CRA confirms that the shareholder of a s. 149(1)(o.2) corporation can be a trust with a single pension plan beneficiary

The permissible shareholders of a s. 149(1)(o.2) (exempt) corporation are described in s. 149(1)(o.2)(iv) and Reg. 4802.  For example, s. 149(1)(o.2)(iv)(B) refers to "one or more trusts all the beneficiaries of which are registered pension plans."  In light of s. 33(2) of the Interpretation Act (words in the plural include the singular), CRA considers that s. 149(1)(o.2)(iv)(B) will be satisfied where the shareholder is a trust with a single registered pension plan beneficiary.  CRA also takes the same approach to other branches of the s. 149(1)(o.2)(iv) rule, where essentially the same point arises.

Neal Armstrong.  Summary of 28 May 2015 T.I 2015-0582901E5 under s. 149(1)(o.2)(iv).