CRA rules that a French société civile de placement immobilier (SCPI) is a corporation

CRA ruled that a société civile de placement immobilier (“SCPI”) [real estate investment company] was a corporation for ITA purposes and a “company” for purposes of the Canadian application of the Convention with France. Although its members were styled as partners who could be liable for debts of the partnership up to the amount of their subscribed capital and its income was allocated to them for French income tax purposes, their interests were measured by shares, and under French law, an SCPI has legal personality, has the capacity to enter into contracts with third parties, has its own assets and is liable for the debts it may incur.

Neal Armstrong. Summary of 2022 Ruling 2022-0929431R3 F under s. 248(1) – corporation.