Income Tax Act — I-3.3 122.1
Definitions 122.1 (1) The following definitions apply in this section and in sections 104 and 122. eligible resale property , of an entity, means real or immovable property (other than capital property) of the entity (a) that is contiguous to a particular real or immovable property that is capital property or eligible resale property, held by (i) the entity, or (ii) another entity affiliated with the entity; and (b) the holding of which is ancillary to the holding of the particular property. ( bien de revente admissible ) entity means a corporation, trust or partnership. ( entité ) equity , of an entity, means (a) if the entity is a corporation, a share of the capital stock of the corporation; (b) if the entity is a trust, an income or capital interest in the trust; (c) if the entity is a partnership, an interest as a member of the partnership; (d) a liability of the entity (and, for purposes of the definition publicly-traded liability in this section, a security of the entity that is a liability of another entity) if (i) the liability is convertible into, or exchangeable for, equity of the entity or of another entity, or (ii) any amount paid or payable in respect of the liability is contingent or dependent on the use of or production from property, or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable to shareholders of any class of shares of the capital stock of a corporation, or to income or capital paid or payable to any member of a partnership or beneficiary under a trust; and (e) a right to, or to acquire, anything described in this paragraph and any of paragraphs (a) to (d). ( capitaux propres ) equity value , of an entity at any time, means the total fair market value at that time of (a) if the entity is a corporation, all of the issued and outstanding shares of the capital stock of the corporation; (b) if the entity is a trust, all of the income or capital interests in the trust; or (c) if the entity is a partnership, all of the interests in the partnership. ( valeur des capitaux propres ) excluded subsidiary entity , for a taxation year, means an entity none of the equity of which is at any time in the taxation year (a) listed or traded on a stock exchange or other public market; nor (b) held by any person or partnership other than (i) a real estate investment trust, (ii) a taxable Canadian corporation, (iii) a SIFT trust (determined without reference to subsection (2)), (iv) a SIFT partnership (determined without reference to subsection 197(8)), (v) a person or partnership that does not have, in connection with the holding of a security of the entity, property the value of which is determined, all or in part, by reference to a security that is listed or traded on a stock exchange or other public market, or (vi) an excluded subsidiary entity for the taxation year. ( filiale exclue ) gross REIT revenue , of an entity for a taxation year, means the amount, if any, by which the total of all amounts received or receivable in the year (depending on the method regularly followed by the entity in computing the entity’s income) by the entity exceeds the total of all amounts each of which is the cost to the entity of a property disposed of in the year. ( revenu brut de FPI ) investment , in a trust or partnership, (a) means (i) a property that is a security of the trust or partnership, or (ii) a right which may reasonably be considered to replicate a return on, or the value of, a security of the trust or partnership; but (b) does not include (i) an unaffiliated publicly-traded liability of the trust or partnership, nor (ii) regulated innovative capital. ( placement ) non-portfolio earnings , of a SIFT trust for a taxation year, means the total of (a) the amount, if any, by which (i) the total of all amounts each of which is the SIFT trust’s income for the taxation year from a business carried on by it in Canada or from a non-portf