Income Tax Act — I-3.3 94
f the particular time is more than 24 months after the day on which the trust was created, in respect of which, there are at the particular time at least 20 persons (other than trusts) each of whom at the particular time (A) is a contributor to the trust, (B) exists, and (C) deals at arm’s length with at least 19 other contributors to the trust, (iv) the income of which (determined in accordance with the laws described in subparagraph (v)) for each of its taxation years that ends at or before the particular time would, if the income were not distributed and the laws described in subparagraph (v) did not apply, be subject to an income or profits tax in the country in which it was resident in each of those taxation years, and (v) that was, for each of its taxation years that ends at or before the particular time, exempt under the laws of the country in which it was resident from the payment of income or profits tax to the government of that country in recognition of the charitable purposes for which the trust is operated; (e) a non-resident trust that throughout the trust’s taxation year that includes the particular time is a trust governed by an employees profit sharing plan, a retirement compensation arrangement or a foreign retirement arrangement; (f) a non-resident trust if (i) throughout the particular period that began when it was created and ends at the particular time it has been operated exclusively for the purpose of administering or providing employee benefits in respect of employees or former employees, and (ii) throughout the trust’s taxation year that includes the particular time (A) the trust is a trust governed by an employee benefit plan or is a trust described in paragraph (a.1) of the definition trust in subsection 108(1), (B) the trust is maintained for the benefit of natural persons the majority of whom are non-resident, and (C) no benefits are provided under the trust other than benefits in respect of qualifying services; (g) a non-resident trust (other than a prescribed trust or a trust described in paragraph (a.1) of the definition trust in subsection 108(1)) that throughout the particular period that began when it was created and ends at the particular time (i) has been resident in a particular country (other than Canada) the laws of which have, throughout the particular period, (A) imposed an income or profits tax, and (B) exempted the trust from the payment of all income tax, and all profits tax, to the government of that particular country in recognition of the purposes for which the trust is operated, and (ii) has been operated exclusively for the purpose of administering or providing superannuation or pension benefits that are primarily in respect of services rendered in the particular country by natural persons who were non-resident at the time those services were rendered; (h) a non-resident trust (other than a trust that elects, in writing filed with the Minister on or before the trust’s filing-due date for the trust’s taxation year that includes the particular time, not to be an exempt foreign trust under this paragraph for the taxation year in which the election is made and for each subsequent taxation year), if at the particular time (i) the only beneficiaries who may for any reason receive, at or after the particular time and directly from the trust, any of the income or capital of the trust are beneficiaries that hold fixed interests in the trust, and (ii) any of the following applies: (A) there are at least 150 beneficiaries described in subparagraph (i) under the trust each of whose fixed interests in the trust have at the particular time a total fair market value of at least $500, (B) all fixed interests in the trust are listed on a designated stock exchange and in the 30 days immediately preceding the particular time fixed interests in the trust were traded on a designated stock exchange on at least 10 days, (C) each outstanding fixed interest in the trust (I) was issued by the trust in