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)excluded accountexcluded accountmeans(a)a retirement or pension account that satisfies the following requirements:(i)the account is(A)subject to regulation as a personal retirement account, or(B)part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits),(ii)the account is tax-favoured in that(A)contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or(B)taxation of investment income within the account is deferred or investment income within the account is taxed at a reduced rate,(iii)information reporting to the Minister is required with respect to the account,(iv)withdrawals are(A)conditioned on reaching a specified retirement age, disability or death, or(B)subject to penalties if made before the events specified in clause (A), and(v)after applying the rules in subsection 277(3) to all similar accounts, annual contributions to the account are limited to 50,000 USD or less or there is a maximum lifetime contribution limit to the account of 1,000,000 USD or less (and an account that otherwise satisfies this requirement will not fail to satisfy this requirement solely because the account may receive assets or funds transferred from one or more accounts that meet the requirements of this paragraph or paragraph (b) or from one or more broad participation retirement funds, narrow participation retirement funds or pension funds of a governmental entity, international organization or central bank);(b)an account that satisfies the following requirements:(i)the account is(A)both(I)subject to regulation as an investment vehicle for purposes other than for retirement, and(II)regularly traded on an established securities market, or(B)subject to regulation as a savings vehicle for purposes other than for retirement,(ii)the account is tax-favoured in that(A)contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or(B)taxation of investment income within the account is deferred or investment income within the account is taxed at a reduced rate,(iii)withdrawals are(A)conditioned on meeting specific criteria related to the purpose of the investment or savings account (including the provision of educational or medical benefits), or(B)subject to penalties if made before the criteria in clause (A) are met, and(iv)annual contributions are, after applying the rules in subsection 277(3) to all similar accounts, limited to 50,000 USD or less (and an account that otherwise satisfies this requirement will not fail to satisfy this requirement solely because the account may receive assets or funds transferred from one or more accounts that meet the requirements of paragraph (a) or this paragraph or from one or more broad participation retirement funds, narrow participation retirement funds or pension funds of a governmental entity, international organization or central bank);(c)a life insurance contract with a coverage period that ends before the insured individual attains age 90, if the contract satisfies the following requirements:(i)periodic premiums, which do not decrease over time, are payable at least annually until the earlier of(A)the end of the period in which the contract is in existence, and(B)the date that the insured attains age 90,(ii)the contract has no contract value that any person can access (by withdrawal, loan or otherwise) without terminating the contract,(iii)the amount (other than a death benefit) payable upon cancellation or termination of the contract must not exceed the amount determined by the formulaA − (B + C)whereAis the aggregate premiums paid for the contract,Bis the total of all mortality, morbidity and expense charges (whether or not actually imposed) for the period or periods of the contract’s existence, andCis 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)exempt collective investment vehicleexempt collective investment vehiclemeans 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)financial accountfinancial accountmeans 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)financial assetfinancial 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 institutionfinancial institutionmeans 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 entitygovernmental entitymeans 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 contractgroup annuity contractmeans 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 contractgroup cash value insurance contractmeans 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 accounthigh value accountmeans 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 contractinsurance contractmeans 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 organizationinternational organizationmeans 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 entityinvestment entitymeans any entity (other than an entity that is anactive NFEbecause 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 accountlower value accountmeans 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 fundnarrow participation retirement fundmeans 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 definitionexcluded 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 personnatural personmeans an individual other than a trust. (personne physique)new accountnew accountmeans a financial account maintained by a reporting financial institution opened after June 2017. (nouveau compte)new entity accountnew entity accountmeans a new account held by one or more entities. (nouveau compte d’entité)new individual accountnew individual accountmeans a new account held by one or more individuals (other than trusts). (nouveau compte de particulier)non-financial entitynon-financial entityorNFEmeans 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 financièreouENF)non-reporting financial institutionnon-reporting financial institutionmeans 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)participating jurisdictionparticipating jurisdictionmeans(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)participating jurisdiction financial institutionparticipating jurisdiction financial institutionmeans(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)passive NFEpassive NFEmeans(a)a non-financial entity that is not an active NFE; and(b)an entity that is(i)described in paragraph (b) of the definitioninvestment entity, and(ii)not a participating jurisdiction financial institution. (ENF passive)pension fund of a governmental entity, international organization or central bankpension fund of a governmental entity, international organization or central bankmeans 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)preexisting accountpreexisting accountmeans(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)preexisting entity accountpreexisting entity accountmeans a preexisting account held by one or more entities. (compte d’entité préexistant)preexisting individual accountpreexisting individual accountmeans a preexisting account held by one or more individuals (other than trusts). (compte de particulier préexistant)qualified credit card issuerqualified credit card issuermeans a financial institution that satisfies the following requirements:(a)the financial institution is a financial institution solely because it is an issuer of credit cards that accepts deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and(b)the financial institution has policies and procedures either to prevent a customer from making an overpayment in excess of 50,000 USD or to ensure that any customer overpayment in excess of 50,000 USD is refunded to the customer within 60 days, in each case applying the rules set forth in subsection 277(3) for account aggregation, and, for the purposes of this paragraph, a customer overpayment does not refer to credit balances to the extent of disputed charges but does include credit balances resulting from merchandise returns. (émetteur de carte de crédit déterminé)related entityrelated entity, in respect of an entity, means an entity if either entity controls the other entity or the two entities are controlled by the same entity or individual (and in the case of two entities that are investment entities described under paragraph (b) of the definitioninvestment entity, the two entities are under common management and such management fulfils the due diligence obligations of the investment entities)