In finding that the deemed s. 149(5) trust applicable to an NPO (apparently, a trust), that had been settled before 1972, was not grandfathered under s. 122(2), CRA stated:
[T]he condition in paragraph 122(2)(a) is not satisfied in the Particular Situation. That condition requires that the Trust be established before June 18, 1971, whereas subsection 149(5) deems the Trust to have been created at the end of 1971.