Income Tax Act — I-3.3 94
ceding 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 exchange for consideration that was not less than 90% of the interest’s proportionate share of the net asset value of the trust’s property at the time of its issuance, or (II) was acquired in exchange for consideration equal to the fair market value of the interest at the time of its acquisition, or (D) the trust is governed by (I) a Roth IRA, within the meaning of section 408A of the Internal Revenue Code of the United States, or (II) a plan or arrangement that was created after September 21, 2007, that is subject to that Code and that the Minister agrees is substantially similar to a Roth IRA; or (i) a trust that is at the particular time a prescribed trust. ( fiducie étrangère exempte ) exempt person at any time means (a) Her Majesty in right of Canada or a province; (b) a person whose taxable income for the taxation year that includes that time is exempt from tax under this Part because of subsection 149(1); (c) a trust resident in Canada or a Canadian corporation (i) that was established by or arises under an Act of Parliament or of the legislature of a province, and (ii) the principal activities of which at that time are to administer, manage or invest the monies of one or more pension funds or plans established under an Act of Parliament or of the legislature of a province; (d) a trust or corporation established by or arising by reason of an Act of Parliament or the legislature of a province in connection with a scheme or program for the compensation of workers injured in an accident arising out of or in the course of their employment; (e) a trust resident in Canada all the beneficiaries under which are at that time exempt persons; (f) a Canadian corporation all the shares, or rights to shares, of which are held at that time by exempt persons; (g) a Canadian corporation without share capital all the property of which is held at that time exclusively for the benefit of exempt persons; (h) a partnership all the members of which are at that time exempt persons; and (i) a trust or corporation that is at that time a mutual fund. ( personne exemptée ) exempt service means a service rendered at any time by a person or partnership (referred to in this definition as the “service provider”) to, for or on behalf of, another person or partnership (referred to in this definition as the “recipient”) if (a) the recipient is a trust and the service relates to the administration of the trust; or (b) the following conditions apply in respect of the service, namely, (i) the service is rendered in the service provider’s capacity at that time as an employee or agent of the recipient, (ii) in exchange for the service, the recipient transfers or loans property or becomes obligated to transfer or loan property, and (iii) it is reasonable to conclude (A) having regard only to the service and the exchange, that the service provider would be willing to carry out the service if the service provider were dealing at arm’s length with the recipient, and (B) that the terms, conditions and circumstances under which the service is provided would be acceptable to the service provider if the service provider were dealing at arm’s length with the recipient. ( service exempté ) fixed interest at any time of a person or partnership in a trust means an interest of the person or partnership as a beneficiary (in this definition, determined without reference to subsection 248(25)) under the trust provided that no amount of the income or capital of the trust to be distributed at any time in respect of any interest in the trust depends on the exercise by any person or partnership of, or the failure by any person or partnership to exercise, any discretionary power, other than a power in respect of which it is reasonable to conclude that (a) the power is consistent with