GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
cash value , in respect of a contract held by a policyholder, means the greater of the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan) and the amount the policyholder can borrow under or with regard to the contract, but does not include an amount payable under an insurance contract (a) solely by reason of the death of an individual insured under a life insurance contract; (b) as a personal injury or sickness benefit, or other benefit, providing indemnification of an economic loss incurred upon the occurrence of an event insured against; (c) as a refund of a previously paid premium (less any cost of insurance charges whether or not actually imposed) under an insurance contract (other than an investment-linked life insurance or annuity contract) due to the cancellation or termination of the contract, a decrease in risk exposure during the effective period of the contract or arising from the correction of a posting or similar error with regard to the premium for the contract; (d) as a policyholder dividend (other than a termination dividend) if the dividend relates to an insurance contract under which the only benefits payable are described in paragraph (b); or (e) as a return of an advance premium or premium deposit for an insurance contract for which the premium is payable at least annually, if the amount of the advance premium or premium deposit does not exceed the next annual premium that will be payable under the contract. ( valeur de rachat )
Income Tax Act — I-3.3
cash value insurance contract means an insurance contract (other than an indemnity reinsurance contract between two insurance companies) that has a cash value. ( contrat d’assurance avec valeur de rachat )
Income Tax Act — I-3.3
central bank means an institution that is, by law or government sanction, the principal authority, other than the government of the jurisdiction itself, issuing instruments intended to circulate as currency and may include an instrumentality that is separate from the government of the jurisdiction, whether or not owned in whole or in part by the jurisdiction. ( banque centrale )
Income Tax Act — I-3.3 (a)
controlling persons , in respect of an entity, means the natural persons who exercise control over the entity (interpreted in a manner consistent with the Financial Action Task Force Recommendations — International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation , adopted in February 2012 and as amended from time to time) and includes (a) in the case of a trust, (i) its settlors, (ii) its trustees, (iii) its protectors (if any), (iv) its beneficiaries (for this purpose, a discretionary beneficiary of a trust will only be considered a beneficiary of the trust in a calendar year if a distribution has been paid or made payable to the discretionary beneficiary in the calendar year), and (v) any other natural persons exercising ultimate effective control over the trust; and (b) in the case of a legal arrangement other than a trust, persons in equivalent or similar positions to those described in paragraph (a). ( personnes détenant le contrôle )
Income Tax Act — I-3.3
custodial account means an account (other than an insurance contract or annuity contract) that holds one or more financial assets for the benefit of another person. ( compte de dépositaire )
Income Tax Act — I-3.3 (a)
custodial institution means an entity, if the entity’s gross income attributable to the holding of financial assets for the account of others and related financial services equals or exceeds 20% 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. ( établissement de garde de valeurs )
Income Tax Act — I-3.3 (a)
depository account includes (a) any commercial, chequing, savings, time or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness or other similar instrument maintained by a financial institution in the ordinary course of a banking or similar business; and (b) an amount held by an insurance company under a guaranteed investment contract or similar agreement to pay or credit interest on the contract. ( compte de dépôt )
Income Tax Act — I-3.3
depository institution means any entity that accepts deposits in the ordinary course of a banking or similar business. ( établissement de dépôt )
Income Tax Act — I-3.3 (a)
documentary evidence includes (a) a certificate of residence issued by an authorized government body (such as a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident; (b) with respect to an individual (other than a trust), any valid identification issued by an authorized government body that includes the individual’s name and is typically used for identification purposes; (c) with respect to an entity, any official documentation issued by an authorized government body that includes the name of the entity and either the address of its principal office in the jurisdiction in which it claims to be resident or the jurisdiction in which the entity was incorporated or organized; and (d) any audited financial statement, third-party credit report, bankruptcy filing or securities regulator’s report. ( preuve documentaire )
Income Tax Act — I-3.3
entity means a person (other than a natural person) or a legal arrangement, such as a corporation, partnership, trust or foundation. ( entité )
Income Tax Act — I-3.3
equity or debt interest includes, in the case of a partnership that is a financial institution, either a capital or profits interest in the partnership. ( titre de participation ou d’intérêt )
Income Tax Act — I-3.3 (a)
established securities market means an exchange that (a) is officially recognized and supervised by a governmental authority in which the market is located; and (b) has an annual value of shares traded on the exchange (or a predecessor exchange) exceeding one billion USD during each of the three calendar years immediately preceding the calendar year in which the determination is being made. For this purpose, if an exchange has more than one tier of market level on which stock may be separately listed or traded, each of those tiers must be treated as a separate exchange. ( marché boursier réglementé )
Income Tax Act — I-3.3 (a)
nt determined by the formula A − (B + C) where A is the aggregate premiums paid for the contract, B is the total of all mortality, morbidity and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence, and C is the total of all amounts paid prior to the cancellation or termination of the contract, and (iv) the contract has not been acquired by a transferee for value; (d) an account held solely by an estate of a deceased individual, if the documentation for the account includes a copy of the will or death certificate of the individual; (e) an account established in connection with any of the following: (i) a court order or judgement, (ii) a sale, exchange or lease of property, if the account satisfies the following requirements: (A) the account is funded (I) solely with a down payment, earnest money, deposit in an amount appropriate to secure 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 )
Income Tax Act — I-3.3
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 )
Income Tax Act — I-3.3 (a)
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 under an account that is an excluded account, and (vi) an account that is a client name account maintained by a person or entity that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management or investment advising services; and (b) despite paragraph (a), does not include an excluded account. ( compte financier )
Income Tax Act — I-3.3 (a)
financial asset (a) includes (i) a security, such as (A) a share of the capital stock of a corporation, (B) an income or capital interest in a widely held or publicly traded trust, or (C) a note, bond, debenture or other evidence of indebtedness, (ii) a partnership interest, (iii) a commodity, (iv) a swap (such as interest rate swaps, currency swaps, basis swaps, interest rate caps, interest rate floors, commodity swaps, equity swaps, equity index swaps and similar agreements), (v) an insurance contract or annuity contract, and (vi) any interest (including a futures or forward contract or option) in a security, partnership interest, commodity, swap, insurance contract or annuity contract; and (b) does not include a non-debt, direct interest in real or immovable property. ( actif financier )
Income Tax Act — I-3.3
financial institution means an entity, other than a passive NFE, that is a custodial institution, a depository institution, an investment entity or a specified insurance company. ( institution financière )
Income Tax Act — I-3.3 (a)
governmental entity means the government of a jurisdiction, any political subdivision of a jurisdiction (which, for greater certainty, includes a state, province, county or municipality), a public body performing a function of government in a jurisdiction or any agency or instrumentality of a jurisdiction wholly owned by one or more of the foregoing, unless it is not an integral part or a controlled entity of a jurisdiction (or a political subdivision of a jurisdiction) and for these purposes (a) an integral part of a jurisdiction means any person, organization, agency, bureau, fund, instrumentality or other body, however designated, that constitutes a governing authority of a jurisdiction and where the net earnings of the governing authority are credited to its own account or to other accounts of the jurisdiction, with no portion inuring to the benefit of any private person, except that an integral part does not include any individual who is a sovereign, official or administrator acting in a private or personal capacity; (b) a controlled entity means an entity that is separate in form from the jurisdiction or that otherwise constitutes a separate juridical entity, provided that (i) the entity is wholly owned and controlled by one or more governmental entities directly or indirectly through one or more controlled entities, (ii) the entity’s net earnings are credited to its own account or to the accounts of one or more governmental entities, with no portion of its income inuring to the benefit of any private person, and (iii) the entity’s assets vest in one or more governmental entities upon liquidation and dissolution; and (c) for the purposes of paragraphs (a) and (b), (i) income is deemed not to inure to the benefit of private persons if such persons are the intended beneficiaries of a governmental program and the program activities are performed for the general public with respect to the common welfare or relate to the administration of government, and (ii) income is deemed to inure to the benefit of private persons if the income is derived from the use of a governmental entity to conduct a commercial business that provides financial services to private persons. ( entité gouvernementale )
Income Tax Act — I-3.3
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 )
Income Tax Act — I-3.3 (a)
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 )
Income Tax Act — I-3.3
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 )
Income Tax Act — I-3.3
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 )
Income Tax Act — I-3.3 (a)
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 )
Income Tax Act — I-3.3 (a)
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 )
Income Tax Act — I-3.3
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 )
Income Tax Act — I-3.3 (a)
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 )
Income Tax Act — I-3.3
natural person means an individual other than a trust. ( personne physique )
Income Tax Act — I-3.3
new account means a financial account maintained by a reporting financial institution opened after June 2017. ( nouveau compte )
Income Tax Act — I-3.3
new entity account means a new account held by one or more entities. ( nouveau compte d’entité )
Income Tax Act — I-3.3
new individual account means a new account held by one or more individuals (other than trusts). ( nouveau compte de particulier )
Income Tax Act — I-3.3 (a)
non-financial entity or NFE means an entity if (a) in the case of an entity that is resident in Canada, it is not a Canadian financial institution; and (b) in the case of a non-resident entity, it is not a financial institution. ( entité non financière ou ENF )
Income Tax Act — I-3.3 (a)
non-reporting financial institution means a Canadian financial institution that is (a) the Bank of Canada; (b) a governmental entity or international organization, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a specified insurance company, custodial institution or depository institution; (c) a broad participation retirement fund, a narrow participation retirement fund, a pension fund of a governmental entity, international organization or central bank, or a qualified credit card issuer; (d) an exempt collective investment vehicle; (e) a trust if a trustee of the trust is a reporting financial institution and reports all information required to be reported under this Part with respect to all reportable accounts of the trust; or (f) a prescribed entity. ( institution financière non déclarante )
Income Tax Act — I-3.3 (a)
participating jurisdiction means (a) Canada; and (b) each jurisdiction identified as a participating jurisdiction by the Minister on the Internet website of the Canada Revenue Agency or by any other means that the Minister considers appropriate. ( juridiction partenaire )
Income Tax Act — I-3.3 (a)
participating jurisdiction financial institution means (a) a financial institution that is resident in a participating jurisdiction, but excludes a branch of that financial institution that is located outside a participating jurisdiction; and (b) a branch of a financial institution that is not resident in a participating jurisdiction, if that branch is located in a participating jurisdiction. ( institution financière d’une jurisdiction partenaire )
Income Tax Act — I-3.3 (a)
passive NFE means (a) a non-financial entity that is not an active NFE; and (b) an entity that is (i) described in paragraph (b) of the definition investment entity , and (ii) not a participating jurisdiction financial institution. ( ENF passive )
Income Tax Act — I-3.3 (a)
pension fund of a governmental entity, international organization or central bank means a fund that is established by a governmental entity, international organization or central bank to provide retirement, disability or death benefits to beneficiaries or participants (a) that are current or former employees (or persons designated by those employees); or (b) that are not current or former employees, if the benefits provided to them are in consideration of personal services performed for the governmental entity, international organization or central bank. ( fonds de pension désigné )
Income Tax Act — I-3.3 (a)
preexisting account means (a) a financial account maintained by a reporting financial institution on June 30, 2017; and (b) a financial account of an account holder (other than a financial account described in paragraph (a)) maintained by a reporting financial institution if (i) the account holder also holds with the reporting financial institution (or with a related entity within Canada) a financial account that is a preexisting account under paragraph (a), (ii) the reporting financial institution (and, as applicable, the related entity within Canada) treats both of the aforementioned financial accounts, and any other financial accounts of the account holder that are preexisting accounts under this paragraph, as a single financial account for the purposes of (A) satisfying the standards and knowledge requirements set forth under this Part, and (B) determining the balance or value of any of the financial accounts, when applying any of the account thresholds, (iii) with respect to a financial account that is subject to AML/KYC procedures, the reporting financial institution is permitted to satisfy those AML/KYC procedures for the financial account by relying upon the AML/KYC procedures performed for the preexisting account described in paragraph (a), and (iv) the opening of the financial account does not require the provision of new, additional or amended customer information by the account holder other than for purposes of this Part. ( compte préexistant )
Income Tax Act — I-3.3
preexisting entity account means a preexisting account held by one or more entities. ( compte d’entité préexistant )