- (i) a property that is a security of the trust or partnership, or
- (ii) a right which may reasonably be considered to replicate a return on, or the value of, a security of the trust or partnership; but
- (i) an unaffiliated publicly-traded liability of the trust or partnership, nor
- (ii) regulated innovative capital. ( placement )
, of a SIFT trust for a taxation year, means the total of
- (a) the amount, if any, by which
- (i) the total of all amounts each of which is the SIFT trust’s income for the taxation year from a business carried on by it in Canada or from a non-portfolio property, other than income that is a taxable dividend received by the SIFT trust,
- (ii) the total of all amounts each of which is the SIFT trust’s loss for the taxation year from a business carried on by it in Canada or from a non-portfolio property, and
- (i) the total of
- (A) all taxable capital gains of the SIFT trust from dispositions of non-portfolio properties during the taxation year, and
- (B) one-half of the total of all amounts each of which is deemed under subsection 131(1) to be a capital gain of the SIFT trust for the taxation year in respect of a non-portfolio property of the SIFT trust for the taxation year
- (ii) the total of the allowable capital losses of the SIFT trust for the taxation year from dispositions of non-portfolio properties during the taxation year. ( gains hors portefeuille )
, of a particular entity for a taxation year, means a property, held by the particular entity at any time in the taxation year, that is
- (a) a security of a subject entity (other than a portfolio investment entity), if at that time the particular entity holds
- (i) securities of the subject entity that have a total fair market value that is greater than 10% of the equity value of the subject entity, or
- (ii) securities of the subject entity that, together with all the securities that the particular entity holds of entities affiliated with the subject entity, have a total fair market value that is greater than 50% of the equity value of the particular entity;
at any time means an entity that does not at that time hold any non-portfolio property. ( entité de placement de portefeuille )
, of an entity, means a liability that is a security of the entity, that is not equity of the entity and that is listed or traded on a stock exchange or other public market. ( dette transigée publiquement )
includes any trading system or other organized facility on which securities that are qualified for public distribution are listed or traded, but does not include a facility that is operated solely to carry out the issuance of a security or its redemption, acquisition or cancellation by its issuer. ( marché public )
, of a trust at any time, means a property that, at that time, is held by the trust and is
- (a) a real or immovable property that is capital property, an eligible resale property, an indebtedness of a Canadian corporation represented by a bankers’ acceptance, a property described by paragraph (a) or (b) of the definition in section 204 or a deposit with a credit union;
- (b) a security of a subject entity all or substantially all of the gross REIT revenue of which, for its taxation year that ends in the trust’s taxation year that includes that time, is from maintaining, improving, leasing or managing real or immovable properties that are capital properties of the trust or of an entity of which the trust holds a share or an interest, including real or immovable properties that the trust, or an entity of which the trust holds a share or an interest, holds together with one or more other persons or partnerships;
- (c) a security of a subject entity, if the entity holds no property other than
- (i) legal title to real or immovable property of the trust or of another subject entity all of the securities of which are held by the trust (including real or immovable property that the trust or the other subject entity holds together with one or more other persons or partnerships), and
- (ii) property described in paragraph (d); or
- (i) an equity of an entity, or
- (ii) a mortgage, hypothecary claim, mezzanine loan or similar obligation. ( bien admissible de FPI )
, for a taxation year, means a trust that is resident in Canada throughout the taxation year, if
- (a) at each time in the taxation year the total fair market value at that time of all non-portfolio properties that are qualified REIT properties held by the trust is at least 90% of the total fair market value at that time of all non-portfolio properties held by the trust;
- (b) not less than 90% of the trust’s gross REIT revenue for the taxation year is from one or more of the following:
- (i) rent from real or immovable properties,
- (ii) interest,
- (iii) dispositions of real or immovable properties that are capital properties,
- (iv) dividends,
- (v) royalties, and
- (vi) dispositions of eligible resale properties;
- (i) rent from real or immovable properties,
- (ii) interest from mortgages, or hypothecs, on real or immovable properties, and
- (iii) dispositions of real or immovable properties that are capital properties;
- (a) includes
- (i) a security held by the taxpayer, if the security is a security of a trust that satisfies (or of any other entity that would, if it were a trust, satisfy) the conditions set out in paragraphs (a) to (d) of the definition , or
- (ii) an interest in real property or a real right in immovables (other than a right to a rental or royalty described in paragraph (d) or (e) of the definition “Canadian resource property” in subsection 66(15)); but
- (i) a property included, otherwise than by an election permitted by regulation, in Class 1, 3 or 31 of Schedule II to the Income Tax Regulations ,
- (ii) a property ancillary to the ownership or utilization of a property described in subparagraph (i), or
- (iii) a lease in, or a leasehold interest in respect of, land or property described in subparagraph (i). ( bien immeuble ou réel )
means equity of a trust, where
- (a) since November 2006, the equity has been authorized, by the Superintendent of Financial Institutions or by a provincial regulatory authority having powers similar to those of the Superintendent, as Tier 1 or Tier 2 capital of a financial institution (as defined by subsection 181(1));
- (b) the terms and conditions of the equity have not changed after August 1, 2008;
- (c) the trust has not issued any equity after October 31, 2006; and
- (d) the trust does not hold any non-portfolio property other than
- (i) liabilities of the financial institution, and
- (ii) shares of the capital stock of the financial institution that were acquired by the trust for the sole purpose of satisfying a right to require the trust to accept, as demanded by a holder of the equity, the surrender of the equity. ( capital innovateur réglementé )
- (a) includes
- (i) rent or similar payments for the use of, or right to use, real or immovable properties, and
- (ii) payment for services ancillary to the rental of real or immovable properties and customarily supplied or rendered in connection with the rental of real or immovable properties; but
- (iii) [Repealed, 2013, c. 34, s. 258]
- (i) payment for services supplied or rendered, other than those described in subparagraph (a)(ii), to the tenants of such properties,
- (ii) fees for managing or operating such properties,
- (iii) payment for the occupation of, use of, or right to use a room in a hotel or other similar lodging facility, or
- (iv) rent based on profits. ( loyer de biens immeubles ou réels )
of a particular entity means any right, whether absolute or contingent, conferred by the particular entity or by an entity that is affiliated with the particular entity, to receive, either immediately or in the future, an amount that can reasonably be regarded as all or any part of the capital, of the revenue or of the income of the particular entity, or as interest paid or payable by the particular entity, and for greater certainty includes
- (a) a liability of the particular entity;
- (b) if the particular entity is a corporation,
- (i) a share of the capital stock of the corporation, and
- (ii) a right to control in any manner whatever the voting rights of a share of the capital stock of the corporation;
, being a specified investment flow-through trust, for a taxation year means a trust (other than an excluded subsidiary entity, or a real estate investment trust, for the taxation year) that meets the following conditions at any time during the taxation year:
- (a) the trust is resident in Canada;
- (b) investments in the trust are listed or traded on a stock exchange or other public market; and
- (c) the trust holds one or more non-portfolio properties. ( fiducie intermédiaire de placement déterminée )
means a person or partnership that is
- (a) a corporation resident in Canada;
- (b) a trust resident in Canada;
- (c) a Canadian resident partnership; or
- (d) a non-resident person, or a partnership that is not described in paragraph (c), the principal source of income of which is one or any combination of sources in Canada. ( entité déterminée )
, of an entity at any time means a publicly-traded liability of the entity if, at that time the total fair market value of all publicly-traded liabilities of the entity that are held at that time by persons or partnerships that are not affiliated with the entity is at least 90% of the total fair market value of all publicly-traded liabilities of the entity. ( dette non affiliée transigée publiquement )
- (a) at any time in the taxation year the parent entity
- (i) is affiliated with the source entity, or
- (ii) holds securities of the source entity that
- (A) are described by any of paragraphs (a) to (c) of the definition in subsection (1), and
- (B) have a total fair market value that is greater than 10% of the equity value of the source entity;
- (a) if an amount is included in gross REIT revenue of a trust for a taxation year and it results from an agreement that can reasonably be considered to have been made by the trust to reduce its risk from fluctuations in interest rates in respect of debt incurred by the trust to acquire or refinance real or immovable property, the amount is deemed to have the same character as gross REIT revenue in respect of the real or immovable property and not any other character; and
- (b) if a real or immovable property is situated in a country other than Canada and an amount included in gross REIT revenue of a trust for a taxation year
- (i) is a gain from fluctuations in the value of the currency of that country relative to Canadian currency recognized on
- (A) revenue in respect of the real or immovable property, or
- (B) debt incurred by the trust for the purpose of earning revenue in respect of the real or immovable property, or
- (A) provides for the purchase, sale or exchange of currency, and
- (B) can reasonably be considered to have been made by the trust to reduce its risk from currency fluctuations described in subparagraph (i),
the amount is deemed to have the same character as gross REIT revenue in respect of the real or immovable property and not any other character.
- (a) 2011, and
- (b) the first day after December 15, 2006 on which the trust exceeds normal growth as determined by reference to the normal growth guidelines issued by the Department of Finance on December 15, 2006, as amended from time to time, unless that excess arose as a result of a prescribed transaction.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2007, c. 29, s. 13, c. 35, s. 41
- 2009, c. 2, s. 36
- 2013, c. 34, s. 258, c. 40, s. 51
- (i) is a gain from fluctuations in the value of the currency of that country relative to Canadian currency recognized on