CRA confirms that the MIC shareholding tests apply cannot be satisfied through a parent

S. 130.1(6)(d) requires that a mortgage investment corporation have at 20 shareholders, with no shareholder holding, directly or indirectly, more than 25% of the shares of any class. These tests apply to shareholdings in the corporation itself, so that the tests could not be satisfied by the wholly-owned subsidiary of a publicly-traded corporation.

Neal Armstrong. Summary of 26 October 2015 T.I. 2015-0599021E5 under s. 130.1(6)(d).