Income Tax Act — I-3.3 207.01
uld affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly. ( bien exclu ) exempt contribution means a contribution made in a calendar year under a TFSA by the survivor of an individual if (a) the contribution is made during the period (in this definition referred to as the “rollover period”) that begins when the individual dies and that ends at the end of the first calendar year that begins after the individual dies (or at any later time that is acceptable to the Minister); (b) a payment (in this definition referred to as the “survivor payment”) was made to the survivor during the rollover period, as a consequence of the individual’s death, directly or indirectly out of or under an arrangement that ceased, because of the individual’s death, to be a TFSA; (c) the survivor designates, in prescribed form filed in prescribed manner within 30 days after the day on which the contribution is made (or at any later time that is acceptable to the Minister), the contribution in relation to the survivor payment; and (d) the amount of the contribution does not exceed the least of (i) the amount by which the amount of the survivor payment exceeds the total of all other contributions designated by the survivor in relation to the survivor payment, and (ii) if the individual had, immediately before the individual’s death, an excess TFSA amount or if payments described in paragraph (b) are made to more than one survivor of the individual, nil or the greater amount, if any, allowed by the Minister in respect of the contribution. ( cotisation exclue ) (iii) [Repealed, 2026, c. 3, s. 83] non-qualified investment for a trust governed by a registered plan means property that is not a qualified investment for the trust. ( placement non admissible ) prohibited investment , at any time for a trust governed by a registered plan, means property (other than excluded property for the trust) that is at that time (a) a debt of the controlling individual of the registered plan; (b) a share of the capital stock of, an interest in, or a debt of (i) a corporation, partnership or trust in which the controlling individual has a significant interest, or (ii) a person or partnership that does not deal at arm’s length with the controlling individual; (c) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b); or (d) prescribed property. ( placement interdit ) qualified investment for a trust governed by a FHSA or TFSA means (a) an investment that would be described by any of paragraphs (a) to (d), (f) and (g) of the definition qualified investment in section 204 if the reference in that definition to “a trust governed by a deferred profit sharing plan or revoked plan” were read as a reference to “a trust governed by a FHSA or TFSA” and if that definition were read without reference to the words “with the exception of excluded property in relation to the trust”; (b) a contract for an annuity issued by a licensed annuities provider if (i) the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and (ii) the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract; and (c) a prescribed investment. ( placement admissible ) qualifying transfer means the transfer of an amount from a TFSA of which a particular individual is the holder if (a) the amount is transferred directly to another TFSA, the holder of which is the particular individual; or (b) the amount i