Income Tax Act — I-3.3 142.2
or (d) a tracking property of the taxpayer that is a fair value property of the taxpayer for the taxation year; ( bien évalué à la valeur du marché ) specified debt obligation of a taxpayer means the interest held by the taxpayer in (a) a loan, bond, debenture, mortgage, hypothecary claim, note, agreement of sale or any other similar indebtedness, or (b) a debt obligation, where the taxpayer purchased the interest, other than an interest in (c) an income bond, an income debenture or a prescribed property, or (d) an instrument issued by or made with a person to whom the taxpayer is related or with whom the taxpayer does not otherwise deal at arm’s length, or in which the taxpayer has a significant interest. ( titre de créance déterminé ) tracking property of a taxpayer means property of the taxpayer the fair market value of which is determined primarily by reference to one or more criteria in respect of property (referred to in this definition as “tracked property”) that, if owned by the taxpayer, would be mark-to-market property of the taxpayer, which criteria are (a) the fair market value of the tracked property, (b) the profits or gains from the disposition of the tracked property, (c) the revenue, income or cash flow from the tracked property, or (d) any other similar criteria in respect of the tracked property; ( bien à évaluer ) Significant interest (2) For the purposes of the definitions excluded property and specified debt obligation in subsection (1) and subsection 142.6(1.6), a taxpayer has a significant interest in a corporation at any time if (a) the taxpayer is related (otherwise than because of a right referred to in paragraph 251(5)(b)) to the corporation at that time; or (b) the taxpayer holds, at that time, (i) shares of the corporation that give the taxpayer 10% or more of the votes that could be cast under all circumstances at an annual meeting of shareholders of the corporation, and (ii) shares of the corporation having a fair market value of 10% or more of the fair market value of all the issued shares of the corporation. Rules re significant interest (3) For the purpose of determining under subsection 142.2(2) whether a taxpayer has a significant interest in a corporation at any time, (a) the taxpayer shall be deemed to hold each share that is held at that time by a person or partnership to whom the taxpayer is related (otherwise than because of a right referred to in paragraph 251(5)(b)); (b) a share of the corporation acquired by the taxpayer by reason of the default of a debtor shall be disregarded where it is reasonable to consider that the share is being retained for the purpose of minimizing any losses in respect of the debtor’s default; and (c) a share of the corporation that is prescribed in respect of the taxpayer shall be disregarded. Extension of meaning of related (4) For the purposes of this subsection and subsections (2) and (3), in determining if, at a particular time, a person or partnership is related to another person or partnership, the rules in section 251 are to be applied as if, (a) a partnership (other than a partnership in respect of which any amount of the income or capital of the partnership that any entity may receive directly from the partnership at any time as a member of the partnership depends on the exercise by any entity of, or the failure by any entity to exercise, a discretionary power) were a corporation having capital stock of a single class divided into 100 issued shares and each member of the partnership owned, at the particular time, that proportion of the issued shares of that class that (i) the fair market value of the member’s interest in the partnership at the particular time is of (ii) the fair market value of all interests in the partnership at the particular time; and (b) a trust (other than a trust in respect of which any amount of the income or capital of the trust that any entity may receive directly from the trust at any time as a beneficiary under the tru