Safe income should be calculated on a share-by-share rather than class-by-class basis

If a shareholding of the same class has been purchased over time, this is thought to mean that the older shares will have earned more safe income. This suggests that if a dividend of $X per share is paid on that class, it is insufficient to know that on a global basis there is enough safe income on hand of the class to cover that dividend.

Neal Armstrong. Summary of Henry Shew, "Safe Income May Vary Within Shares of the Same Class", Canadian Tax Focus, Vol. 8, No. 3, August 2018, p. 3 under s. 55(2.1)(c).