Income Tax Act — I-3.3 94
other, or (B) the payment is made before 2005 in accordance with fixed repayment terms agreed to before June 23, 2000. ( transfert sans lien de dépendance ) beneficiary under a trust includes (a) a person or partnership that is beneficially interested in the trust; and (b) a person or partnership that would be beneficially interested in the trust if the reference in subparagraph 248(25)(b)(ii) to (i) “any arrangement in respect of the particular trust” were read as a reference to “any arrangement (including, for greater certainty, the terms or conditions of a share, or any arrangement in respect of a share, of the capital stock of a corporation that is beneficially interested in the particular trust) in respect of the particular trust”, and (ii) “the particular person or partnership might” were read as a reference to “the particular person or partnership becomes (or could become on the exercise of any discretion by any person or partnership), directly or indirectly, entitled to any amount derived, directly or indirectly, from the income or capital of the particular trust or might”. ( bénéficiaire ) closely held corporation at any time means a corporation, other than a corporation in respect of which (a) there is at least one class of shares of its capital stock that includes shares prescribed for the purpose of paragraph 110(1)(d); (b) it is reasonable to conclude that at that time, in respect of each class of shares described in paragraph (a), shares of the class are held by at least 150 shareholders each of whom holds shares of the class that have a total fair market value of at least $500; and (c) it is reasonable to conclude that at that time in no case does a particular shareholder (or particular shareholder together with any other shareholder with whom the particular shareholder does not deal at arm’s length) hold shares of the corporation (i) that would give the particular shareholder (or the particular shareholder together with those other shareholders referred to in this paragraph) 10% or more of the votes that could be cast under any circumstance at an annual meeting of shareholders of the corporation if the meeting were held at that time, or (ii) that have a fair market value of 10% or more of the fair market value of all of the issued and outstanding shares of the corporation. ( société à peu d’actionnaires ) connected contributor , to a trust at a particular time, means a contributor to the trust at the particular time, other than a person all of whose contributions to the trust made at or before the particular time were made at a non-resident time of the person. ( contribuant rattaché ) contribution to a trust by a particular person or partnership means (a) a transfer or loan (other than an arm’s length transfer) of property to the trust by the particular person or partnership; (b) if a particular transfer or loan (other than an arm’s length transfer) of property is made by the particular person or partnership as part of a series of transactions that includes another transfer or loan (other than an arm’s length transfer) of property to the trust by another person or partnership, that other transfer or loan to the extent that it can reasonably be considered to have been made in respect of the particular transfer or loan; and (c) if the particular person or partnership becomes obligated to make a particular transfer or loan (other than a transfer or loan that would, if it were made, be an arm’s length transfer) of property as part of a series of transactions that includes another transfer or loan (other than an arm’s length transfer) of property to the trust by another person or partnership, that other transfer or loan to the extent that it can reasonably be considered to have been made in respect of the obligation. ( apport ) contributor to a trust at any time means a person (other than an exempt person but including a person that has ceased to exist) that, at or before that time, has made a contribution to the tr