Income Tax Act — I-3.3 248
ts of current events, including coverage of democratic institutions and processes, and (B) must not be primarily focused on a particular topic such as industry-specific news, sports, recreation, arts, lifestyle or entertainment, (vi) it regularly employs two or more journalists who deal at arm’s length with the organization in the production of its content, (vii) it is not significantly engaged in the production of content (A) to promote the interests, or report on the activities, of an organization, an association or its members, or (B) for a government, Crown corporation or government agency, and (C) [Repealed, 2021, c. 23, s. 61] (viii) it is not a Crown corporation, municipal corporation or government agency, and (b) is designated at that time by the Minister and, for this purpose, the Minister shall take into account any recommendations of a body established for the purpose of this definition; ( organisation journalistique canadienne qualifiée ) qualified donee has the meaning assigned by subsection 149.1(1); ( donataire reconnu ) qualifying business , at a particular time, means a corporation controlled by a trust (a) that is a Canadian-controlled private corporation, (b) not more than 40% of the directors of which consist of individuals that, immediately before the time that the trust acquired control of the corporation, owned, directly or indirectly, together with any person or partnership that is related to or affiliated with the director, 50% or more of the fair market value of the shares of the capital stock or indebtedness of the corporation, and (c) that deals at arm’s length and is not affiliated with any person (other than a subject corporation referred to in paragraph (a) of the definition qualifying business transfer that controlled and wholly-owned the corporation immediately before the time the trust acquired control of the corporation) or partnership that owned, directly or indirectly, 50% or more of the fair market value of the shares of the capital stock or indebtedness of the corporation immediately before the time the trust acquired control of the corporation; ( entreprise admissible ) qualifying business transfer means a disposition by a taxpayer of shares of the capital stock of a corporation (in this definition referred to as the “subject corporation”) to a trust, or to a Canadian-controlled private corporation (in this definition referred to as the “purchaser corporation”) that is controlled and wholly-owned by a trust, if (a) immediately before the disposition, all or substantially all the fair market value of the assets of the subject corporation is derived, directly or indirectly, from assets (other than an interest in a partnership) that are used principally in an active business (referred to in this definition as the “business”) carried on by the subject corporation or a corporation that is controlled and wholly-owned by the subject corporation, (b) at the time of the disposition, (i) the taxpayer deals at arm’s length with the trust and any purchaser corporation, (ii) the trust acquires control of the subject corporation, and (iii) the trust is an employee ownership trust, the beneficiaries of which are employed in the business, and (c) at all times after the disposition, (i) the taxpayer deals at arm’s length with the subject corporation, the trust and any purchaser corporation, and (ii) the taxpayer does not retain any right or influence that, if exercised, would allow the taxpayer (whether alone or together with any person or partnership that is related to or affiliated with the taxpayer) to control, directly or indirectly in any manner whatever, the subject corporation, the trust, or any purchaser corporation; ( transfert admissible d’entreprise ) qualifying cooperative business , at a particular time, means a corporation, controlled by a worker cooperative, (a) that is a Canadian-controlled private corporation, (b) of which not more than 40% of the directors consist of individuals that, i