Accumulations Act, R.S.O. 1990, c. A.5

• Jurisdiction: Ontario
• Year: 2000

Accumulations Act

R.S.O. 1990, CHAPTER A.5

Consolidation Period: From December 15, 2009 to the e-Laws currency date.

Last amendment: 2009, c. 33, Sched. 16, s. 1.

Maximum 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 accumulated. R.S.O. 1990, c. A.5, s. 1 (1).

Application of subs. (1) restrictions

(2) The restrictions imposed by subsection (1) apply in relation to a power to accumulate income whether or not there is a duty to exercise that power, and such restrictions also apply whether or not the power to accumulate extends to income produced by the investment of income previously accumulated. R.S.O. 1990, c. A.5, s. 1 (2).

Idem

(3) The restrictions imposed by subsection (1) apply to every disposition of real or personal property, whether made before or after its enactment. R.S.O. 1990, c. A.5, s. 1 (3).

Previous acts, etc., not affected

(4) Nothing in...