Income Tax Act — I-3.3 122.1
able 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 (d) ancillary to the earning by the trust of amounts described in subparagraphs (b)(i) and (iii) of the definition real estate investment trust , other than (i) an equity of an entity, or (ii) a mortgage, hypothecary claim, mezzanine loan or similar obligation. ( bien admissible de FPI ) real estate investment trust , 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; (c) not less than 75% 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 from mortgages, or hypothecs, on real or immovable properties, and (iii) dispositions of real or immovable properties that are capital properties; (d) at each time in the taxation year an amount, that is equal to 75% or more of the equity value of the trust at that time, is the amount that is the total fair market value of all properties held by the trust each of which is 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 qualified investment in section 204 or a deposit with a credit union; and (e) investments in the trust are, at any time in the taxation year, listed or traded on a stock exchange or other public market. ( fiducie de placement immobilier ) real or immovable property , of a taxpayer, (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 real estate investment trust , 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 (b) does not include any depreciable property, other than (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 ) regulated innovative capital 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 afte