Income Tax Act — I-3.3 19
ber of such shares of that class that (C) the fair market value of the shares of the capital stock of the holding corporation owned at that time by the shareholder is of (D) the fair market value of all the issued shares of the capital stock of the holding corporation outstanding at that time, and where at any time shares of a class of the capital stock of a corporation are owned, or are deemed by this definition to be owned, by a partnership, each member of the partnership shall be deemed to own at that time the least proportion of the number of such shares of that class that (E) the member’s share of the income or loss of the partnership from any source for its fiscal period that includes that time is of (F) the income or loss of the partnership from that source for its fiscal period that includes that time, and for this purpose, where the income and loss of a partnership from any source for a fiscal period are nil, the partnership shall be deemed to have had income from that source for that period in the amount of $1,000,000; ( journal canadien ) substantially the same [Repealed, 2001, c. 17, s. 11(2)] United States means (a) the United States of America, but does not include Puerto Rico, the Virgin Islands, Guam or any other United States possession or territory, and (b) any areas beyond the territorial sea of the United States within which, in accordance with international law and its domestic laws, the United States may exercise rights with respect to the seabed and subsoil and the natural resources of those areas. ( États-Unis ) Interpretation (5.1) In this section, each of the following is deemed to be a Canadian citizen: (a) a trust or corporation described in paragraph 149(1)(o) or (o.1) formed in connection with a pension plan that exists for the benefit of individuals a majority of whom are Canadian citizens; (b) a trust described in paragraph 149(1)(r) or (x), the annuitant in respect of which is a Canadian citizen; (c) a mutual fund trust, within the meaning assigned by subsection 132(6), other than a mutual fund trust the majority of the units of which are held by citizens or subjects of a country other than Canada; (d) a trust, each beneficiary of which is a person, partnership, association or society described in any of paragraphs (a) to (e) of the definition Canadian newspaper in subsection (5); and (e) a person, association or society described in paragraph (c) or (d) of the definition Canadian newspaper in subsection (5). Trust property (6) Where the right that is held by any person, partnership, association or society described in the definition Canadian newspaper in subsection (5) to produce and publish issues of a newspaper is held as property of a trust or estate, the newspaper is not a Canadian newspaper unless each beneficiary under the trust or estate is a person, partnership, association or society described in that definition. Grace period (7) A Canadian newspaper that would, but for this subsection, cease to be a Canadian newspaper, is deemed to continue to be a Canadian newspaper until the end of the 12th month that follows the month in which it would, but for this subsection, have ceased to be a Canadian newspaper. Non-Canadian newspaper (8) Where at any time one or more persons or partnerships that are not described in any of paragraphs (a) to (e) of the definition Canadian newspaper in subsection (5) have any direct or indirect influence that, if exercised, would result in control in fact of a person or partnership that holds a right to produce or publish issues of a newspaper, the newspaper is deemed not to be a Canadian newspaper at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 19; 1994, c. 7, Sch. II, s. 14; 1995, c. 46, s. 5; 2001, c. 17, s. 11; 2007, c. 35, s. 13