Income Tax Act — I-3.3 204
icipating share means (a) in the case of a private corporation, a share the owner of which is not entitled to receive, as owner thereof, any dividend, other than a dividend, whether cumulative or not, (i) at a fixed annual rate or amount, or (ii) at an annual rate or amount not in excess of a fixed annual rate or amount, and (b) in the case of a corporation other than a private corporation, any share other than a common share; ( action non participante ) non-qualified investment means property that is not a qualified investment for a trust governed by a deferred profit sharing plan or revoked plan within the meaning of the definition qualified investment in this subsection; ( placement non admissible ) paid-up capital value of a share means the amount determined by the formula A/B where A is the paid-up capital of the corporation that is represented by the shares of the class to which that share belongs, and B is the number of shares of that class that are in fact issued and outstanding; ( valeur en capital versé ) qualified investment for a trust governed by a deferred profit sharing plan or revoked plan means, with the exception of excluded property in relation to the trust, (a) money (other than money the fair market value of which exceeds its stated value as legal tender in the country of issuance or money that is held for its numismatic value) and deposits (within the meaning assigned by the Canada Deposit Insurance Corporation Act or with a branch in Canada of a bank) of such money standing to the credit of the trust, (b) debt obligations described in paragraph (a) of the definition fully exempt interest in subsection 212(3), (c) debt obligations issued by (i) a corporation, mutual fund trust or limited partnership the shares or units of which are listed on a designated stock exchange in Canada, (ii) a corporation the shares of which are listed on a designated stock exchange outside Canada, or (iii) an authorized foreign bank and payable at a branch in Canada of the bank, (c.1) debt obligations that meet the following criteria, namely, (i) any of (A) the debt obligations had, at the time of acquisition by the trust, an investment grade rating with a prescribed credit rating agency, (B) the debt obligations have an investment grade rating with a prescribed credit rating agency, or (C) the debt obligations were acquired by the trust in exchange for debt obligations that satisfied the condition in clause (A) and as part of a proposal to, or an arrangement with, the creditors of the issuer of the debt obligations that has been approved by a court under the Bankruptcy and Insolvency Act or the Companies’ Creditors Arrangement Act , and (ii) either (A) the debt obligations were issued as part of a single issue of debt of at least $25 million, or (B) in the case of debt obligations that are issued on a continuous basis under a debt issuance program, the issuer of the debt obligations had issued and outstanding debt under the program of at least $25 million, (d) securities (other than futures contracts or other derivative instruments in respect of which the holder’s risk of loss may exceed the holder’s cost) that are listed on a designated stock exchange, (e) equity shares of a corporation by which, before the date of acquisition by the trust of the shares, payments have been made in trust to a trustee under the plan for the benefit of beneficiaries thereunder, if the shares are of a class in respect of which (i) there is no restriction on their transferability, and (ii) in each of 4 taxation years of the corporation in the period of the corporation’s 5 consecutive taxation years that ended less than 12 months before the date of acquisition of the shares by the trust, and in the corporation’s last taxation year in that period, the corporation (A) paid a dividend on each share of the class of an amount not less than 4% of the cost per share of the shares to the trust, or (B) had earnings attributable to the shares of the class of