Income Tax Act — I-3.3 204.4
Definition of registered investment 204.4 (1) In this Part, registered investment means a trust or a corporation that has applied in prescribed form as of a particular date in the year of application and has been accepted by the Minister as of that date as a registered investment for one or more of the following: (a) registered retirement savings plans, (c) registered retirement income funds, and (d) deferred profit sharing plans and that has not been notified by the Minister that it is no longer registered under this Part. Acceptance of applicant for registration (2) The Minister may accept for registration for the purposes of this Part any applicant that is (a) a trust that has as its sole trustee a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee if, on the particular date referred to in subsection 204.4(1), (i) all the property of the applicant is held in trust for the benefit of not fewer than 20 beneficiaries and (A) not fewer than 20 beneficiaries are taxpayers described in any of paragraphs 149(1)(o) to (o.2), (o.4) or (s), or (B) not fewer than 100 beneficiaries are taxpayers described in paragraph 149(1)(r) or (x), (ii) the total of (A) the fair market value at the time of acquisition of its (I) shares, marketable securities and cash, and (II) bonds, debentures, mortgages, hypothecary claims, notes and other similar obligations, and (B) the amount by which the fair market value at the time of acquisition of its real or immovable property that may reasonably be regarded as being held for the purpose of producing income from property exceeds the total of all amounts each of which is owing by it on account of its acquisition of the real or immovable property is not less than 80% of the amount by which the fair market value at the time of acquisition of all its property exceeds the total of all amounts each of which is owing by it on account of its acquisition of real or immovable property, (iii) the fair market value at the time of acquisition of its shares, bonds, mortgages, hypothecary claims and other securities of any one corporation or debtor (other than bonds, mortgages, hypothecary claims and other securities of or guaranteed by Her Majesty in right of Canada or a province or Canadian municipality) is not more than 10% of the amount by which the fair market value at the time of acquisition of all its property exceeds the total of all amounts each of which is an amount owing by it on account of its acquisition of real or immovable property, (iv) the amount by which (A) the fair market value at the time of acquisition of any one of its real or immovable properties exceeds (B) the total of all amounts each of which is owing by it on account of its acquisition of the real or immovable property is not more than 10% of the amount by which the fair market value at the time of acquisition of all its property exceeds the total of all amounts each of which is owing by it on account of its acquisition of real or immovable property, (v) not less than 95% of the income of the applicant for its most recently completed fiscal period, or where no such period exists, that part of its current fiscal period before the particular date, was derived from investments described in subparagraph 204.4(2)(a)(ii), (vi) the total value of all interests in the applicant owned by all trusts or corporations described in any of paragraphs 149(1)(o) to (o.2), (o.4) or (s) to which any one employer, either alone or together with persons with whom the employer was not dealing at arm’s length, has made contributions does not exceed 25% of the value of all its property, (vii) the total value of all interests in the applicant owned by all trusts described in paragraph 149(1)(r) or (x) to which any one taxpayer, either alone or together with persons with whom the taxpayer was not dealing at arm’s length, has made contributions does no