You will have an interest in a FIF that is a foreign trust if you have:
- an interest in the capital or income of the trust - including a unit in a unit trust, or
- an entitlement to acquire such an interest through an option, convertible note, or other instrument. [sections 470, 475, 482]
Your entitlement to acquire an interest in the income or capital may be absolute or be contingent on some other event. It may arise through a document of a company or the exercise of a right or option or for any other reason. [section 475]