Section 78: Definition of terms.

For the purposes of sections 79 to 83— “grantor” means a person who transfers property to or confers a benefit on a trust for no consideration or for a consideration less than its market value; “grantor trust” means a trust in relation to a whole or part of which— a) the grantor has— i. the power to revoke or alter the trust so as to acquire a beneficial interest in the corpus or income; or ii. a reversionary interest in either the corpus or income; or b) the property or benefit conferred by the grantor benefits a minor; “incapacitated person’s trust” means a trust for the benefit of a person under a legal disability; and “qualified beneficiary trust” means— a) a trust in relation to which a person has a power solely exercisable by that person to vest the corpus or income in that person; or b) a trust whose sole beneficiary is an individual or an individual’s estate or appointees, but does not include an incapacitated person’s trust.