GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canadian Ownership and Control Determination Regulations, 1984 — 4
4 (1) An entity may prepare a revised unit holders list and may include therein the following: (a) any entry on the entity’s unit holders list relating to units of a class of formal equity with respect to which the entity has no knowledge or reason to believe that they are owned by a person other than the recorded owner; (b) any entry on the entity’s unit holders list relating to units of a class of formal equity that are not referred to in paragraph (a) if the number of units to which the entry relates is less than the number of units that constitute the measured block threshold for that class of formal equity; (c) any entry consisting of a statement of the number of units of a class of formal equity owned by any person; (d) any entry consisting of a statement of a number of units of a class of formal equity held for persons with addresses in Canada if each such person has a number of units thereof that is less than the number of units that constitute the measured block threshold for that class of formal equity; and (e) any other entry that the entity demonstrates to the Minister that it is necessary to include in order to show accurately the ownership of any units. (2) and (3) [Revoked, SOR/85-847, s. 2] (4) For the purposes of paragraph (1)(a) an entity shall be deemed to have reason to believe that units shown on its records are owned by a person other than the recorded owner of those units if the recorded owner is a person or a member of a class of persons referred to in Schedule I. SOR/85-847, s. 2
Canadian Ownership and Control Determination Regulations, 1984 — 5
5 (1) For the purposes of these Regulations, (a) a class of formal equity of a partnership or trust, subject to subsections (2) and (3), comprises all substantially similar units; and (b) a class of formal equity of a corporation comprises all shares that are part of the same class of the corporation or, if the class consists of more than one series, of the same series. (2) For the purposes of these Regulations, an applicant or investor may elect that additional units of a class of formal equity issued on or after any day selected by that applicant or investor in respect of that class under paragraph 30(1)(c) shall constitute a separate class of formal equity. (3) For the purposes of these Regulations, (a) all rights expressed as a fixed percentage of income or revenue that in the aggregate represent 100% of that income or revenue at a particular time, (b) all rights expressed as a fixed percentage of capital that in the aggregate represent 100% of that capital at a particular time, or (c) all rights expressed as a fixed percentage of income and capital or revenue and capital that in the aggregate represent 100% of that income and capital or revenue and capital at a particular time in respect of all or a specified portion of the property of a partnership constitute a class of formal equity that shall be deemed to compromise 100 units owned by the owners of interests in the class of formal equity in the proportions that their interests represent of that class of formal equity. (4) For the purposes of these Regulations, a class of forward equity comprises all units the attributes of which are identical and that were issued on the same day and at the same price if any.
Canadian Ownership and Control Determination Regulations, 1984 — 6
6 (1) There shall, for the purpose of determining the Canadian ownership rate of any person or class of persons, be excluded from the formal equity of a corporation, (a) during a 60 day period from the day on which the underwriting agreement was signed, any share of a publicly traded class of formal equity that a dealer, acting as an underwriter pursuant to an underwriting agreement, owns; (b) any unit that was a bearer unit on February 9, 1982; and (c) any unit that has a fixed or determinable yield not exceeding a reasonable yield in relation to the market yield of a comparable unit on the date of issue of the unit. (2) For the purposes of paragraph (1)(c), the calculation of the yield shall take into consideration any incentive that the person or class of persons referred to in that subsection would, based on a Canadian ownership rate determined as if the unit and all other units of the same class of formal equity were included in formal equity, be qualified to receive pursuant to the Petroleum Incentives Program Act in respect of the consideration paid on the issue of the units. (3) Where, in respect of units of a class of formal equity of an entity, the entity would have a total equity percentage of 100% calculated as if those units constituted all the formal equity of the entity, those units shall be excluded from formal equity for the purpose of determining the Canadian ownership rate of that entity.
Canadian Ownership and Control Determination Regulations, 1984 — 8
8 (1) For the purposes of paragraph (b) of the definition direct equity percentage in subsection 35(1) of the Act, direct equity percentage means (a) where factors by which all classes of formal equity of the particular person referred to in that paragraph may be weighted are determined in a manner acceptable to the Minister, the sum of the products obtained when the number of units in each class of formal equity of the particular person referred to in that paragraph that is owned by the person referred to in that paragraph are multiplied by the corresponding weighting factor referred to in subsection (2), expressed as a percentage of the sum of the products obtained when the total number of units in each class of formal equity of the particular person is multiplied by the corresponding weighting factor referred to in subsection (2); and (b) where factors by which all classes of formal equity of the particular person referred to in that paragraph may be weighted cannot be determined in a manner acceptable to the Minister, the greater of (i) the greatest of the results obtained when the sums of the products obtained by multiplying the number of units owned by the person referred to in that paragraph in the classes of formal equity of the particular person for which relative weighting factors can be determined in a manner acceptable to the Minister by the corresponding weighting factors referred to in subsection (2) are each expressed as a percentage of the sum of the products obtained when the total numbers of units in those classes are multiplied by the corresponding weighting factors referred to in subsection (2), and (ii) the greatest of the results obtained when the number of units in each class of formal equity of the particular person that is owned by the person for which a weighting factor cannot be determined in a manner acceptable to the Minister is expressed as a percentage of the number of units in that class. (2) For the purposes of subsection (1) (a) where factors by which all classes of formal equity of the particular person referred to in that subsection may be weighted are determined in a manner acceptable to the Minister, the weighting factor for a class of formal equity shall be the weighting factor that would be determined for that class under paragraph 16(3)(a) if each class of formal equity were to consist of the same number of units; and (b) where factors by which all classes of formal equity of the particular person referred to in that subsection may be weighted cannot be determined in a manner acceptable to the Minister, the weighting factor for a class of formal equity shall be the weighting fact that would be determined for that class under subparagraph 16(3)(b)(i) if each relevant class of formal equity were to consist of the same number of units.
Canadian Ownership and Control Determination Regulations, 1984 — 9
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] SOR/85-847, s. 3
Canadian Ownership and Control Determination Regulations, 1984 — 10
10 A unit of formal equity of an entity that is held in trust by a trustee shall, for the purposes of determining the Canadian ownership rate of any person or class of persons, be deemed to be owned by the trust and any beneficial interest of a person in that unit shall be deemed to be formal equity of the trust owned by the person.
Canadian Ownership and Control Determination Regulations, 1984 — 11
11 A corporation incorporated outside Canada is qualified to apply for a certificate if (a) all of its formal equity is owned by a corporation incorporated in Canada; (b) it was incorporated prior to October 29, 1980; and (c) its activities have been conducted primarily in Canada at all times after October 28, 1980.
Canadian Ownership and Control Determination Regulations, 1984 — 12
12 (1) For the purposes of these Regulations Her Majesty in right of Canada or a province and the following, whether as applicants or investors, are considered to have a Canadian ownership rate of 100%: (a) an individual who is qualified to apply for a certificate under the Act; (b) a trust governed by a registered retirement savings plan or a registered retirement income fund within the meaning of the Income Tax Act if the beneficiary of the trust is an individual qualified to apply for a certificate; (c) a trust governed by a deferred profit sharing plan within the meaning of the Income Tax Act ; (d) a pension trust or pension corporation in respect of a fund governed by a defined contribution pension plan; (e) a pension trust or pension corporation in respect of a fund governed by a defined benefit pension plan or a combined defined benefit defined contribution pension plan and having at least twenty-five active members; (f) a trust that is a public entity if (i) any trustee of the trust that is a corporation is licensed or otherwise authorized under the laws of Canada or a province to carry on the business of offering to the public its services as trustee, (ii) not less than 80% of all trustees of the trust who are individuals are qualified to apply for a certificate, and (iii) the trustees or administrators of the trust have no knowledge or reason to believe that less than 90% of the aggregate value of all units in the trust is held for the benefit of persons who would qualify for a Canadian ownership rate of 100%; (g) a cooperative corporation organized under the laws of Canada or a province, if (i) at least 90% of the members and 90% of the shareholders, if any, of the corporation are shown on the records of the corporation as having addresses in Canada, (ii) at least 90% of the shares, if any, of the corporation are shown on the records of the corporation as being registered in the names of persons having addresses in Canada, and (iii) the corporation has no knowledge or reason to believe that less than 90% of the members and 90% of the shareholders, if any, of the corporation are persons who would qualify for a Canadian ownership rate of 100%, or that less than 90% of the shares are owned by persons who would qualify for a Canadian ownership rate of 100%; and (h) an entity that is a registered charity under the Income Tax Act . (2) An individual who is not qualified to apply for a certificate under the Act shall be considered to have a Canadian ownership rate of nil.
Canadian Ownership and Control Determination Regulations, 1984 — 13
13 Notwithstanding paragraphs 12(1)(c), (d) and (e), a trust, a pension trust or pension corporation referred to in those paragraphs shall not be considered to have a Canadian ownership rate of 100% unless (a) the plan is registered under the Income Tax Act ; (b) at least 80% of any trustees who are individuals are qualified to apply for a certificate under the Act; (c) at least 90% of the active members are shown on the records maintained in respect of the plan as having addresses in Canada; and (d) the administrators, trustees or insurers of the trust or corporation have no knowledge or reason to believe that less than 90% of the active members are persons who would qualify for a Canadian ownership rate of 100%.
Canadian Ownership and Control Determination Regulations, 1984 — 14
14 The Canadian ownership rate of a small applicant is 75%.
Canadian Ownership and Control Determination Regulations, 1984 — 15
15 (1) Where a secondary investor would, in the application of the Investment Canada Act , be determined pursuant to subsection 26(1) of that Act to be a Canadian-controlled entity for the purposes of that Act, the secondary investor may elect to be treated as having a Canadian ownership rate of 100% in respect of an application if the aggregate of (a) the direct and indirect equity percentages in respect of the applicant of the secondary investor, and (b) the direct and indirect equity percentages, in respect of the applicant, of all secondary investors that are equity-related to the secondary investor and that make an election under this subsection does not exceed 10%. (2) This section does not apply to any secondary investor (a) that is also a primary investor in respect of the relevant applicant; (b) that is equity-related to that applicant or to any primary investor; or (c) to whom a certificate based on a Canadian ownership rate referred to in section 14 has been issued and is in effect. SOR/85-847, s. 4
Canadian Ownership and Control Determination Regulations, 1984 — 16
16 (1) Subject to Parts II and V and section 50, the Canadian ownership rate of an entity shall be determined in accordance with this Part. (2) Subject to subsection (5) and sections 28 and 29, the Canadian ownership rate of an entity having one class of formal equity shall be obtained by calculating the beneficial Canadian ownership of that class of formal equity determined in accordance with section 25, rounded to the nearest whole number. (3) Subject to subsection (5) and sections 28 and 29, the Canadian ownership rate of an entity that has more than one class of formal equity shall be obtained by calculating (a) the average of the beneficial Canadian ownerships of all classes of formal equity of the entity, each weighted by a factor determined in a manner acceptable to the Minister, rounded to the nearest whole number, or (b) where factors by which each class of formal equity of the entity may be weighted cannot be determined in a manner acceptable to the Minister, the lower (i) of the lowest of each of the averages of the beneficial Canadian ownerships of any classes of formal equity of the entity for which weighting factors can be determined in a manner acceptable to the Minister, each weighted by the applicable factor, and (ii) the lowest of the beneficial Canadian ownerships of any classes of formal equity of the entity for which a weighting factor cannot be determined in a manner acceptable to the Minister, rounded to the nearest whole number. (4) Where a factor by which the beneficial Canadian ownership of a class of formal equity of an entity may be weighted with that of each other class of formal equity cannot be determined in a manner acceptable to the Minister and the Minister considers it appropriate, all units of that class shall be excluded from formal equity for the purposes of subsection (3) and the definition formal equity in subsection 35(1) of the Act. (5) Subject to sections 28 and 29 the Canadian ownership rate of a pension trust, pension corporation or trust governed by a deferred profit sharing plan shall be obtained by calculating (a) with respect to a trust or pension corporation referred to in paragraph 12(1)(c), (d) or (e) that would have a Canadian ownership rate of 100% but for paragraph 13(b), (c) or (d), the proportion x/y, expressed as a percentage rounded to the nearest whole number, where (i) x is the number of its active members who are persons with addresses in Canada, and (ii) y is the total number of its active members; and (b) with respect to a pension trust or pension corporation in respect of a fund referred to in paragraph 12(1)(e) that would qualify for a Canadian ownership rate of 100% but for the fact that it has less than twenty-five active members, the proportion x/y, expressed as a percentage rounded to the nearest whole number, where (i) x is the total liabilities of the fund in respect of individuals qualified to apply for a certificate, and (ii) y is the total liabilities of the fund in respect of all members. SOR/85-847, s. 5
Canadian Ownership and Control Determination Regulations, 1984 — 17
17 Where two or more entities have reciprocal ownership of units of classes of formal equity that are included in a measured block, the beneficial Canadian ownership of such classes shall be determined by solving the system of simultaneous equations that define the beneficial Canadian ownership of each such class. SOR/85-847, s. 6
Canadian Ownership and Control Determination Regulations, 1984 — 18
18 Subject to section 29, and notwithstanding any other provision of these Regulations (a) the Canadian ownership rate of an investor to whom a certificate, other than a certificate based on a Canadian ownership rate referred to in section 14 of these Regulations or in section 9 of the Canadian Ownership and Control Determination Regulations , has been issued shall, on any day of a period that begins on the day of issue of the certificate and terminates on the day the effective period of the certificate terminates, be the Canadian ownership rate determined by the Minister in respect of which that certificate was applied for less any percentage points added pursuant to subsection 28(1); and (b) an investor to whom a certificate based on a Canadian ownership rate referred to in section 14 has been issued may elect that its Canadian ownership rate shall be deemed to be 75% on any day on which that certificate is in effect.
Canadian Ownership and Control Determination Regulations, 1984 — 19
19 Subject to section 20, a person who has a right under a contract to acquire a number of units of a class of formal equity that constitute a measured block or a number of units of a class of forward equity that, on conversion into formal equity, would constitute a measured block shall be deemed to be the owner of those units unless (a) the Canadian ownership rate of that person is equal to or greater than the Canadian ownership rate of the actual owner, (b) and (c) [Revoked, SOR/85-847, s. 7] (d) the contract is an exchange-traded option contract, (e) the contract provides that the units will be acquired at not less than fair market value as at the date of acquisition, (f) the right under the contract is contingent on an event that could not reasonably be expected to occur, (g) the right under the contract cannot be exercised until the death of the actual owner of the units, or (h) the right under the contract is held solely for the purpose of safeguarding the interests of that person in respect of a loan made or debt purchased by that person. SOR/85-847, s. 7
Canadian Ownership and Control Determination Regulations, 1984 — 20
20 (1) Where a person has an unconditional right under a contract of purchase and sale to units of a class of formal equity or of a class of forward equity, and the agreement of purchase and sale was entered into not more than two years prior to the day selected under paragraph 30(1)(c) in respect of the class, he shall be deemed for the purposes of these Regulations to be the owner of those units. (2) Where two or more persons own a unit of a class of formal equity or of a class of forward equity the person having the lowest Canadian ownership rate shall be deemed to be the sole owner of the unit. (3) Where two or more persons have a right to a unit of a class of formal equity or of a class of forward equity described in section 19 or subsection (1), the person having the lowest Canadian ownership rate shall be deemed to have the only such right thereto.
Canadian Ownership and Control Determination Regulations, 1984 — 21
21 (1) Subject to subsection (2), where any shares of a class of formal equity of a corporation that is an applicant or investor may be sold by the corporation without the consent of the owner of those shares and the corporation gives notice of the proposed sale before the day the application is filed in substantial compliance with the Act and these Regulations, the shares shall be deemed to be owned by a person having a Canadian ownership rate required of a purchaser by the constating documents of the corporation on the day selected by the corporation under paragraph 30(1)(c). (2) Subsection (1) does not apply unless the applicant submits with its application an undertaking of the corporation referred to in that subsection (a) to complete the sale within twelve months from the date of receipt of the application acknowledged by the Minister pursuant to subsection 39(1) of the Act; and (b) to advise the Minister of the date of the completion of the sale. (3) Where the ownership of any units of a class of formal equity of a corporation is restricted by the constating documents of the corporation to persons having a minimum specified Canadian ownership rate, all such units shall be deemed to be owned by a person having the Canadian ownership rate required of the owner by the constating documents of the corporation if the corporation provides the Minister with an undertaking acceptable to the Minister to enforce the restriction throughout the effective period of the relevant certificate.
Canadian Ownership and Control Determination Regulations, 1984 — 22
 to the exercise of the right conferred by the unit of the class of forward equity is reduced. (18) Units of a class of formal equity deemed issued and outstanding pursuant to paragraph 22(7)(a) shall cease to be so deemed on the day that is five years from the day next following the day of issue of the unit of the class of formal equity. (19) For purposes of this section, a unit of a class of forward equity that was issued pursuant to a right conferred by another unit of a class of forward equity shall be deemed to have been issued on the day of issue of that other unit of a class of forward equity. SOR/85-847, s. 8