Section 244.4 — Income Tax Act: Single transaction

For the purposes of this Part, two or more electronic funds transfers of less than $10,000 each that are made within 24 consecutive hours and that total $10,000 or more are considered to be made in the course of a single transaction of $10,000 or more if an individual, other than a trust, who is a reporting entity knows that the transfers are conducted by, or on behalf of, the same entity; and an employee of a reporting entity, other than an entity described in paragraph (a), knows that the transfers are conducted by, or on behalf of, the same entity. For greater certainty, subsection (1) does not apply in respect of an electronic funds transfer sent to two or more beneficiaries if the transfer is requested by an administrator of a pension fund that is regulated by or under an Act of Parliament or of the legislature of a province; a department or agent of Her Majesty in right of Canada or of a province; an incorporated city, town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body or an agent of any of them; an organization that operates a public hospital and that is designated by the Minister as a hospital authority under the Excise Tax Act , or an agent of such an organization; or a corporation that has minimum net assets of $75 million on its last audited balance sheet, whose shares are traded on a Canadian stock exchange or a designated stock exchange and that operates in a country that is a member of the Financial Action Task Force on Money Laundering established in 1989.