Income Tax Act — I-3.3 212
y a railway company to a person resident in a country other than Canada unless that country grants substantially similar relief for the year to the company in respect of payments received by it for the temporary use by a person resident in that country of railway rolling stock. Exception (17) This section is not applicable to payments out of or under an employee benefit plan or employee trust. Payments to the International Olympic Committee and the International Paralympic Committee (17.1) Notwithstanding subsections (1) and (2), (a) the International Olympic Committee is not taxable under this Part on any amount paid or credited to it, after 2005 and before 2011, in respect of the 2010 Olympic Winter Games, and (b) the International Paralympic Committee is not taxable under this Part on any amount paid or credited to it, after 2005 and before 2011, in respect of the 2010 Paralympic Winter Games. Undertaking (18) Every person who in a taxation year is a prescribed financial institution or a person resident in Canada who is a registered securities dealer shall on demand from the Minister, served personally or by registered letter, file within such reasonable time as may be stipulated in the demand, an undertaking in prescribed form relating to the avoidance of payment of tax under this Part. Tax on registered securities dealers (19) Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a designated securities lending arrangement, B is the total of (a) all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security that is described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, and that was lent or transferred under a securities lending arrangement, and (b) the greater of (i) 10 times the greatest amount determined, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be the capital employed by the taxpayer at the end of the day, and (ii) 20 times the greatest amount of capital required, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be maintained by the taxpayer as a margin in respect of securities described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, at the end of the day, and C is the prescribed rate of interest in effect for the day, and shall remit that amount to the Receiver General on or before the 15th day of the month after the month in which the day occurs. Designated SLA (20) For the purpose of subsection (19), a designated securities lending arrangement is a securities lending arrangement (a) under which (i) the lender is a prescribed financial institution or a registered securities dealer resident in Canada, (ii) the particular security lent or transferred is an obligation described in paragraph (a) of the definition fully exempt interest in subsection (3) or an obligation of the government of any country, prov- ince, state, municipality or other political subdivision, (iii) the amount of money provided to the lender at any time during the term of the arrangement either as collateral or as consideration for the particu