Section 263 — Income Tax Act: Definitions

The following definitions apply in this Part. agreement has the same meaning as in section 2 of the Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act . ( accord ) electronic filing means using electronic media in a manner specified by the Minister. ( transmission électronique ) listed financial institution means a financial institution that is an authorized foreign bank within the meaning of section 2 of the Bank Act in respect of its business in Canada, or a bank to which that Act applies; a cooperative credit society, a savings and credit union or a caisse populaire regulated by a provincial Act; an association regulated by the Cooperative Credit Associations Act ; a central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act , or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec; a financial services cooperative regulated by An Act respecting financial services cooperatives , R.S.Q., c. C-67.3, or An Act respecting the Mouvement Desjardins , S.Q. 2000, c. 77; a life company or a foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act; a company to which the Trust and Loan Companies Act applies; a trust company regulated by a provincial Act; a loan company regulated by a provincial Act; an entity authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management, investment advising, fund administration, or fund management, services; an entity that is represented or promoted to the public as a collective investment vehicle, mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund or similar investment vehicle that is established to invest or trade in financial assets and that is managed by an entity referred to in paragraph (j); an entity that is a clearing house or clearing agency; or a department or an agent of Her Majesty in right of Canada or of a province that is engaged in the business of accepting deposit liabilities. ( institution financière particulière ) non-reporting Canadian financial institution means any Canadian financial institution or other entity resident in Canada that is described in any of paragraphs C, D and G to J of section III of Annex II to the agreement; makes a reasonable determination that it is described in any of paragraphs A, B, E and F of section III of Annex II to the agreement; qualifies as an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement; or makes a reasonable determination that it qualifies as a deemed-compliant FFI under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement. ( institution financière canadienne non déclarante ) U.S. reportable account means a financial account that, under the agreement, is to be treated as a U.S. reportable account. ( compte déclarable américain ) For the purposes of this Part, Canadian financial institution and reporting Canadian financial institution each have the meaning that would be assigned by the agreement, and the definition non-reporting Canadian financial institution in subsection (1) has the meaning that would be assigned by that subsection, if the definition Financial Institution in subparagraph 1(g) of Article 1 of the agreement were read as follows: The term Financial Institution means any Entity that is a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of the Income Tax Act . For the purposes of this Part, the agreement is to be read as if the definition Financial Account in subparagraph 1(s) of Article 1 of the agreement included the following subparagraph after subparagraph (1): 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. For the purposes of this Part, a reference in the agreement to “Canadian TIN” or “taxpayer identification number” is to be read as including a reference to Social Insurance Number. In this Part, a term has the meaning that is defined in, or assigned by, the agreement unless the term is defined in this Part. No person shall be liable for a failure to comply with a duty or obligation imposed by this Act that results from an amendment to the agreement unless at the date of the alleged failure, the text of the instrument that effected the amendment had been published in the Canada Gazette ; or reasonable steps had been taken to bring the purport of the amendment to the notice of those persons likely to be affected by it.