Income Tax Act — I-3.3 248
pensation as an employee, (b) under which the trustee has, since the commencement of the arrangement, each year allocated to individuals who are beneficiaries thereunder, in such manner as is reasonable, the amount, if any, by which the total of all amounts each of which is (i) an amount received under the arrangement by the trustee in the year from an employer or from a person with whom the employer does not deal at arm’s length, (ii) the amount that would, if this Act were read without reference to subsection 104(6), be the income of the trust for the year (other than a taxable capital gain from the disposition of property) from a property or other source other than a business, or (iii) a capital gain of the trust for the year from the disposition of property exceeds the total of all amounts each of which is (iv) the loss of the trust for the year (other than an allowable capital loss from the disposition of property) from a property or other source other than a business, or (v) a capital loss of the trust for the year from the disposition of property, and (c) the trustee of which has elected to qualify the arrangement as an employee trust in its return of income filed within 90 days from the end of its first taxation year; ( fiducie d’employés ) employees profit sharing plan has the meaning assigned by subsection 144(1); ( régime de participation des employés aux bénéfices ) employer , in relation to an officer, means the person from whom the officer receives the officer’s remuneration; ( employeur ) employment means the position of an individual in the service of some other person (including Her Majesty or a foreign state or sovereign) and servant or employee means a person holding such a position; ( emploi ) estate has the meaning assigned by subsection 104(1) and includes, for civil law, a succession; ( succession ) estate of the bankrupt has the same meaning as in the Bankruptcy and Insolvency Act ; ( actifs du failli ) excess capacity has the same meaning as in subsection 18.2(1); ( capacité excédentaire ) excessive eligible dividend designation has the meaning assigned by subsection 89(1); ( désignation excessive de dividende déterminé ) exempt income means property received or acquired by a person in such circumstances that it is, because of any provision of Part I, not included in computing the person’s income, but does not include a dividend on a share or a support amount (as defined in subsection 56.1(4)); ( revenu exonéré ) farming includes tillage of the soil, livestock raising or exhibiting, maintaining of horses for racing, raising of poultry, fur farming, dairy farming, fruit growing and the keeping of bees, but does not include an office or employment under a person engaged in the business of farming; ( agriculture ) farm loss has the meaning assigned by subsection 111(8); ( perte agricole ) federal credit union has the meaning assigned by section 2 of the Bank Act ; ( coopérative de crédit fédérale ) filing-due date for a taxation year of a taxpayer means the day on or before which the taxpayer’s return of income under Part I for the year is required to be filed or would be required to be filed if tax under that Part were payable by the taxpayer for the year; ( date d’échéance de production ) first home savings account or FHSA has the same meaning as in subsection 146.6(1); ( compte d’épargne libre d’impôt pour l’achat d’une première propriété ou CELIAPP ) fiscal period [Repealed, 1996, c. 21, s. 60] fishing includes fishing for or catching shellfish, crustaceans and marine animals but does not include an office or employment under a person engaged in the business of fishing; ( pêche ) flow-through share has the meaning assigned by subsection 66(15); ( action accréditive ) foreign accrual property income has the meaning assigned by section 95; ( revenu étranger accumulé, tiré de biens ) foreign affiliate has the meaning assigned by subsection 95(1); ( société étrangère affiliée ) foreign currency means curr