Income Tax Act — I-3.3 270
adian financial institution means a financial institution that is (a) either (i) resident in Canada, but excluding any branch of the financial institution that is located outside Canada, or (ii) a branch of a financial institution that is not resident in Canada, if the branch is located in Canada; and (b) a listed financial institution as defined in subsection 263(1). ( institution financière canadienne ) 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 ) 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 ) 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 ) 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 ) 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 ) 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 du