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• 30 (1) For the purposes of section 41 of the Act, information and documentation relating to the Canadian ownership rate on which an application for a certificate is based shall be current as of a day or days determined as follows:

  • (a) subject to paragraphs (b) and (c), all information and documentation relating to the determination of the Canadian ownership rate of an applicant shall be current as of the day on which the applicant files that information and documentation in the form set out in the Canadian Ownership and Control Determination Forms Order, 1985 for the purposes of an application;

  • (b) subject to paragraph (c) and subsection (2), all information and documentation relating to the determination of the Canadian ownership rate of an investor shall be current as of the day on which the investor provides the applicant or another investor with the information set out in the Canadian Ownership and Control Determination Forms Order, 1985 for the purposes of an application;

  • (c) information and documentation

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    shall, subject to paragraphs (d) and (e), be current as of the close of business on a day selected by the applicant or investor that is not more than 180 days prior to the date the application or amended application is filed in substantial compliance with the Act and these Regulations;

  • (d) an applicant or investor may elect that information and documentation relating to the ownership of a unit of a class of formal equity that is part of a measured block shall be current

    • (i) in the case of an applicant, as of the day set out in paragraph (a), and

    • (ii) in the case of an investor, as of the day set out in paragraph (b); and

• (2) For purposes of an application or an amended application, in this section referred to as “the present application”, an investor may elect that information and documentation

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  shall be current as of the day or days referred to in section 41 of the Act in respect of the investor for the purposes of another application, in this section referred to as “the earlier application”, if

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• (3) Where paragraph (2)(f) applies the investor may elect to calculate the beneficial Canadian ownership of that class of formal equity or determine its Canadian ownership rate, as the case may be, in accordance with those Regulations read as though paragraph 11(1)(a) were deleted therefrom.

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• (5) For the purposes of an amended application made pursuant to subsection 43(3) of the Act, the holder of a certificate may elect that all information and documentation relevant for the purposes of the calculation of the beneficial Canadian ownership of a class of formal equity shall be current as of the day or days referred to in subsection (1) for the purposes of the application or amended application pursuant to which the certificate was issued.

• (6) For the purposes of an amended application made pursuant to paragraph 43(1)(b) of the Act, information and documentation shall be current as of the day or days referred to in subsection 32(3).

• (7) Subject to subsection (8), for the purposes of an application made by a corporation, in this section referred to as “the amalgamated corporation”, that is the product of an amalgamation of a corporation, in this section referred to as “the amalgamating corporation”, that is, immediately prior to the time at which the amalgamation becomes effective, the holder of a current certificate under the Act, in this section referred to as “the prior certificate”, and one or more other corporations, the amalgamated corporation may elect, that where any information described in paragraph (1)(c) pertaining to the amalgamated corporation as at a time immediately after the time at which the amalgamation becomes effective may be determined with reference to information pertaining to the amalgamating corporation as at a time specified in the amalgamation agreement, such information pertaining to the amalgamating corporation and information and documentation described in paragraph (1)(b) or (c) in respect of any relevant investor shall be current as of the day or days referred to in subsection (1) for the purposes of the prior certificate.

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• 32 (1) For the purposes of paragraph 43(1)(b) of the Act, the following events and transactions are prescribed circumstances:

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  • (b) any transaction, including the issue redemption, purchase or sale of a unit of a class of formal equity or of a class of forward equity, other than the issue of a share deemed to be issued and outstanding under section 22 or subsection 23(1) for the purposes of the determination of the Canadian ownership rate stated in a certificate, in which any of the following persons have participated directly or indirectly:

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    • (iv) any person that becomes equity-related to the holder as a result of the transaction;

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• (3) For the purposes of determining whether a Canadian ownership rate of the holder has decreased as stated in paragraph 43(1)(b) of the Act, the Canadian ownership rate of the holder of a certificate upon the occurrence of a prescribed circumstance is the Canadian ownership rate that would be determined for the purposes of an application by the holder based on information and documentation that are current as of the day or days determined as follows:

  • (a) subject to paragraph (b), all information and documentation that would be relevant if such information and documentation were required to be current for the purposes of that application immediately after the occurrence of the prescribed circumstance and which result from any prescribed event, shall be current as of the day immediately following the day on which the prescribed event occurs;

  • (b) information and documentation referred to in paragraph (a) that consist of all information and documentation required to determine, pursuant to section 16, the Canadian ownership rate of an investor that is an entity may be current as of the day or days permitted to be chosen by section 30 reads as though the words “and that is not more than 180 days after the occurrence of the circumstance referred to in section 32” were inserted at the end of paragraph 30(1)(c), for the purposes of an application filed in substantial compliance with the Act and these Regulations and on the day next following the day on which the prescribed circumstance occurs;

  • (c) subject to paragraph (d), all information and documentation other than information and documentation referred to in paragraph (a) shall be current as of the day or days referred to in section 30 for the purposes of the application or amended application pursuant to which the certificate was issued; and

  • (d) the applicant may elect that all information and documentation relevant for the purposes of the calculation of the beneficial Canadian ownership of a class of formal equity shall be current as of the day or days referred to in paragraph (b).

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• (4) Where there is more than one published market for a unit and

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  the closing price of that unit shall be determined solely by reference to the published market within or outside Canada, as the case may be, on which the greatest volume of trading in the unit occurred during the ten days, exclusive of Saturdays, Sundays and holidays, before the day referred to in subsection (2).

• (5) For the purposes of subsections (2), (3), (4) and (7), closing price on any day means, with respect to a class of formal equity in respect of which there is a published market,

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  • (b) on a day in which no transactions other than transactions referred to in subparagraphs (a)(i) and (ii) occurred and as to which closing bid and ask prices were published, the average of such bid and ask prices.

• (6) For the purposes of subsection (7), conversion price means the aggregate of

  • (a) the proportion x/y, where

    • (i) x is the lesser of

      • (A) the price paid by the first purchaser from the entity, or a person acting as an underwriter for the entity, for the unit of a class of forward equity, and

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• (9) Subsection (8) does not apply where units, if issued, would form part of a publicly traded class of formal equity and the applicant demonstrates to the Minister that it has no knowledge or reason to believe that if all the units issuable pursuant to the exercise of the rights conferred by all the units of the class of forward equity were issued and outstanding and formed a separate class of formal equity, the beneficial Canadian ownership of that class would be less than the Canadian ownership rate of the applicant determined as if the class of forward equity did not exist.

• (10) Subject to subsection (11), subsection (8) does not apply where the applicant has knowledge that if all the units issuable pursuant to the exercise of the rights conferred by all the units of the class of forward equity were issued and outstanding and formed a separate class of formal equity, the beneficial Canadian ownership of that class would be greater than the Canadian ownership rate of the applicant determined as if the class of forward equity did not exist.

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• (15) Where units of a class of forward equity were either issued and outstanding or to be issued and outstanding pursuant to a public announcement on or prior to July 15, 1983, the applicant may elect that

  • (a) subsections (1) to (13) shall apply only in respect of those units of a class of formal equity that would have been deemed issued and outstanding as a result of the application of subsection 17(5) or (7), as the case may be, of the Canadian Ownership and Control Determination Regulationsas a result of the application of those Regulations; and

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• 2 (1) In these Regulations,

  active member

  active member  means

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  • (b) in relation to a defined contribution pension plan or a deferred profit sharing plan, an individual in respect of whom contributions are currently being made to the plan as a result of current service; (membre actif)

  measured block threshold

  measured block threshold , in respect of a particular class of formal equity, means

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  of the units of the particular class or, where the particular class is one of two or more classes of formal equity the units of which would form part of the same class of formal equity if they were actually issued and outstanding, of the units of such one of those two or more classes as has the greatest number of units; (seuil d’une tranche mesurée)

  publicly traded class of formal equity

  publicly traded class of formal equity  or publicly traded class of forward equity  means a class of formal equity or a class of forward equity, as the case may be, any unit of which is traded in the open market in the manner in which a unit thereof would normally be traded in the open market by a member of the public; (catégorie de participation ordinaire librement négociable or catégorie de participation à terme librement négociable)

  small applicant

  small applicant  means an applicant that is an entity

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  • (d) that has no units listed, registered or qualified for trading on a stock exchange or other trading facility, other than a Canadian stock exchange or Canadian trading facility, as a consequence of an application for such listing, registration or qualification made by the entity or in which the entity has participated directly or indirectly; (petit demandeur)

  stock of responsibility

  stock of responsibility  means all or part of a publicly traded class of formal equity designated as the stock of responsibility of a market-maker in accordance with the rules of The Toronto Stock Exchange or substantially similar rules of any other Canadian stock exchange; (charge de contrepartiste)

• (2) Subject to subsection (2.1), for the purpose of determining whether a person has a number of units of a class of formal equity equal to or greater than the number of units thereof that constitute the measured block threshold therefor, two or more entries on an entity’s unit holders list that show units of the class of formal equity as being registered in the name of a particular person, or in the name of a particular member of a class of persons referred to in Schedule I, shall be deemed to be registered in substantially the same manner and considered to be one entry if

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• (3) Notwithstanding the definition measured block threshold in subsection (1), where an applicant or an investor has two or more classes of formal equity to which are attached rights, other than voting rights, that are substantially similar, the measured block threshold for each such class shall be deemed to be the number of units that constitute the measured block threshold for such one of those two or more classes as, apart from this subsection, would have the largest number of units in its measured block threshold.

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48 Subject to section 49, in determining the classes of formal equity and the beneficial Canadian ownership of a class of formal equity of a trust, other than a unit trust, the following rules apply:

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• (b) subject to paragraph (c), each beneficiary of the trust shall be deemed to own a number of units of a particular class referred to in paragraph (a) determined in accordance with the formula

  (Av/Tv) × 100,

  calculated to two decimal places where

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  • c) subject to paragraph (d), the beneficial Canadian ownership of a class of formal equity that comprises discretionary interests in a trust shall be equal to the lowest Canadian ownership rate of any of the beneficiaries whose discretionary interests constitute that class determined as if the words “rounded to the nearest whole number” in section 16 read “rounded to the nearest 10th of a percentage point” and, for greater certainty, subject to paragraph (f), if such beneficiaries include a person that has or may have a Canadian ownership rate of nil, whether or not the identity of that person can be ascertained, the beneficial Canadian ownership of the class shall be deemed to be nil;

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  • g) Tables II, III and IV of Schedule II shall be used as far as they may be applicable for the purpose of determining the value of any income right, annuity, term of years, life interest or other similar estate or interest in expectancy;

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  • i) for the purposes of paragraph (b), where the value of any interest in a trust depends on the happening of a contingency other than a life contingency, the value of the interest shall be determined on the basis that the contingency will not occur, except that, if the Minister is satisfied that the contingency is substantially within the control of a person who is not dealing at arm’s length with a beneficiary of the trust, the value of the interest shall, if the Minister so directs, be determined as if the contingency had already occurred;

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  • k) for the purposes of paragraph (b), where the value of a particular interest in a trust depends on the death of a beneficiary before attaining such age, not exceeding 40 years, as is specified in the trust instrument, and the particular interest of the beneficiary is an interest in possession, the value of that particular interest and the value of any other interest determined with reference to the value of that particular interest shall be determined as if that beneficiary will attain the age specified in the trust instrument; and

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