Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 44

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 10
Chunk 44
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 other circumstances.

The Canada-United States Income Tax Convention (1980) relieves United States residents from liability for Canadian tax on capital gains derived on a disposition of shares unless:

the value of the shares is derived principally from "real property" in Canada, including the right to explore for or exploit natural resources and rights to amounts computed by reference to production, the shareholder was resident in Canada for 120 months during any period of 20 consecutive years preceding, and at any time during the 10 years immediately preceding, the disposition and the shares were owned by them when they ceased to be resident in Canada, or the shares formed part of the business property of a "permanent establishment" that the holder has or had in Canada within the 12 months preceding the disposition.

Certain United States Federal Income Tax Consequences

The following is a general summary of certain U. S. federal income tax considerations applicable to a U. S. Holder (as defined below) arising from and relating to the acquisition, ownership and disposition of our common shares.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U. S. federal income tax considerations that may apply to a U. S. Holder as a result of the acquisition, ownership and disposition of our common shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U. S. Holder that may affect the U. S. federal income tax consequences to such U. S. Holder, including specific tax consequences to a U. S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U. S. federal income tax advice with respect to any particular U. S. Holder. This summary does not address the U. S. federal net investment income, U. S. federal alternative minimum, U. S. federal estate and gift, U. S. state and local, and non-U. S. tax consequences to U. S. Holders of the acquisition, ownership, and disposition of our common shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U. S. Holder should consult its own tax advisor regarding the U. S. federal, U. S. federal net investment income, U. S. federal alternative minimum, U. S. federal estate and gift, U. S. state and local, and non-U. S. tax consequences