Income Tax Act — I-3.3 204.4
l 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 not exceed 25% of the value of all its property, and (viii) the applicant does not hold property acquired by it after May 26, 1975 that is (A) a mortgage or hypothecary claim (other than a mortgage or hypothecary claim insured under the National Housing Act or by a corporation that offers its services to the public in Canada as an insurer of mortgages or hypothecary claims and that is approved as a private insurer of mortgages or hypothecary claims by the Superintendent of Financial Institutions pursuant to the powers assigned to the Superintendent under subsection 6(1) of the Office of the Superintendent of Financial Institutions Act ), or an interest therein, or for civil law a right therein, in respect of which the mortgagor or hypothecary debtor is the annuitant under a registered retirement savings plan or registered retirement income fund, or a person with whom the annuitant is not dealing at arm’s length, if any of the funds of a trust governed by such a plan or fund have been used to acquire an interest in the applicant, or (B) a bond, debenture, note or similar obligation issued by a cooperative corporation (within the meaning assigned by subsection 136(2)) or a credit union that has granted any benefit or privilege to any annuitant or beneficiary under a plan or fund referred to in subsection 204.4(1) that is dependent on or related to (I) ownership by a trust governed by any such plan or fund of shares, bonds, debentures, notes or similar obligations of the cooperative corporation or credit union, or (II) ownership by the applicant of shares, bonds, debentures, notes or similar obligations of the cooperative corporation or credit union if the trust governed by any such plan or fund has used any of its funds to acquire an interest in the applicant; (b) a trust that (i) would be a trust described in paragraph 204.4(2)(a) if that paragraph were read without reference to subparagraphs 204.4(2)(a)(i), 204.4(2)(a)(vi) and 204.4(2)(a)(vii), and (ii) holds only prescribed investments for the type of plan or fund in respect of which it has applied for registration; (c) a mutual fund trust; (d) a trust that (i) would be a mutual fund trust if paragraph 132(6)(c) were not applicable, and (ii) holds only prescribed investments for the type of plan or fund in respect of which it has applied for registration; (e) a mutual fund corporation or investment corporation; or (f) a corporation that (i) would be a mutual fund corporation or investment corporation if it could have elected to be a public corporation under paragraph (b) of the definition public corporation in subsection 89(1) had the conditions prescribed therefor required only that a class of shares of its capital stock be qualified for distribution to the public, and (ii) holds only prescribed investments for the type of plan or fund in respect of which it has applied for registration. Revocation of registration (3) The Minister shall notify a registered investment that it is no longer registered (a) on being satisfied that, at a date subsequent to its registration date, it no longer satisfies one or more of the conditions necessary for it to be acceptable for registration under this Part, other than a condition the failure of which to satisfy would make it liable for tax under section 204.6; or (b) within 30 days after receipt of a request in prescribed form from the registered investment for termination of its registration. Suspension of revocation (4) Notwithstanding a notification to a taxpayer under subsection (3), for the purposes of sections 204.6 and 204.7, the taxpayer is deemed to be a registered investment for each month or part of a month after the notification during which an interest in, or a share of the capital stock of, the taxpayer continues, by virtue of havin