Income Tax Act — I-3.3 270
 an obligation directly related to the transaction or a similar payment, or (II) with a financial asset that is deposited in the account in connection with the sale, exchange or lease of the property, (B) the account is established and used solely to secure the obligation of (I) the purchaser to pay the purchase price for the property, (II) the seller to pay any contingent liability, or (III) the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease, (C) the assets of the account, including the income earned on the account, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor or lessee (including to satisfy such person’s obligation) when the property is sold, exchanged or surrendered or the lease terminates, (D) the account is not a margin or similar account established in connection with a sale or exchange of a financial asset, and (E) the account is not associated with an account described in paragraph (f), (iii) an obligation of a financial institution servicing a loan secured by real or immovable property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the property at a later time, or (iv) an obligation of a financial institution solely to facilitate the payment of taxes at a later time; (f) a depository account that satisfies the following requirements: (i) the account exists solely because a customer makes a payment in excess of a balance due with respect to a credit card or other revolving credit facility and the overpayment is not immediately returned to the customer, and (ii) after June 2017, policies and procedures are in effect relating to overpayments (for this purpose, a customer overpayment does not include credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns) to either (A) prevent a customer from making an overpayment in excess of 50,000 USD, or (B) ensure that any customer overpayment in excess of 50,000 USD is refunded to the customer within 60 days; and (g) a prescribed account. ( compte exclu ) exempt collective investment vehicle means an investment entity that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle are held by or through individuals or entities (other than a passive NFE with a controlling person who is a reportable person) that are not reportable persons. ( mécanisme de placement collectif dispensé ) financial account means an account maintained by a financial institution, and (a) includes (i) a depository account, (ii) a custodial account, (iii) in the case of an investment entity, any equity or debt interest in the financial institution, except that it does not include any equity or debt interest in an entity that is an investment entity solely because it, (A) renders investment advice to, and acts on behalf of, a customer for the purpose of investing, managing or administering financial assets deposited in the name of the customer with a financial institution other than such entity, or (B) manages portfolios for, and acts on behalf of, a customer for the purpose of investing, managing, or administering financial assets deposited in the name of the customer with a financial institution other than such entity, (iv) any equity or debt interest in the financial institution if one of the purposes of establishing the class of interests was to avoid reporting in accordance with section 271, except that it does not include any equity or debt interest in an entity that is an investment entity solely because it meets the conditions described in clauses (iii)(A) or (B), (v) any cash value insurance contract and any annuity contract issued or maintained by a financial institution, other than a non-investment-linked, non-transferable immediate life annuity that is issued to an individual and monetizes a pension or disability benefit provided