Canadian Ownership and Control Determination Regulations, 1984 (SOR/84-431)

9 (1) For the purpose of paragraph (a) of the definition small applicant in subsection 2(1), the total assets of an entity are, subject to subsection (4), the greatest of

• (a) the assets of the entity that would be shown on its balance sheet,

• (b) the assets that would be shown on any consolidated balance sheet of the entity, and

• (c) where the entity’s assets would be included in the consolidated balance sheet of any other entity, the assets that would be shown on the consolidated balance sheet of that other entity,

as at the end of the most recently completed fiscal period of the relevant entity, if the balance sheet or consolidated balance sheet, as the case may be, were prepared in accordance with the applicable standards of the Canadian Institute of Chartered Accountants as set out in the Canadian Institute of Chartered Accountant’s Handbook or, where such standards are not so set out, in accordance with generally accepted accounting principles.

(2) For the purposes of subsection (1), where the most recently completed fiscal period of an entity ended not earlier than 180 days prior to the day on which an application is filed by the entity in substantial compliance with the Act and these Regulations and no balance sheet is available for that fiscal period, the immediately preceding completed fiscal period of the entity is its most recently completed fiscal period.

(3) An entity that does not have a completed fiscal period may, for the purposes of subsection (1), elect that a period commencing on the day it commenced doing business and ending on any day not earlier than 180 days prior to the date on which an application is filed by the entity in substantial compliance with the Act and these Regulations shall be its most recently completed fiscal period.

(4) Where, in the opinion of the Minister, the total assets shown on the balance sheet or consolidated balance sheet of an entity do not fairly represent the total assets of that entity, the Minister may, for the purposes of these Regulations, adjust those assets in the manner he considers appropriate.

(5) [Revoked, SOR/85-847, s. 3]