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A company will qualify for the exemption from the FIF measures as a holding company of a real property company if the following requirements are satisfied.
You hold shares in the holding company of a class listed on any stock market of a stock exchange approved in regulation 152N, Schedule 12 of the Regulations. See Appendix 1: Approved stock exchanges for more information.
- Designated a real property company
The holding company is included in a class of companies designated as engaged in one or more of the activities mentioned above on either:
The class of shares you have in the holding company must be widely held and actively traded on a regular basis on a stock market of an approved stock exchange.
If the holding company has only one subsidiary, that subsidiary must be wholly owned and be principally engaged in the active carrying on of one or more of the activities mentioned above that are connected with real property.
If the holding company has more than one subsidiary, each subsidiary must be wholly owned and the principal activities of the wholly owned subsidiaries in the group, taken together as an economic unit, must be the active carrying on of one or more of the activities mentioned above. [section 511A]
Last modified: 27 May 2005QC 17512