Income Tax Act — I-3.3 204.81
d, 1997, c. 25, s. 56(5)] (D) the corporation is notified in writing that the share is held by a person on whom the share has devolved as a consequence of the death of (I) a holder of the share, or (II) an annuitant under a trust governed by a registered retirement savings plan, TFSA or registered retirement income fund that was a holder of the share, (E) the redemption occurs (I) more than eight years after the day on which the share was issued, or (II) if the day that is eight years after that issuance is in February or March of a calendar year, in February or on March 1st of that calendar year but not more than 31 days before that day, or (F) the holder of the share has satisfied such other conditions as are prescribed, (vi) [Repealed, 1997, c. 25, s. 56(7)] (vii) the corporation shall not register a transfer of a Class A share by the specified individual in respect of the share, a spouse or common-law partner of the specified individual or a trust governed by a registered retirement savings plan, TFSA or registered retirement income fund under which the specified individual or spouse or common-law partner is the annuitant, unless (A) no information return has been issued under paragraph 204.81(6)(c) in respect of the share, (B) the transfer occurs more than eight years after the day on which the share was issued, (C) the transfer is to the specified individual, a spouse or common-law partner or former spouse or common-law partner of the specified individual or a trust governed by a registered retirement savings plan, TFSA or registered retirement income fund under which the specified individual or the spouse or common-law partner or former spouse or common-law partner of the specified individual is the annuitant, (D) the corporation is notified in writing that the transfer occurs as a consequence of the death of the specified individual or a spouse or common-law partner of the specified individual, (E) the corporation is notified in writing that the transfer occurs after the specified individual dies, (F) [Repealed, 1997, c. 25, s. 56(9)] (G) the corporation is notified in writing that the specified individual became disabled and permanently unfit for work or terminally ill after the share was issued and before the transfer, or (H) such other conditions as are prescribed are satisfied. (viii) the corporation shall not pay any fee or remuneration to a shareholder, director or officer of the corporation unless the payment was approved by a resolution of the directors of the corporation, and (ix) the corporation shall not make any investment in an eligible business entity with which the corporation or any of the directors of the corporation does not deal at arm’s length unless (A) the corporation would deal at arm’s length with the eligible business entity but for the corporation’s interest as the holder of eligible investments in such entity, or (B) the investment was approved by special resolution of the shareholders of the corporation before the investment was made. Corporations incorporated before March 6, 1996 (1.1) In applying clause (1)(c)(v)(E) in relation to any time before 2004 in respect of a corporation incorporated before March 6, 1996, the references in that clause to “eight” are replaced with references to “five” if, at that time, the relevant statements in the corporation’s articles refer to “five”. Deemed provisions in articles (1.2) In applying subsection (1) in relation to any time before 2004, to a corporation incorporated before February 7, 2000, if the articles of the corporation comply with subclause (1)(c)(v)(E)(I) (as modified, where relevant, by subsection (1.1)), those articles are deemed to provide the statement required by subclause (1)(c)(v)(E)(II). Registration number (2) On registering a corporation under subsection 204.81(1), the Minister shall assign to it a registration number. Successive registrations (3) Where an eligible labour body causes more than one corporation to be registered under