Prescribed property and prescribed benefits in relation to a tax shelter

Prescribed property

Prescribed property in relation to a tax shelter is defined in the Income Tax Regulations subsection 231(7) and includes property that is:

• a registered pension plan,
• a registered retirement savings plan,
• a deferred profit sharing plan,
• a registered retirement income fund,
• a registered education savings plan, or
• shares of:
  • prescribed venture capital corporations,
  • prescribed labour-sponsored venture capital corporations, or
  • taxable Canadian corporations held in a prescribed stock savings plan.

Prescribed benefits

Prescribed benefits in respect of an interest in a tax shelter are defined in the Income Tax Regulations subsections 231(6) and (6.1), and include tax credits, revenue guarantees, contingent liabilities, limited-recourse amounts, and rights of exchange or conversion.