1The following definitions apply in this Act.
“alter ego trust” has the same meaning as in the Income Tax Act (Canada).(fiducie en faveur de soi-même)
“beneficiaries or purposes of the trust” means
(bénéficiaire ou objets de la fiducie)
(a)
if the trust is not a charitable trust, its beneficiaries, or
(b)
if the trust is a charitable trust, its purposes.
“committee of the estate” Repealed: 2022, c.60, s.85
“continuing trustee” means a trustee who continues as a trustee after another trustee ceases to be a trustee.(fiduciaire demeurant en fonction)
“court” means The Court of King’s Bench of New Brunswick.(Cour)
“fiscal period” means
(exercice)
(a)
the period identified in the trust instrument as the period adopted for accounting purposes;
(b)
if paragraph (
a) does not apply, the period specified by the trustees as the period adopted for accounting purposes; or
(c)
if paragraphs (
a) and (
b) do not apply, the calendar year.
“incompetency” means the condition of mind or physical incapacity of a mentally incompetent person as defined in the Interpretation Act.(incapacité)
“joint spousal or common-law partner trust” has the same meaning as in the Income Tax Act (Canada).(fiducie mixte au profit de l’époux ou du conjoint de fait)
“outgoing” means an expenditure paid or incurred in administering a trust, including, without limitation, an expenditure arising from or made with respect to repairs, maintenance, insurance, taxes, security interests, debts, calls on shares, annuities and losses.(dépense)
“post-1971 spousal or common-law partner trust” has the same meaning as in the Income Tax Act (Canada).(fiducie au profit de l’époux ou du conjoint de fait postérieure à 1971)
“pre-1972 spousal trust” has the same meaning as in the Income Tax Act (Canada).(fiducie au profit du conjoint antérieure à 1972)
“qualified beneficiary” means a beneficiary who
(bénéficiaire admissible)
(a)
has a vested beneficial interest in the trust property, or
(b)
has delivered notice under subsection 93(1) and has not withdrawn the notice under subsection 93(2).
“representative” means a representative appointed under the Supported Decision-Making and Representation Act with powers in relation to a person’s financial matters.(représentant)
“secured party” means a person who has a security interest.(partie garantie)
“security interest” means an interest in property that secures payment or performance of an obligation.(sûreté)
“settlor” includes a testator in relation to a trust created by a will.(constituant)
“trust instrument” means a deed, will, document or oral declaration that creates or varies a trust, but does not include a judgment or order of a court of competent jurisdiction.(instrument de fiducie)
“trustee” means
(fiduciaire)
(a)
when used in the singular, a person who is a trustee;
(b)
when used in the plural, the trustees acting together or, if there is only one trustee, that trustee.
2022, c.60, s.85; 2023, c.17, s.271