Income Tax Act — I-3.3 95
 governed by an employee benefit plan, (c) described in paragraph (a.1) of the definition trust in subsection 108(1), (d) governed by a salary deferral arrangement, (e) operated for the purpose of administering or providing superannuation, pension, retirement or employee benefits, or (f) where the amount of income or capital that any entity may receive directly from the trust at any time as a beneficiary under the trust depends on the exercise by any entity of, or the failure by any entity to exercise, a discretionary power; ( fiducie admissible ) entity includes an association, a corporation, a fund, a natural person, a joint venture, an organization, a partnership, a syndicate and a trust; ( entité ) excluded property , at a particular time, of a foreign affiliate of a taxpayer means any property of the foreign affiliate that is (a) used or held by the foreign affiliate principally for the purpose of gaining or producing income from an active business carried on by it, (b) shares of the capital stock of another foreign affiliate of the taxpayer where all or substantially all of the fair market value of the property of the other foreign affiliate is attributable to property, of that other foreign affiliate, that is excluded property, (c) property all or substantially all of the income from which is, or would be, if there were income from the property, income from an active business (which, for this purpose, includes income that would be deemed to be income from an active business by paragraph (2)(a) if that paragraph were read without reference to subparagraph (v)), or (c.1) property arising under or as a result of an agreement that (i) provides for the purchase, sale or exchange of currency, and (ii) either (A) can reasonably be considered to have been made by the affiliate to reduce its risk, with respect to an amount that was receivable under an agreement that relates to the sale of excluded property or with respect to an amount that was receivable and was a property described in paragraph (c), of fluctuations in the value of the currency in which the amount receivable was denominated, or (B) can reasonably be considered to have been made by the affiliate to reduce its risk, with respect to any of the following amounts, of fluctuations in the value of the currency in which that amount was denominated: (I) an amount that was payable under an agreement that relates to the purchase of property that (at all times between the time of the acquisition of the property and the particular time) is excluded property of the affiliate, (II) an amount of indebtedness, to the extent that the proceeds derived from the issuance or incurring of the indebtedness can reasonably be considered to have been used to acquire property that (at all times between the time of the acquisition of that property and the particular time) is excluded property of the affiliate, or (III) an amount of indebtedness, to the extent that the proceeds derived from the issuance or incurring of the indebtedness can reasonably be considered to have been used to repay the outstanding balance of 1 an amount that, immediately before the time of that repayment, is described by subclause (I), 2 an amount of indebtedness of the affiliate that, immediately before the time of that repayment, is described by subclause (II), or 3 an amount of indebtedness of the affiliate that, immediately before the time of that repayment, is described by this subclause, and, for the purposes of the definitions foreign affiliate in this subsection and direct equity percentage in subsection 95(4) as they apply to this definition, where at any time a foreign affiliate of a taxpayer has an interest in a partnership, (d) the partnership shall be deemed to be a non-resident corporation having capital stock of a single class divided into 100 issued shares, and (e) the affiliate shall be deemed to own at that time that proportion of the issued shares of that class that (i) the fair market value of th