CRA recognizes the concept of intangible real property

CRA reversed 2014-0522241I7 to find that a right to mine for minerals in a mineral resource outside Canada is intangible property rather than tangible property (stating that “real property can include… intangible property”), so that the right constituted “specified foreign property” under para. (a) rather than “tangible property” under para. (b) of the definition of that term in s. 233.3. Use of “intangible property” (e.g., in s. 13(7.5)(c)) or “tangible property” (as contrasted to real property, intangible personal property or tangible personal property) is quite rare in the ITA and ETA, so that this point appears insignificant.

Neal Armstrong. Summary of 2016-0631181I7 under s. 233.3(1) – specified foreign property.