Income Tax Act — I-3.3 12
 the income of the individual or of any other person. NISA receipts (10.2) There shall be included in computing a taxpayer’s income for a taxation year from a property the total of all amounts each of which is the amount determined by the formula A - B where A is an amount paid at a particular time in the year out of the taxpayer’s NISA Fund No. 2; and B is the amount, if any, by which (a) the total of all amounts each of which is (i) deemed by subsection (10.4) or 104(5.1) or (14.1) (as it read for the taxpayer’s 2015 taxation year) to have been paid out of the taxpayer’s NISA Fund No. 2 before the particular time, or (ii) deemed by subsection 70(5.4) or 73(5) to have been paid out of another person’s NISA Fund No. 2 on being transferred to the taxpayer’s NISA Fund No. 2 before the particular time, exceeds (b) the total of all amounts each of which is the amount by which an amount otherwise determined under this subsection in respect of a payment out of the taxpayer’s NISA Fund No. 2 before the particular time was reduced because of this description. Amount credited or added not included in income (10.3) Notwithstanding any other provision of this Act, an amount credited or added to a taxpayer’s NISA Fund No. 2 shall not be included in computing the taxpayer’s income solely because of that crediting or adding. Acquisition of control — corporate NISA Fund No. 2 (10.4) For the purpose of subsection (10.2), if at any time there is an acquisition of control of a corporation, the balance of the corporation’s NISA Fund No. 2, if any, at that time is deemed to be paid out to the corporation immediately before that time. Definitions (11) In this section, anniversary day of an investment contract means (a) the day that is one year after the day immediately preceding the date of issue of the contract, (b) the day that occurs at every successive one year interval from the day determined under paragraph (a), and (c) the day on which the contract was disposed of; ( jour anniversaire ) excluded loan means a loan, other than a forgivable loan, evidenced in writing (a) that is from a payer that is (i) a government, municipality or other public authority in Canada, or (ii) a person resident in Canada or Canadian partnership, if it is reasonable to conclude that the payer would not have made the loan but for the direct or indirect receipt by the payer of amounts from a government, municipality or other public authority in Canada; (b) for which, at the time the loan was made, bona fide arrangements were made for repayment of the loan within a reasonable time; and (c) the funds from which were used for the purpose of earning income from a business or property. ( prêt exclu ) investment contract , in relation to a taxpayer, means any debt obligation other than (a) a salary deferral arrangement or a plan or arrangement that, but for any of paragraphs (a), (b) and (d) to (l) of the definition salary deferral arrangement in subsection 248(1), would be a salary deferral arrangement, (b) a retirement compensation arrangement or a plan or arrangement that, but for any of paragraphs (a), (b), (d) and (f) to (n) of the definition retirement compensation arrangement in subsection 248(1), would be a retirement compensation arrangement, (c) an employee benefit plan or a plan or arrangement that, but for any of paragraphs (a) to (e) of the definition employee benefit plan in subsection 248(1), would be an employee benefit plan, (d) a foreign retirement arrangement, (d.1) a TFSA, (d.2) a FHSA, (e) an income bond, (f) an income debenture, (g) [Repealed, 2023, c. 26, s. 4] (h) [Repealed, 2023, c. 26, s. 4] (i) an obligation in respect of which the taxpayer has (otherwise than because of subsection (4)) at periodic intervals of not more than one year, included, in computing the taxpayer’s income throughout the period in which the taxpayer held an interest in, or for civil law a right in, the obligation, the income accrued on it for those intervals, (j) an obliga