Income Tax Act — I-3.3 270
s an entity, if the entity’s gross income attributable to the holding of financial assets for the account of others and related financial services equals or exceeds 20% of the entity’s gross income during the shorter of (a) the three-year period that ends at the end of the entity’s last fiscal period, and (b) the period during which the entity has been in existence. ( établissement de garde de valeurs ) depository account includes (a) any commercial, chequing, savings, time or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness or other similar instrument maintained by a financial institution in the ordinary course of a banking or similar business; and (b) an amount held by an insurance company under a guaranteed investment contract or similar agreement to pay or credit interest on the contract. ( compte de dépôt ) depository institution means any entity that accepts deposits in the ordinary course of a banking or similar business. ( établissement de dépôt ) documentary evidence includes (a) a certificate of residence issued by an authorized government body (such as a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident; (b) with respect to an individual (other than a trust), any valid identification issued by an authorized government body that includes the individual’s name and is typically used for identification purposes; (c) with respect to an entity, any official documentation issued by an authorized government body that includes the name of the entity and either the address of its principal office in the jurisdiction in which it claims to be resident or the jurisdiction in which the entity was incorporated or organized; and (d) any audited financial statement, third-party credit report, bankruptcy filing or securities regulator’s report. ( preuve documentaire ) entity means a person (other than a natural person) or a legal arrangement, such as a corporation, partnership, trust or foundation. ( entité ) equity or debt interest includes, in the case of a partnership that is a financial institution, either a capital or profits interest in the partnership. ( titre de participation ou d’intérêt ) established securities market means an exchange that (a) is officially recognized and supervised by a governmental authority in which the market is located; and (b) has an annual value of shares traded on the exchange (or a predecessor exchange) exceeding one billion USD during each of the three calendar years immediately preceding the calendar year in which the determination is being made. For this purpose, if an exchange has more than one tier of market level on which stock may be separately listed or traded, each of those tiers must be treated as a separate exchange. ( marché boursier réglementé ) excluded account means (a) a retirement or pension account that satisfies the following requirements: (i) the account is (A) subject to regulation as a personal retirement account, or (B) part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits), (ii) the account is tax-favoured in that (A) contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or (B) taxation of investment income within the account is deferred or investment income within the account is taxed at a reduced rate, (iii) information reporting to the Minister is required with respect to the account, (iv) withdrawals are (A) conditioned on reaching a specified retirement age, disability or death, or (B) subject to penalties if made before the events specified in clause (A), and (v) after applying the rules in subsection 277(3) to all similar accounts, annual contributions to the account are limited to 50,000 USD or less