Income Tax Regulations — 8901.1
8901.1 (1) For the purposes of paragraph (f) of the definition eligible entity in subsection 125.7(1) of the Act, the following entities are prescribed: (a) a corporation that meets the following conditions: (i) it is described in paragraph 149(1)(d.5) of the Act, (ii) not less than 90% of the shares, or the capital, of the corporation are owned by one or more Aboriginal governments (as defined in subsection 241(10) of the Act) — or similar Indigenous governing bodies — described in paragraph 149(1)(c) of the Act, and (iii) it carries on a business; (b) a corporation that meets the following conditions: (i) it is described in paragraph 149(1)(d.6) of the Act, (ii) all of the shares (except directors’ qualifying shares), or the capital, of the corporation are owned by one or more of (A) an Aboriginal government (as defined in subsection 241(10) of the Act) — or a similar Indigenous governing body — described in paragraph 149(1)(c) of the Act, or (B) a corporation described in this paragraph or paragraph (a), and (iii) it carries on a business; (c) a partnership, each member of which is (i) an eligible entity, or (ii) an Aboriginal government (as defined in subsection 241(10) of the Act) — or a similar Indigenous governing body — described in paragraph 149(1)(c) of the Act; (d) a partnership, in respect of a qualifying period, if throughout the qualifying period it is the case that A ≤ 0.5B where A is the total of all amounts, each of which is the fair market value of an interest in the partnership held — directly or indirectly, through one or more partnerships — by a person or partnership other than an eligible entity, and B is the total fair market value of all interests in the partnership; (e) a person described in paragraph 149(1)(g) or (h) of the Act; and (f) a person or partnership that operates a private school or private college. (2) For the purposes of subsection 125.7(1) of the Act, qualifying tourism or hospitality entity , for a qualifying period, means an eligible entity that meets the following conditions: (a) the entity has a prior year revenue decline greater than or equal to 40%; and (b) the total of all amounts, each of which is the eligible entity’s qualifying revenue for the prior reference period for any of the first qualifying period to the thirteenth qualifying period (but including only one of the tenth qualifying period or the eleventh qualifying period), was earned primarily from carrying on one or more of the following activities: (i) operating or managing a facility providing short-term lodging, such as a hotel, a motel, a cottage, a bed and breakfast or a youth hostel, (ii) preparing and serving meals, snacks and beverages made to order for immediate consumption on or off the premises, (A) such as a restaurant, a food truck, a cafeteria, a caterer, a coffee shop, a food concession, a bar, a pub or a nightclub, and (B) for greater certainty, not including the operation of a facility primarily engaged in retailing food or beverage products, such as a supermarket or a convenience store, (iii) operating a travel agency or as a tour operator, including: (A) acting as an agent for tour operators, transportation companies and short-term lodging establishments in selling travel, tour and accommodation services, or (B) arranging, assembling and marketing tours, (iv) organizing, promoting, hosting, supporting or participating in events that meet the artistic or cultural interests of their patrons, including live performances or exhibits intended for public viewing, (v) preserving and exhibiting objects, sites and natural wonders of historical, cultural or educational value, such as the operation of a museum, a historic and heritage site, a zoo, a botanical garden or a nature park, (vi) organizing, promoting or supporting scenic and sightseeing tours, such as sightseeing or dinner cruises, steam train excursions, horse-drawn sightseeing rides, air-boat rides, hot-air balloon rides or charter fishing services, (