Income Tax Regulations — 5100
5100 (1) In this Part, designated rate , at any time, means 150 per cent of the highest of the prime rates generally quoted at that time by the banks to which Schedule A to the Bank Act applies; ( taux déterminé ) eligible corporation , at any time, means (a) a particular corporation that is a taxable Canadian corporation all or substantially all of the property of which is at that time (i) used in a qualifying active business carried on by the particular corporation or by a corporation controlled by it, (ii) shares of the capital stock of one or more eligible corporations that are related to the particular corporation, or debt obligations issued by those eligible corporations, or (iii) any combination of the properties described in subparagraphs (i) and (ii), (a.1) a specified holding corporation, or (b) a venture capital corporation described in section 6700, but does not include (c) a corporation (other than a mutual fund corporation) that is (i) a trader or dealer in securities, (ii) a bank, (iii) a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee, (iv) a credit union, (v) an insurance corporation, or (vi) a corporation the principal business of which is the lending of money or the purchasing of debt obligations or a combination of them, (d) a corporation controlled by one or more non-resident persons, (e) a venture capital corporation, other than a venture capital corporation described in section 6700, or (f) a corporation that has made an election in respect of a particular taxation year under subparagraph (iv) of the description of B in paragraph 204.82(2.2)(c.1) of the Act, if that time is in the 12-month period that begins on the day that is six months after the day on which the particular taxation year ends; ( société admissible ) qualifying active business , at any time, means any business carried on primarily in Canada by a corporation, but does not include (a) a business (other than a business of leasing property other than real property) the principal purpose of which is to derive income from property (including interest, dividends, rent and royalties), or (b) a business of deriving gains from the disposition of property (other than property in the inventory of the business), and, for the purposes of this definition, a business carried on primarily in Canada by a corporation, at any time, includes a business carried on by the corporation if, at that time, (c) at least 50 per cent of the full time employees of the corporation and all corporations related thereto employed in respect of the business are employed in Canada, or (d) at least 50 per cent of the salaries and wages paid to employees of the corporation and all corporations related thereto employed in respect of the business are reasonably attributable to services rendered in Canada; ( entreprise admissible exploitée activement ) qualifying obligation , at any time, means a bond, debenture, mortgage, note or other similar obligation of a corporation described in paragraph 149(1)(o.2) or (o.3) of the Act, if (a) the obligation was issued by the corporation after October 31, 1985, (b) the corporation used all or substantially all of the proceeds of the issue of the obligation within 90 days after the receipt thereof to acquire (i) small business securities, (ii) interests of a limited partner in small business investment limited partnerships, (iii) interests in small business investment trusts, or (iv) any combination of the properties described in subparagraphs (i) to (iii) and, except as provided in subsection 5104(1), the corporation was the first person (other than a broker or dealer in securities) to have acquired the properties and the corporation has owned the properties continuously since they were so acquired, (c) the corporation does not hold, and no group of persons who do not deal with each other at arm’s length and of which it