Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 34

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 34
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 ITA; |

| • | will hold the Common Shares as capital assets for purposes of the Code; |

| • | do not and will not hold the Common Shares in carrying on a business in Canada; |

| • | will not perform independent personal services from a fixed base situated in Canada; and |

| • | are not or will not be subject to special provisions of Canadian or U.S. federal income tax law, including, without limiting the generality of the foregoing, financial institutions, real estate investment trusts, shareholders that have a functional currency other than the U.S. dollar, shareholders that own shares through a partnership or other pass-through entity, shareholders that hold shares as part of a straddle, hedge or conversion transaction, tax-exempt organizations, qualified retirement plans, insurance companies, shareholders who acquired their shares through the exercise of employee stock options or otherwise as compensation and mutual fund companies. |

| 25 |

The following summary of Canadian federal and U.S. federal income tax considerations generally applicable to a U.S. Holder of Genoil's Common Shares is based on the following, as at the time of this statement:

| • | the ITA and the Income Tax Regulations (Canada) (the "Regulations"); |

| • | published proposals to amend the ITA and the Regulations; |

| • | published administrative positions and practices of the Canada Customs and Revenue Agency; |

| • | the Code; |

| • | Treasury Regulations; |

| • | published Internal Revenue Service ("IRS") rulings; |

| • | published administrative positions of the IRS; |

| • | published jurisprudence that is considered applicable; and |

| • | the Treaty. |

All of the foregoing is subject to material or adverse change, on a prospective or retroactive basis, at any time. The tax laws of the various provinces or territories of Canada and the tax laws of the various state and local jurisdictions of the U.S. are not considered in this summary.

| 26 |

This summary is not exhaustive of all possible income tax consequences. The following discussion is for general information only and is not intended to be, nor should it be construed to be, legal or tax advice to any holder or prospective holder of Genoil's Common Shares and no opinion or representation with respect to any such holder or prospective holder with respect to the income tax consequences to any such holder or prospective holder is made. Accordingly, it is recommended that holders and prospective holders of the Corporation's Common Shares consult their own tax advisors about the Canadian federal and provincial and