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Marginal note:Definitions

• 2 (1) The following definitions apply in this Act.

  authorized financial accounting standard

  authorized financial accounting standard , in respect of an entity, means a set of generally acceptable accounting principles permitted by the body responsible for prescribing, establishing or accepting accounting standards for financial reporting purposes in the jurisdiction where the entity is located. (norme de comptabilité financière agréée)

  eligible distribution tax system

  eligible distribution tax system , of a jurisdiction, means a corporate income tax system that is applicable in the jurisdiction that

  • (a) generally imposes tax on the profits, or certain non-business expenses, of a corporation only when the corporation

    • (i) distributes those profits to its shareholders,

    • (ii) is deemed to distribute those profits to its shareholders, or

  international organization

  international organization  means any intergovernmental or supranational organization, or an entity that acts for, is part of or is wholly owned by that organization, if

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  • (b) it has in effect a headquarters agreement or substantially similar agreement, such as arrangements for privileges or immunities in respect of its offices or establishments, with the jurisdiction in which it is established; and

  non-profit organization

  non-profit organization  means an entity, if

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  • (c) the entity has no shareholders or members that have a proprietary or beneficial interest in its income or assets;

  tax treaty

  tax treaty  means an agreement for the avoidance of double taxation with respect to taxes on income and on capital. (convention fiscale)

  unrelated purchaser

  unrelated purchaser , in respect of the transfer of a tax credit by a person, means another person that acquires the tax credit unless

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  • (b) one of the persons owns directly or indirectly,

    • (i) if the other person is a corporation, shares of the capital stock of the corporation that

      • (A) give their holder at least 50% of the votes of the shareholders of the corporation, and

  • (c) a third person owns, directly or indirectly, in respect of each of the other persons

    • (i) if one or both of those other persons are corporations, shares of the capital stock of each such corporation that

      • (A) give their holder at least 50% of the votes of the shareholders of the corporation, and