Income Tax Act — I-3.3 207.01
 calendar year means, (a) if the year is before 2009, nil; (a.1) in circumstances where the Minister has, in accordance with section 207.06, waived or cancelled all or part of the liability imposed on the individual, the amount determined by the Minister; and (b) in any other case, the positive or negative amount determined by the formula A + B + C - D where A is the individual’s unused TFSA contribution room at the end of the preceding calendar year, B is the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is (i) a qualifying transfer, or (ii) a specified distribution, C is (i) the TFSA dollar limit for the calendar year, if at any time in the calendar year the individual is 18 years of age or older and resident in Canada, and (ii) nil, in any other case, and D is the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year, other than a contribution that is (i) a qualifying transfer, or (ii) an exempt contribution. ( droits inutilisés de cotisation à un CÉLI ) Interpretation (2) For the purposes of this section, income includes dividends described in section 83. Survivor as successor holder (3) If an individual’s survivor becomes the holder of a TFSA as a consequence of the individual’s death and, immediately before the individual’s death, the individual had an excess TFSA amount, the survivor is deemed (other than for the purposes of the definition exempt contribution ) to have made, at the beginning of the month following the individual’s death, a contribution under a TFSA equal to the amount, if any, by which (a) that excess TFSA amount exceeds (b) the total fair market value immediately before the individual’s death of all property held in connection with arrangements that ceased, because of the individual’s death, to be TFSAs. Significant interest (4) An individual has a significant interest in a corporation, partnership or trust at any time if (a) in the case of a corporation, the individual would, at that time, be a specified shareholder of the corporation if the references in the portion of the definition specified shareholder in subsection 248(1) before paragraph (a) to “in a taxation year” and “at any time in the year” were read as “at any time” and “at that time”, respectively; (b) in the case of a partnership, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a member of the partnership that have a fair market value of 10% or more of the fair market value of the interests of all members in the partnership; and (c) in the case of a trust, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a beneficiary (in this paragraph, as defined in subsection 108(1)) under the trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the trust. Obligation of issuer (5) The issuer, carrier or promoter of a registered plan shall exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that a trust governed by the registered plan holds a non-qualified investment. Deemed disposition and reacquisition of investments (6) If, at any time, a property held by a trust governed by a registered plan becomes, or ceases to be, a prohibited investment or non-qualified investment for the trust, the trust is deemed to have disposed of the property immediately before that time for proceeds of disposition equal to the fair market value of the property at that time and to have reacquired the property at that time at a cost equal to that fair market value. Adjusted cost base (7) For the purpose of computing the adjusted