Income Tax Regulations

4801 In applying at any time paragraph 132(6)(c) of the Act, the following are prescribed conditions in respect of a trust:

• (a) either

  • (i) the following conditions are met:

    • (A) there has been at or before that time a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not, under the laws of the province, required to be filed in respect of the distribution, and

    • (B) the trust

      • (I) was created after 1999 and on or before that time, or

      • (II) satisfies, at that time, the conditions prescribed in section 4801.001, or

  • (ii) a class of the units of the trust is, at that time, qualified for distribution to the public; and

• (b) in respect of a class of the trust’s units that meets at that time the conditions described in paragraph (a), there are at that time no fewer than 150 beneficiaries of the trust, each of whom holds

  • (i) not less than one block of units of the class, and

  • (ii) units of the class having an aggregate fair market value of not less than $500.