Income Tax Act — I-3.3 270
nts of the account holder that are preexisting accounts under this paragraph, as a single financial account for the purposes of (A) satisfying the standards and knowledge requirements set forth under this Part, and (B) determining the balance or value of any of the financial accounts, when applying any of the account thresholds, (iii) with respect to a financial account that is subject to AML/KYC procedures, the reporting financial institution is permitted to satisfy those AML/KYC procedures for the financial account by relying upon the AML/KYC procedures performed for the preexisting account described in paragraph (a), and (iv) the opening of the financial account does not require the provision of new, additional or amended customer information by the account holder other than for purposes of this Part. ( compte préexistant ) preexisting entity account means a preexisting account held by one or more entities. ( compte d’entité préexistant ) preexisting individual account means a preexisting account held by one or more individuals (other than trusts). ( compte de particulier préexistant ) qualified credit card issuer means a financial institution that satisfies the following requirements: (a) the financial institution is a financial institution solely because it is an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and (b) the financial institution has policies and procedures either to prevent a customer from making an overpayment in excess of 50,000 USD or to ensure that any customer overpayment in excess of 50,000 USD is refunded to the customer within 60 days, in each case applying the rules set forth in subsection 277(3) for account aggregation, and, for the purposes of this paragraph, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. ( émetteur de carte de crédit déterminé ) related entity , in respect of an entity, means an entity if either entity controls the other entity or the two entities are controlled by the same entity or individual (and in the case of two entities that are investment entities described under paragraph (b) of the definition investment entity , the two entities are under common management and such management fulfils the due diligence obligations of the investment entities). For this purpose, control includes direct or indirect ownership of (a) in the case of a corporation, shares of the capital stock of a corporation that (i) give their holders more than 50% of the votes that could be cast at the annual meeting of the shareholders of the corporation, and (ii) have a fair market value of more than 50% of the fair market value of all the issued and outstanding shares of the capital stock of the corporation; (b) in the case of a partnership, an interest as a member of the partnership that entitles the member to more than 50% of (i) the income or loss of the partnership, or (ii) the assets (net of liabilities) of the partnership if it were to cease to exist; and (c) in the case of a trust, an interest as a beneficiary under the trust with a fair market value that is greater than 50% of the fair market value of all interests as a beneficiary under the trust. ( entité liée ) reportable account means an account that (a) is held by (i) one or more reportable persons, or (ii) by a passive NFE, if one or more controlling persons of the passive NFE is a reportable person; and (b) has been identified as meeting the conditions in paragraph (a) in accordance with the due diligence procedures described in sections 272 to 277. ( compte déclarable ) reportable jurisdiction means a jurisdiction other than Canada and the United States of America. ( juridiction soumise à déclaration ) reportable jurisdiction person means a natural person or entity that is reside