1. Whether the redemption feature meets the requirements of paragraph 108(2)(a) of the Act?
2. Will there be a disposition of trust property or units of the trust?
3. Is the only undertaking of XXXXXXXXXX investing in property other than real property or acquiring and holding real property that is capital property?
4. Was XXXXXXXXXX established or is maintained primarily for the benefit of non-resident persons?
5. Will XXXXXXXXXX qualify as a unit trust throughout the year?
6. Will XXXXXXXXXX continue to be a registered investment?
7. Will notes issued by XXXXXXXXXX Trust be foreign property?
8. Will GAAR apply?
1. Yes, as provision worded broadly.
2. No, based on prior Rulings.
3. Yes, it will not carry on any business.
4. No, non-resident ownership is limited.
5. Yes, pursuant to amended s. 108(2)(b).
6. Yes, unless it ceases to be a mutual fund trust.
7. No, since they are debt issued by a resident of Canada.
8. No, issue considered previously by the GAAR Committee.
Reasons: See Statement of Principal Issues.