Income Tax Act — I-3.3 270
intained 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 ) 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 ) 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 ) 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 ) group annuity contract means an annuity contract under which the obligees are individuals who are associated through an employer, trade ass