. The duration of the minority or respective minorities of any person or persons who, under the instrument directing the accumulations, would, for the time being, if of full age, be entitled to the income directed to be accum…

• 1.
• 2Saving as to debts or portions for children

  2 Nothing in this Act extends to any provision for payment of debts of a grantor, settlor, devisor or other person, or to any provision for raising portions for a child of a grantor, settlor or devisor, or for a child of a person taking an interest under any such conveyance, settlement or devise, or to any direction touching the produce of timber or wood upon any lands or tenements, but all such provisions and directions may be made and given as if this Act had not been passed. R.S.O. 1990, c. A.5, s. 2.

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• 3Rules as to accumulations not applicable to employee benefit trusts

  3 (1) The rules of law and statutory enactments relating to accumulations do not apply and shall be deemed never to have applied to the trusts of a plan, trust or fund established for the purpose of providing pensions, retirement allowances, annuities, or sickness, death or other benefits to employees or to their surviving spouses, dependants or other beneficiaries. R.S.O. 1990, c. A.5, s. 3; 2005, c. 5, s. 2 (1). Definition (2) In this section, “spouse” means, (a) a spouse as defined in section 1 of the Family Law Act, or (b) either of two persons who live together in a conjugal relationship outside marriage. 2005, c. 5, s. 2 (2). Section Amendments with date in force (d/m/y) 2005, c. 5, s. 2 (1, 2) - 09/03/2005

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• 4Rules as to accumulations not applicable to charitable purpose trusts

  4 The rules of law and statutory enactments relating to accumulations do not apply and shall be deemed never to have applied to trusts created for a charitable purpose, as defined in section 7 of the Charities Accounting Act. 2009, c. 33, Sched. 2, s. 1. Section Amendments with date in force (d/m/y) 2009, c. 33, Sched. 2, s. 1 - 15/12/2009

• 5Rules not applicable to certain trust funds

  5 The rules of law and statutory enactments relating to accumulations do not apply and are deemed never to have applied to a trust fund required by subsection 9 (1) of the Nuclear Fuel Waste Act (Canada). 2009, c. 33, Sched. 16, s. 1. Section Amendments with date in force (d/m/y) 2009, c. 33, Sched. 16, s. 1 - 15/12/2009 ____________________