5001 For the purposes of paragraph 149(1)(o.4) of the Act, a trust is a master trust at any time if, at all times after it was created and before that 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 registered pension plan or a deferred profit sharing plan.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- SOR/90-606, s. 3
- SOR/92-51, s. 8
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