Foreign Ownership of Land Regulations (SOR/79-416)

13 (1) For the purposes of this section and section 2, a person holds a share or membership in a corporation if

• (a) that person owns the share or holds the membership,

• (b) in the case of a share or membership that is held in trust, that person is the beneficiary of the trust, or

• (c) that person, not being the owner of the share or membership, controls any rights attached to the share or membership through a contract or other arrangement.

(2) If a share or membership in a corporation is held jointly by two or more persons, each person is considered to hold a fraction of that share or membership in relation to the extent of his interest in the share or membership.

(3) The percentage of foreign ownership of a corporation with share capital is the sum of

• (a) the percentage of its outstanding shares held by ineligible persons,

• (b) in the case of each other corporation incorporated in Canada with share capital that holds any of the first corporation’s shares, the product of the percentage of the outstanding shares of the first corporation held by that other corporation multiplied by the percentage of the outstanding shares of that other corporation held by ineligible persons, and

• (c) in the case of each other corporation incorporated in Canada without share capital that holds any of the first corporation’s shares, the product of the percentage of the outstanding shares of the first corporation held by that other corporation multiplied by the percentage of the members of that other corporation who are ineligible persons.

(4) The percentage of foreign ownership of a corporation without share capital is the sum of

• (a) the percentage of the persons holding memberships in the corporation who are ineligible persons,

• (b) in the case of each other corporation incorporated in Canada with share capital that holds a membership in the first corporation, the percentage of the shares of that other corporation held by ineligible persons divided by the number of members of the first corporation, and

• (c) in the case of each other corporation incorporated in Canada without share capital that holds a membership in the first corporation, the percentage of the members of that other corporation who are ineligible persons divided by the number of members of the first corporation.