Pension Benefits Standards Regulations, 1985 — 1
1 In this Schedule, child , in respect of a person, means (a) the child of the person, (b) the child of the person’s spouse or common-law partner, or (c) the spouse or common-law partner of a child of the person; ( enfant ) debt obligation means a bond, debenture, note or other evidence of indebtedness of an entity; ( titre de créance ) entity means (a) a corporation, trust, partnership or fund or an unincorporated association or organization, or (b) Her Majesty in right of Canada or of a province or the government of a foreign country or of a political subdivision of a foreign country, or an agency thereof; ( entité ) investment corporation , in respect of a plan, means a corporation that (a) is limited in its investments to those that are authorized for the plan under this Schedule, (b) holds at least 98 per cent of its assets in cash, investments and loans, (c) does not issue debt obligations, (d) obtains at least 98 per cent of its income from investments and loans, and (e) does not lend any of its assets to, or invest any of its moneys in, a related party of the plan; ( société de placement ) loan includes a deposit, financial lease, conditional sales contract, repurchase agreement and any other similar arrangement for obtaining money or credit, but does not include investments in securities or the making of an acceptance, endorsement or other guarantee; ( prêt ) market terms and conditions , in respect of a transaction, means terms and conditions, including those relating to price, rent or interest rate, that would apply to a similar transaction in an open market under conditions requisite to a fair transaction between parties who are at arm’s length and acting prudently, knowledgeably and willingly; ( conditions du marché ) person includes an entity; ( personne ) public exchange [Repealed, SOR/2015-60, s. 20] real estate corporation means a corporation incorporated to acquire, hold, maintain, improve, lease or manage real property other than real property that yields petroleum or natural gas; ( société immobilière ) real property includes a leasehold interest in real property; ( biens immeubles ) related party , in respect of a plan, means a person who is (a) the administrator of the plan or who is a member of a pension committee, board of trustees or other body that is the administrator of the plan, (b) an officer, director or employee of the administrator of the plan, (c) a person responsible for holding or investing the assets of the plan, or any officer, director or employee thereof, (d) an association or union representing employees of the employer, or an officer or employee thereof, (e) an employer who participates in the plan, or an employee, officer or director thereof, (f) a member of the plan, (g) where the employer is a corporation, a person who directly or indirectly holds, or together with the spouse or common-law partner or a child of the person holds, more than 10 per cent of the voting shares carrying more than 10 per cent of the voting rights attached to all voting securities of the corporation, (h) the spouse or common-law partner or a child of any person referred to in any of paragraphs (a) to (g), (i) where the employer is a corporation, an affiliate of the employer, (j) a corporation that is directly or indirectly controlled by a person referred to in any of paragraphs (a) to (h), (k) an entity in which a person referred to in paragraph (a), (b), (e) or (g), or the spouse or common-law partner or a child of such a person, has a substantial investment, or (l) an entity that holds a substantial investment in the employer, but does not include Her Majesty in right of Canada or of a province, or an agency thereof, or a bank, trust company or other financial institution that holds the assets of the plan, where that person is not the administrator of the plan; ( apparenté ) resource corporation means a corporation that has, at all times since the date on which it was incorporated, (a) limited its activiti