Income Tax Act — I-3.3 (a)
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 or there is a maximum lifetime contribution limit to the account of 1,000,000 USD or less (and an account that otherwise satisfies this requirement will not fail to satisfy this requirement solely because the account may receive assets or funds transferred from one or more accounts that meet the requirements of this paragraph or paragraph (b) or from one or more broad participation retirement funds, narrow participation retirement funds or pension funds of a governmental entity, international organization or central bank); (b) an account that satisfies the following requirements: (i) the account is (A) both (I) subject to regulation as an investment vehicle for purposes other than for retirement, and (II) regularly traded on an established securities market, or (B) subject to regulation as a savings vehicle for purposes other than for retirement, (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) withdrawals are (A) conditioned on meeting specific criteria related to the purpose of the investment or savings account (including the provision of educational or medical benefits), or (B) subject to penalties if made before the criteria in clause (A) are met, and (iv) annual contributions are, after applying the rules in subsection 277(3) to all similar accounts, limited to 50,000 USD or less (and an account that otherwise satisfies this requirement will not fail to satisfy this requirement solely because the account may receive assets or funds transferred from one or more accounts that meet the requirements of paragraph (a) or this paragraph or from one or more broad participation retirement funds, narrow participation retirement funds or pension funds of a governmental entity, international organization or central bank); (c) a life insurance contract with a coverage period that ends before the insured individual attains age 90, if the contract satisfies the following requirements: (i) periodic premiums, which do not decrease over time, are payable at least annually until the earlier of (A) the end of the period in which the contract is in existence, and (B) the date that the insured attains age 90, (ii) the contract has no contract value that any person can access (by withdrawal, loan or otherwise) without terminating the contract, (iii) the amount (other than a death benefit) payable upon cancellation or termination of the contract must not exceed the amount determined by the formula A − (B + C) where A is the aggregate premiums paid for the contract, B is the total of all mortality, morbidity and expense charges (whether or not actually imposed) for t