Income Tax Act — I-3.3 142.2
Definitions 142.2 (1) In this section and sections 142.3 to 142.7, excluded property of a taxpayer for a taxation year means property, held at any time in the taxation year by the taxpayer, that is (a) a share of the capital stock of a corporation if, at any time in the taxation year, the taxpayer has a significant interest in the corporation, (b) a property that is, at all times in the taxation year at which the taxpayer held the property, a prescribed payment card corporation share of the taxpayer, (c) if the taxpayer is an investment dealer, a property that is, at all times in the taxation year at which the taxpayer held the property, a prescribed securities exchange investment of the taxpayer, (d) a share of the capital stock of a corporation if (i) control of the corporation is, at any time (referred to in this paragraph as the “acquisition of control time”) that is in the 24-month period that begins immediately after the end of the year, acquired by (A) the taxpayer, (B) one or more persons related to the taxpayer (otherwise than by reason of a right referred to in paragraph 251(5)(b)), or (C) the taxpayer and one or more persons described in clause (B), and (ii) the taxpayer elects in writing to have subparagraph (i) apply and files the election with the Minister on or before the taxpayer’s filing-due date for the taxpayer’s taxation year that includes the acquisition of control time, or (e) a prescribed property; ( bien exclu ) fair value property of a taxpayer for a taxation year means property, held at any time in the taxation year by the taxpayer, that is — or it is reasonable to expect would, if the taxpayer held the property at the end of the taxation year, be — valued (otherwise than solely because its fair value was less than its cost to the taxpayer or, if the property is a specified debt obligation, because of a default of the debtor) in accordance with generally accepted accounting principles, at its fair value (determined in accordance with those principles) in the taxpayer’s balance sheet as at the end of the taxation year; ( bien évalué à sa juste valeur ) financial institution at any time means (a) a corporation that is, at that time, (i) a corporation referred to in any of paragraphs (a) to (e.1) of the definition restricted financial institution in subsection 248(1), (ii) an investment dealer, or (iii) a corporation controlled by one or more persons or partnerships each of which is a financial institution at that time, other than a corporation the control of which was acquired by reason of the default of a debtor where it is reasonable to consider that control is being retained solely for the purpose of minimizing any losses in respect of the debtor’s default, and (b) a trust or partnership more than 50% of the fair market value of all interests in which are held at that time by one or more financial institutions, but does not include (c) a corporation that is, at that time, (i) an investment corporation, (ii) a mortgage investment corporation, (iii) a mutual fund corporation, or (iv) a deposit insurance corporation (as defined in subsection 137.1(5)), (d) a trust that is a mutual fund trust at that time, nor (e) a prescribed person or partnership; ( institution financière ) investment dealer at any time means a corporation that is, at that time, a registered securities dealer; ( courtier en valeurs mobilières ) mark-to-market property of a taxpayer for a taxation year means property (other than an excluded property) held at any time in the taxation year by the taxpayer that is (a) a share, (b) if the taxpayer is not an investment dealer, a specified debt obligation that is a fair value property of the taxpayer for the taxation year, (c) if the taxpayer is an investment dealer, a specified debt obligation, or (d) a tracking property of the taxpayer that is a fair value property of the taxpayer for the taxation year; ( bien évalué à la valeur du marché ) specified debt obligation of a taxpayer means the