Income Tax Regulations (C.R.C., c. 945)

4801.1 For the purpose of paragraph (c) of the definition “exempt trust” in subsection 233.2(1) of the Act, the following conditions are hereby prescribed in respect of a trust:

• (a) at least 150 beneficiaries of the trust are beneficiaries in respect of the same class of units of the trust; and

• (b) at least 150 of the beneficiaries in respect of that class each hold

  • (i) at least one block of units of that class, and

  • (ii) units of that class having a total fair market value of at least $500.

• 4802. (1) For the purposes of clause 149(1)(o.2)(iv)(D) of the Act, the following are prescribed persons:

  • (a) a trust all the beneficiaries of which are trusts described in clause 149(1)(o.2)(iv)(B) of the Act;

  • (b) a corporation incorporated before November 17, 1978 solely in connection with, or for the administration of, a registered pension plan;

  • (c) a trust or corporation established by or arising by virtue of an act of a province the principal activities of which are to administer, manage or invest the monies of a pension fund or plan that is established pursuant to an act of the province or an order or regulation made thereunder;

  • (c.1) the Canada Pension Plan Investment Board;

  • (c.2) the Public Sector Pension Investment Board;

  • (c.3) a pooled registered pension plan;

  • (d) a trust or corporation established by or arising by virtue of an act of a province in connection with a scheme or program for the compensation of workers injured in an accident arising out of or in the course of their employment;

  • (e) Her Majesty in right of a province;

  • (f) a trust all of the beneficiaries of which are any combination of

    • (i) registered pension plans,

    • (ii) trusts described in clause 149(1)(o.2)(iv)(B) or (C) of the Act, and

    • (iii) persons described in this subsection; and

  • (g) a corporation all of the shares of the capital stock of which are owned by one or more of the following:

    • (i) registered pension plans,

    • (ii) trusts described in clause 149(1)(o.2)(iv)(B) or (C) of the Act, and

    • (iii) persons described in this subsection.

• (1.1) For the purposes of subparagraph 127.55(f)(iii) and paragraph 149(1)(o.4) of the Act, a trust is prescribed at any particular time if, at all times after its creation and before the particular time,

  • (a) it was resident in Canada;

  • (b) its only undertaking was the investing of its funds;

  • (c) it never borrowed money except where the borrowing was for a term not exceeding 90 days and it is established that the borrowing was not part of a series of loans or other transactions and repayments;

  • (d) it never accepted deposits; and

  • (e) each of the beneficiaries of the trust was a trust governed by a deferred profit sharing plan, a pooled registered pension plan or a registered pension plan.

• (2) For the purposes of paragraph 149(1)(t) of the Act, the following are prescribed insurers:

  • (a) Union Québécoise, compagnie d’assurances générales inc.;

  • (b) Les Clairvoyants Compagnie d’Assurance Générale Inc.; and

  • (c) Laurentian Farm Insurance Company Inc.