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An interest in a foreign company that is a FIF includes:
- a share other than an eligible finance share in the company
A share includes any interest in the capital of the company in the nature of a share or stock. Examples include ordinary, preference, bonus, and redeemable preference shares, as well as shares with deferred rights.
- a legal document that confers an entitlement to acquire such a share including an entitlement arising from an option or convertible note. [subsection 483(1)]
Even if your name does not appear on a share certificate or share register of the foreign company as the legal owner of those shares, you are still held to have an interest in the FIF because you have a beneficial interest in that FIF without the legal title to it. [section 488]
Last modified: 27 May 2005QC 17512