Income Tax Act — I-3.3 270
cial services to private persons. ( entité gouvernementale ) group annuity contract means an annuity contract under which the obligees are individuals who are associated through an employer, trade association, labour union or other association or group. ( contrat de rente de groupe ) group cash value insurance contract means a cash value insurance contract that (a) provides coverage on individuals who are associated through an employer, trade association, labour union or other association or group; and (b) charges a premium for each member of the group (or member of a class within the group) that is determined without regard to the individual health characteristics other than age, gender and smoking habits of the member (or class of members) of the group. ( contrat d’assurance de groupe avec valeur de rachat ) high value account means a preexisting individual account with an aggregate balance or value that exceeds 1 million USD on June 30, 2017 or on December 31 of any subsequent year. ( compe de valeur élevée ) insurance contract means a contract (other than an annuity contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability or property risk. ( contrat d’assurance ) international organization means any intergovernmental organization (or wholly owned agency or instrumentality thereof), including a supranational organization (a) that is comprised primarily of governments; (b) that has in effect a headquarters or substantially similar agreement with a jurisdiction; and (c) the income of which does not inure to the benefit of private persons. ( organisation internationale ) investment entity means any entity (other than an entity that is an active NFE because of any of paragraphs (d) to (g) of that definition) (a) that primarily carries on as a business one or more of the following activities or operations for or on behalf of a customer: (i) trading in money market instruments (such as cheques, bills, certificates of deposit and derivatives), foreign exchange, transferable securities or commodity futures, exchange, interest rate and index instruments, (ii) individual and collective portfolio management, or (iii) otherwise investing, administering or managing financial assets or money on behalf of other persons; or (b) the gross income of which is primarily attributable to investing, reinvesting or trading in financial assets, if the entity is managed by another entity that is a depository institution, a custodial institution, a specified insurance company or an investment entity described in paragraph (a). ( entité d’investissement ) lower value account means a preexisting individual account with an aggregate balance or value as of June 30, 2017 that does not exceed 1 million USD. ( compte de faible valeur ) narrow participation retirement fund means a fund that is established to provide retirement, disability or death benefits to beneficiaries who are current or former employees (or persons designated by those employees) of one or more employers in consideration for services rendered, if (a) the fund has fewer than 50 participants; (b) the fund is sponsored by one or more employers that are not investment entities or passive NFEs; (c) the employee and employer contributions to the fund (other than transfers of assets from retirement and pension accounts described in paragraph (a) of the definition excluded account ) are limited by reference to the employee’s remuneration; (d) participants that are not resident in Canada are not entitled to more than 20% of the fund’s assets; and (e) the fund is subject to government regulation and provides information reporting to the Minister. ( fonds de retraite à participation étroite ) natural person means an individual other than a trust. ( personne physique ) new account means a financial account maintained by a reporting financial institution opened after June 2017. ( nouveau compte ) new en