GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canadian Ownership and Control Determination Regulations, 1984 — 23
23 (1) Subject to subsection (2) where a person has a right to the issue of a unit of a class of formal equity or a unit of a class of forward equity under an agreement described in subparagraph 66.1(6)(a)(v), 66.2(5)(a)(v) or 66.4(5)(a)(iii) of the Income Tax Act and the unit can reasonably be expected to be issued within 24 months from the day the application for a certificate is filed in substantial compliance with the Act and these Regulations (a) if the unit would, on issue, be a unit of a class of formal equity, the unit shall be deemed (i) to be issued and outstanding, (ii) to be owned by the owner of the right to the issue of the unit on the day selected under paragraph 30(1)(c), and (iii) to form part of a separate class of formal equity, or (b) if the unit would, on issue, be a unit of a class of forward equity, the unit shall be deemed (i) to be issued and outstanding as of the date the agreement was entered into, and (ii) to be owned by the owner of the right to the issue of the unit on the day selected under paragraph 30(1)(c) for the lesser of (c) a period ending 24 months from the day that the application is filed in substantial compliance with the Act and these Regulations, and (d) a period ending on the day on which the right to the issue of the unit terminates for the purposes of any Canadian ownership rate determined during that period. (2) Subsection (1) applies in respect of one period only for a right described in that subsection.
Canadian Ownership and Control Determination Regulations, 1984 — 25
25 The beneficial Canadian ownership of a class of formal equity is the proportion [B + (0.5 × U 2 ) + M + S] / (T - U 1 ) expressed as a percentage rounded to the nearest tenth of a percentage point, where a) B is the sum of (i) the products obtained when the number of units owned by each owner of units in a measured block, other than market-maker shares or units described in subparagraph (ii), is multiplied by the Canadian ownership rate of the owner, and (ii) the products obtained when the number of shares, if any, referred to in subsection 21(1) is multiplied by the Canadian ownership rate required of a purchaser of those shares referred to in that subsection; b) S is the aggregate number of units that do not form part of a measured block and that are shown on the revised unit holders list as registered in the name of a person with an address in Canada or that are referred to in an entry included on the revised unit holders list pursuant to paragraph 4(1)(d); c) M is the number of units that are market-maker shares; d) U 2 is the number of units deemed pursuant to subsection 26(2) to be owned by an investor who has a Canadian ownership rate of 50%; e) T is the sum of (i) the total number of units in the class of formal equity shown on the unit holders list, (ii) the greater of (A) the aggregate number of units (I) certified by each recorded owner as owned by a person or held for a person, or (II) certified by any other person as owned by a person or held for a person where any of the units so certified are contained in an entry included in the revised unit holders list pursuant to paragraph 4(1)(c), (d) or (e), less (III) the aggregate number of units, other than units included in the revised unit holders list pursuant to paragraph 4(1)(b), registered in any name of a recorded owner referred to in subclause (I), and (B) nil units, and (iii) the greater of (A) nil units, and (B) the aggregate of the numbers of units referred to in paragraph (a) less the number of units in all measured blocks; and f) U 1 is the lesser of (i) the total number of units in the street share pool as defined in subsection 26(1), and (ii) 5% of the number of units of the class of formal equity shown on the unit holders list of the applicant or investor. SOR/85-847, s. 10
Canadian Ownership and Control Determination Regulations, 1984 — 26
26 (1) For the purposes of section 25 and subsection (2), street share pool means the aggregate of (a) the greater of (i) the aggregate number of units (A) certified by each recorded owner with an address of record in Canada as owned by a person or held for a person, or (B) certified by any other person as owned by a person or held for a person and contained in an entry included on the revised unit holders list pursuant to paragraph 4(1)(c), (d) or (e) subtracted from (C) the aggregate number of units, other than units included in the revised unit holders list pursuant to paragraph 4(1)(b), registered in any name of a recorded owner referred to in clause (A), and (ii) nil units; and (b) the greater of (i) the aggregate number of units in all measured blocks less the aggregate of the numbers of units referred to in paragraph 25(a), and (ii) nil units. (2) For the purposes of calculating the beneficial Canadian ownership of a class of formal equity, a number of units equal to the lesser of (a) the greater of (i) nil units, and (ii) the total number of units in the street share pool less five per cent of the number of units of the class of formal equity shown on the records of the applicant or investor, and (b) a number of units equal to (i) in respect of an application filed in 1984, 6%, (ii) in respect of an application filed in 1985, 3%, and (iii) in respect of an application filed in any year following 1985, 0% of the number of units of the class of formal equity shown on the unit holders list of the applicant or investor, shall be deemed to be owned by an investor having a Canadian ownership rate of 50%.
Canadian Ownership and Control Determination Regulations, 1984 — 27
27 For the purposes of section 4 and notwithstanding subsection 2(2.1), where an entity does not combine into one entry in its revised unit holders list two or more entries therein that relate to units of a class of formal equity that, if combined, would be equal to or greater than the measured block threshold for that class of formal equity and that are registered in the unit holders list in substantially the same manner, the units to which the two or more entries relate shall be deemed to constitute a measured block and to be owned by a person having a Canadian ownership rate of nil, unless the entity demonstrates that the reason the entries were not combined was other than to avoid inclusion of the units to which the entries relate in a measured block. SOR/85-847, s. 11
Canadian Ownership and Control Determination Regulations, 1984 — 28
28 (1) Subject to subsection (3), the Canadian ownership rate of an applicant shall be the sum of the Canadian ownership rate that would be determined in accordance with section 16 if the words “rounded to the nearest whole number”, read “rounded to the nearest tenth of a percentage point” and a percentage calculated as follows: (a) where the applicant is a public entity and its Canadian ownership rate, calculated in accordance with section 16, is at least 50%, 5%; (b) where the applicant is an entity other than a public entity, a percentage equal to the sum of the products obtained by multiplying (i) the aggregate of the direct equity percentages and the indirect equity percentages of each investor that is a public entity and that for the purposes of the application has calculated a Canadian ownership rate of not less than 50%, by (ii) the lesser of (A) five, and (B) 100 less the number of percentage points represented by the Canadian ownership rate referred to in subparagraph (i) rounded to the nearest whole number. (1.1) Subsection (1) applies only where (a) the applicant has made an application for a certificate prior to the coming into force of this subsection; and (b) the applicant’s Canadian ownership rate determined with regard to subsection (1) would not, in the application of sections 7 to 9 of the Petroleum Incentives Program Act for any relevant year, fall within the same appropriate range of Canadian ownership rate, as prescribed for that year by section 10 of that Act, as the applicant’s Canadian ownership rate calculated without regard to subsection (1). (2) For the purposes of subparagraph (1)(b)(i) (a) the direct equity percentage or indirect equity percentage of a public entity in respect of any person that is a factor in determining any indirect equity percentage that is included in the calculation referred to in that subparagraph shall be deemed to be nil; and (b) the direct equity percentage of any person in any other person shall be determined without reference to any class of formal equity the beneficial Canadian ownership of which was not included in the calculation of Canadian ownership rate pursuant to section 16. (3) Subsection (1) applies only where each investor that has elected to be treated as having a Canadian ownership rate of 100% pursuant to section 15 has a direct equity percentage or an indirect equity percentage in the applicant that is less than 5%. (4) Notwithstanding anything in these Regulations, the Canadian ownership rate of a person shall not exceed 100%. SOR/85-847, s. 12
Canadian Ownership and Control Determination Regulations, 1984 — 29
29 An investor having a Canadian ownership rate of 90% or more determined in accordance with this Part, but without regard to section 28, shall be considered to have a Canadian ownership rate of 100% in respect of an applicant if the investor’s direct equity percentage and indirect equity percentage in respect of the applicant are (a) where the investor has determined its Canadian ownership rate pursuant to section 16 as an applicant or as an investor equity-related to an applicant, less than 50%; or (b) in any other case, less than 10%. SOR/85-847, s. 13
Canadian Ownership and Control Determination Regulations, 1984 — 31
31 (1) For the purposes of subsection 42(2) of the Act, all certificates issued pursuant to applications (a) that, according to acknowledgements sent by the Minister pursuant to subsection 39(1) of the Act, were received by the Minister in the same month, and (b) that are from any class of applicants selected by the Minister, may be assigned an additional effective period not exceeding six months, unless the applicant for the certificate requests that an additional effective period of less than six months, or that no additional effective period, be assigned to the certificate, in which case the certificate may be assigned such lesser additional effective period as the applicant specifies or no additional effective period, as the case may be. (2) For the purposes of subsection 42(1) of the Act, a certificate issued to a person in any class of persons shall continue to be effective for the period ending on the day that is twenty-four months after the date that is acknowledged by the Minister pursuant to subsection 39(1) of the Act as the date of receipt of the application by the Minister. SOR/85-847, s. 15
Canadian Ownership and Control Determination Regulations, 1984 — 32
and on the day next following the day on which the prescribed circumstance occurs; (c) subject to paragraph (d), all information and documentation other than information and documentation referred to in paragraph (a) shall be current as of the day or days referred to in section 30 for the purposes of the application or amended application pursuant to which the certificate was issued; and (d) the applicant may elect that all information and documentation relevant for the purposes of the calculation of the beneficial Canadian ownership of a class of formal equity shall be current as of the day or days referred to in paragraph (b). (4) The beneficial Canadian ownership of a class of formal equity to which paragraph (3)(a) does not apply may, at the election of the applicant, be calculated in accordance with the Act and Regulations that applied to the application pursuant to which the certificate was issued.
Canadian Ownership and Control Determination Regulations, 1984 — 33
33 For the purposes of subsection 60(4) of the Act, the prescribed period after the Act comes into force is 5 years.
Canadian Ownership and Control Determination Regulations, 1984 — 34
34 (1) The consent of any investor with which an applicant is required to provide the Minister by subsection 48(1) of the Act shall, subject to subsection (2), be completed by the investor as follows: (a) where the investor is an individual, in the form set out in Schedule III; or (b) where the investor is not an individual, in the form set out in Schedule IV. (2) Where a nominee of an investor provides the Minister with a consent referred to in subsection (1) on behalf of the investor, the consent shall be completed by the nominee in the form set out in Schedule V. (3) The consent of an investor or a nominee of an investor completed in accordance with the subsection (1) or (2) shall be set out on and form part of the form completed by the investor or nominee.
Canadian Ownership and Control Determination Regulations, 1984 — 35
35 (1) For the purposes of subsection 48(2) and (4) of the Act, (a) where an applicant that is an entity would be a non-eligible person as that term is defined in subsection 3(1) of the Foreign Investment Review Act if another entity was a non-eligible person within the meaning of that subsection, that other entity is a prescribed person; and (b) where an applicant that is an entity would be deemed to be a non-eligible person by reason of the application of paragraph 3(2)(b) of the Foreign Investment Review Act on the grounds that another entity not referred to in paragraph (a) was a non-eligible person, unless the contrary is established, that other entity is a prescribed person unless the Minister specifies otherwise. (2) For the purposes of subsection 48(5) of the Act, a prescribed person is any entity referred to in paragraph (1)(a) that owns formal equity in respect of an applicant that is an entity and that has carried on business for less than twelve months prior to the day the application is filed in substantial compliance with the Act and these Regulations and, unless the Minister specifies otherwise, any entity referred to in paragraph (1)(b) in respect of that applicant. (3) Where an applicant is required to provide the Minister with the consent of any person prescribed by subsection (1) or (2), the consent shall accompany the application or shall be filed after the application on the demand of the Minister and shall be in the form set out in Schedule VI.
Canadian Ownership and Control Determination Regulations, 1984 — 36
surance contre les accidents et les dommages à la propriété ) property and casualty insurance policy means any written contract of insurance, other than life insurance or a policy in respect of which a segregated fund is maintained, whether contained in one or more documents and, in the case of insurance in a fraternal benefit society, includes any contract whether or not evidenced in writing and any certificate of membership relating in any way to insurance other than life insurance; ( police d’assurance contre les accidents et les dommages à la propriété ) property and casualty policy in Canada means a property and casualty insurance policy issued or effected by a property and casualty insurance company where the persons or property at risk covered by the policy were ordinarily resident or located, as the case may be, within Canada at the time the policy was issued or effected; ( police d’assurance contre les accidents et les dommages à la propriété au Canada ) segregated fund has the same meaning as in subsection 138.1(1) of the Income Tax Act ; ( fonds réservé ) stock company means a life insurance company with share capital or a property and casualty insurance company with share capital. ( société par actions )
Canadian Ownership and Control Determination Regulations, 1984 — (a)
Canadian oil or gas investment means (a) a right, licence or privilege to (i) explore for, (ii) drill for, (iii) take, or (iv) store underground petroleum, natural gas or other related hydrocarbons in Canada, (b) an oil or gas well situated in Canada, (c) a rental or royalty computed by reference to the amount or value of production from an oil or gas well situated in Canada, (d) a right to or interest in any property described in paragraphs (a) to (c) including a right to receive the proceeds of disposition of that property, or (e) a direct equity percentage that is not less than one-half of one per cent in any entity or that represents an investment with a current market value of $1,000,000 or more, if the entity is a principal-business entity, is Canadian controlled and has a Canadian ownership rate of not less than 50%; ( investissement dans le pétrole et le gaz canadiens )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
fraternal benefit society has the same meaning as in subsection 2(1) of the Canadian and British Insurance Companies Act ; ( société de bénéfices mutuels )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
gross actuarial reserves has the same meaning as in subsection 82.1(1) of the Canadian and British Insurance Companies Act ; ( réserves actuarielles brutes )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
life insurance company means a company registered, licensed or otherwise authorized to carry on the business of life insurance under the laws of Canada or a province and includes a fraternal benefit society; ( compagnie d’assurance-vie )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
life insurance policy means any written contract of life insurance, other than a policy in respect of which a segregated fund is maintained, whether contained in one or more documents, an annuity contract and, in the case of insurance in a fraternal benefit society, includes any contract whether or not evidenced in writing and any certificate of membership relating in any way to life insurance; ( police d’assurance-vie )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
life policy in Canada means a life insurance policy issued or effected by a life insurance company on the life of a person who according to the records of the insurer had an address in Canada at the time the policy was issued or effected; ( police d’assurance-vie au Canada )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
mutual company means a life insurance company without share capital or a property and casualty insurance company without share capital; ( société mutuelle )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
non-participating policy means a life insurance policy other than a participating policy; ( police d’assurance-vie sans participation )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
participating policy means a life insurance policy under which the policyholder is entitled to share, other than by way of an experience rating refund, in the profits of the insurer, other than profits in respect of property in a segregated fund; ( police d’assurance-vie avec participation )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
participating policyholder in Canada means a policyholder in Canada of a participating policy; ( titulaire de police d’assurance-vie avec participation au Canada )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
policyholder in Canada means a person shown on the records of an insurer as having an address in Canada and as being the owner of a life policy in Canada or a property and casualty policy in Canada; ( assuré au Canada )
Canadian Ownership and Control Determination Regulations, 1984 — (a)
principal-business entity means an entity the principal business of which is (a) producing, refining or marketing petroleum, petroleum products or natural gas, or exploring or drilling for petroleum or natural gas or other related hydrocarbons, or (b) operating a pipeline for the transmission of oil or natural gas; ( entité exploitant une entreprise principale )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
property and casualty insurance company means a company, other than a life insurance company, that is registered, licensed or otherwise authorized to carry on the business of property and casualty insurance under the laws of Canada or a province and includes a fraternal benefit society; ( compagnie d’assurance contre les accidents et les dommages à la propriété )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
property and casualty insurance policy means any written contract of insurance, other than life insurance or a policy in respect of which a segregated fund is maintained, whether contained in one or more documents and, in the case of insurance in a fraternal benefit society, includes any contract whether or not evidenced in writing and any certificate of membership relating in any way to insurance other than life insurance; ( police d’assurance contre les accidents et les dommages à la propriété )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
property and casualty policy in Canada means a property and casualty insurance policy issued or effected by a property and casualty insurance company where the persons or property at risk covered by the policy were ordinarily resident or located, as the case may be, within Canada at the time the policy was issued or effected; ( police d’assurance contre les accidents et les dommages à la propriété au Canada )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
segregated fund has the same meaning as in subsection 138.1(1) of the Income Tax Act ; ( fonds réservé )
Canadian Ownership and Control Determination Regulations, 1984 — Canadian Ownership and Control Determination Regulations, 1984
stock company means a life insurance company with share capital or a property and casualty insurance company with share capital. ( société par actions )
Canadian Ownership and Control Determination Regulations, 1984 — 37
37 (1) The Canadian ownership rate of a segregated fund shall be calculated under these Regulations as if the segregated fund were a unit trust, the insurer were the trustee of the trust, the owners of the insurance policies in respect of which the segregated fund is maintained were the beneficiaries of the trust and the insurance policies in respect of which the segregated fund is maintained were the formal equity of the trust. (2) A segregated fund maintained by a life insurance company in respect of which at least fifty persons hold insurance policies shall be considered to have a Canadian ownership rate of 100% if the insurer has no knowledge or reason to believe that less than 90% of the aggregated value of all interests in the fund is held for the benefit of persons who would qualify for a Canadian ownership rate of 100%. (3) For the purposes of paragraph 52(g) of the Act, the control status of a segregated fund shall be the control status of the insurer.