Income Tax Act — I-3.3 270
risdiction means a jurisdiction other than Canada and the United States of America. ( juridiction soumise à déclaration ) reportable jurisdiction person means a natural person or entity that is resident in a reportable jurisdiction under the tax laws of that jurisdiction, or an estate of an individual who was a resident of a reportable jurisdiction under the tax laws of that jurisdiction immediately before death. For this purpose, an entity that has no residence for tax purposes is deemed to be resident in the jurisdiction in which its place of effective management is situated. ( personne d’une juridiction soumise à déclaration ) reportable person means a reportable jurisdiction person other than (a) a corporation the stock of which is regularly traded on one or more established securities markets; (b) any corporation that is a related entity of a corporation described in paragraph (a); (c) a governmental entity; (d) an international organization; (e) a central bank; or (f) a financial institution. ( personne devant faire l’objet d’une déclaration ) reporting financial institution means a Canadian financial institution that is not a non-reporting financial institution. ( institution financière déclarante ) specified insurance company means any entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, cash value insurance contracts or annuity contracts. ( compagnie d’assurance particulière ) TIN means (a) the number used by the Minister to identify an individual or entity, including (i) a social insurance number, (ii) a business number, and (iii) an account number issued to a trust; and (b) in respect of a jurisdiction other than Canada, a taxpayer identification number used in that jurisdiction to identify an individual or entity (or a functional equivalent in the absence of a taxpayer identification number). ( NIF ) USD means dollars of the United States of America. ( USD ) Interpretation (2) This Part relates to the implementation of the Common Reporting Standard set out in the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co-operation and Development and, unless the context otherwise requires, the provisions in this Part are to be interpreted consistently with the Common Reporting Standard , as amended from time to time. Interpretation — investment entity (3) For the purposes of the definition investment entity in subsection (1), an entity is considered to be primarily carrying on as a business one or more of the activities described in paragraph (a) of that definition, or an entity’s gross income is primarily attributable to investing, reinvesting or trading in financial assets for the purposes of paragraph (b) of that definition, if the entity’s gross income attributable to the relevant activities equals or exceeds 50% of the entity’s gross income during the shorter of (a) the three-year period that ends at the end of the entity’s last fiscal period, and (b) the period during which the entity has been in existence. Equity or debt interest – deeming rule (4) In the case of a trust that is a financial institution, (a) an equity interest is deemed to be held by any person treated as a settlor or beneficiary of all or a portion of the trust or any other natural person exercising ultimate effective control over the trust, and (b) a reportable person is treated as a beneficiary of a trust if the reportable person has the right to receive directly or indirectly (such as through a nominee) a mandatory distribution from the trust or may receive, directly or indirectly, a discretionary distribution from the trust. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2016, c. 12, s. 71