Income Tax Act — I-3.3 135.2
Definitions 135.2 (1) The following definitions apply in this section. application for continuance means the application for continuance referred to in paragraph (a) of the definition Canadian Wheat Board continuance . ( demande de prorogation ) Canadian Wheat Board means the corporation referred to in subsection 4(1) of the Canadian Wheat Board (Interim Operations) Act , as it read before its repeal, that is continued under the Canada Business Corporations Act pursuant to the application for continuance. ( Commission canadienne du blé ) Canadian Wheat Board continuance means the series of transactions or events that includes (a) the application for continuance under the Canada Business Corporations Act that is (i) made by the corporation referred to in subsection 4(1) of the Canadian Wheat Board (Interim Operations) Act , as it read before its repeal, and (ii) approved by the Minister of Agriculture and Agri-Food under Part III of the Marketing Freedom for Grain Farmers Act ; (b) the issuance of a promissory note or other evidence of indebtedness by the Canadian Wheat Board to the eligible trust; and (c) the disposition of the eligible debt by the eligible trust, in the same taxation year of the trust in which the eligible debt is issued to it, in exchange for consideration that includes the issuance of shares by the Canadian Wheat Board that have a total fair market value at the time of their issuance that is equal to the amount by which the principal amount of the eligible debt exceeds $10 million. ( prorogation de la Commission canadienne du blé ) eligible debt means the promissory note or other evidence of indebtedness referred to in paragraph (b) of the definition Canadian Wheat Board continuance . ( dette admissible ) eligible share means a common share of the capital stock of the Canadian Wheat Board that is issued in exchange for the eligible debt, as referred to in paragraph (c) of the definition Canadian Wheat Board continuance . ( action admissible ) eligible trust , at any time, means a trust that meets the following conditions: (a) it was established in connection with the application for continuance; (b) it is resident in Canada at that time; (c) immediately before it acquired the eligible debt, it held only property of nominal value; (d) it is not exempt because of subsection 149(1) from tax on its taxable income for any period in its taxation year that includes that time; (e) all of the interests of beneficiaries under it at that time are described by reference to units that are eligible units in it; (f) the only persons who have acquired an interest as a beneficiary under the trust from it before that time are persons who were participating farmers at the time they acquired the interest; (g) all or substantially all of the fair market value of its property at that time is based on the value of property that is (i) eligible debt, (ii) shares of the capital stock of the Canadian Wheat Board, or (iii) property described in paragraph (a) or (b) of the definition qualified investment if in section 204 or a deposit with a credit union; (h) the property that it has paid or distributed at or before that time to a beneficiary under the trust in satisfaction of the beneficiary’s eligible unit in the trust is (i) money denominated in Canadian dollars, or (ii) shares distributed as an eligible wind-up distribution of the trust; and (i) at no time in its taxation year that includes that time is any other trust an eligible trust. ( fiducie admissible ) eligible unit , in a trust at any time, means a unit that describes all or part of an interest as a beneficiary under the trust, if (a) the total of all amounts each of which is the value of a unit at the time it was issued by the trust to a participating farmer does not exceed the amount by which the principal amount of the eligible debt exceeds $10 million; and (b) all of the interests as a beneficiary under the trust are fixed interests if (as defined in subsection 251.2(