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Ruling

2000 Ruling 2000-0029483 - Interest paid to non-residents

Principal Issues: * Whether failure to make an offer to purchase debentures in respect of an asset sale are acceptable events of default for purposes of Clause 212(1)(b)(vii)(C). * Whether the termination or material adverse amendment provisions in respect of the Material Agreements are acceptable events of default for purposes of Clause 212(1)(b)(vii)(C). Position: OK Reasons: * Asset Sales are acceptable. * The provisions have commercial reality, are beyond the control of the lender and are not contrived. ...
Ruling

2008 Ruling 2008-0290361R3 - Foreign divisive reorganization

Parentco directly owns XXXXXXXXXX % of the outstanding shares of FA1 while the remaining XXXXXXXXXX % is owned indirectly by Parentco through a wholly-owned Canadian subsidiary. 4. ... FA1 owns XXXXXXXXXX % of the outstanding shares of the capital stock of FA2, while the remaining XXXXXXXXXX % is owned by Parentco. ... (d) Shares of the First and Second Transferee Corporations will be issued to FA1 (XXXXXXXXXX %) and Parentco (XXXXXXXXXX %) in proportion to their shareholdings of FA2. ...
Ruling

2009 Ruling 2008-0294231R3 - Paragraph 149(1)(c); Limited Partnership

The departments are: (a) Finance and Administration; (b) Intergovernmental Affairs; (c) Public Works; (d) Health & Welfare; (e) Economic Development; (f) Education & Training; (g) Natural Resources; (h) Future Development; and (i) Culture & Recreation and Policing and Emergency Response Services. 11. ... XXXXXXXXXX will be the limited partner and will hold XXXXXXXXXX % of the units of the limited partnership. The general partner will hold XXXXXXXXXX % of the limited partnership units and will be a corporation incorporated by XXXXXXXXXX under the XXXXXXXXXX Business Corporations Act. ...
Ruling

30 November 1995 Ruling 9610843 - CONVERSION OF DEBT INTO PREFERRED SHARES,

To the knowledge of XXXXXXXXXX management and directors, no one person or related group of persons owns more than XXXXXXXXXX% of the outstanding shares of XXXXXXXXXX other than the following shareholders (as at XXXXXXXXXX): Total Shares Interest in Shareholder of XXXXXXXXXX Held Class of Shares (%) Common Shares XXXXXXXXXX The remaining outstanding common shares of XXXXXXXXXX are widely held by the general public. Total Shares Interest in Shareholder of XXXXXXXXXX Held Class of Shares (%) Non-Voting Shares XXXXXXXXXX 3.The non-voting shares are convertible into common shares on a one-for-one basis, subject to the restriction that the conversion right is not exercisable by a particular shareholder unless as a result of the conversion of non-voting shares, the total number of common shares beneficially owned (either alone or together with persons with whom the shareholder does not deal at arm's length) would not exceed XXXXXXXXXX% of the number of the then outstanding common shares. 4. ... Substantially all of XXXXXXXXXX assets are provided as security for the Notes. 12.As at XXXXXXXXXX there are Notes outstanding in the principal amount of $XXXXXXXXXX To the knowledge of XXXXXXXXXX management and directors, no one person or related group of persons owns more than XXXXXXXXXX% of the outstanding Notes other than the following Noteholders (as at XXXXXXXXXX): Total Principal Amount Interest in Noteholder of Notes Held ($) XXXXXXXXXX Notes (%) XXXXXXXXXX As at XXXXXXXXXX there were in excess of XXXXXXXXXX registered Noteholders. ...
Ruling

2009 Ruling 2008-0268321R3 - Split-up butterfly

The largest shareholder of BCo is XXXXXXXXXX which, as of XXXXXXXXXX, directly or indirectly owns XXXXXXXXXX % of the common shares of BCo. 5. ... On XXXXXXXXXX: (a) CCo subscribed for XXXXXXXXXX ACo Class A Preferred Shares; (b) ACo sold for fair market value consideration the following interests in XXXXXXXXXX in which BCo and CCo did not wish to share interests through ACo: (i) ACo sold to BCo its XXXXXXXXXX % interest in XXXXXXXXXX; (ii) ACo sold to BCo its XXXXXXXXXX % interest in XXXXXXXXXX; (iii) ACo sold to CCo its XXXXXXXXXX % interest in XXXXXXXXXX; (c) ACo distributed capital on the ACo Class B Common Shares. ... A decision or action by the ACo Management Committee must be approved by representatives of BCo and CCo holding at least XXXXXXXXXX % of the shares of ACo. ...
Ruling

2003 Ruling 2003-0001483 - Dividend under 55(3)(a) Exemption

The fair market value of the outstanding shares of Transferee is estimated to be as follows: Per share Aggregate Class A shares $ XXXXXXXXXX $ XXXXXXXXXX Class B shares XXXXXXXXXX XXXXXXXXXX Class E shares XXXXXXXXXX XXXXXXXXXX 9. ...
Ruling

1999 Ruling 9923053 F - DEDUCTION POUR GAIN EN CAPITAL

Société A a alors émis XXXXXXXXXX actions de catégorie «C», ayant une valeur de rachat de XXXXXXXXXX $ par action et un CV et PBR de XXXXXXXXXX $. ... X et Mme X ont aussi souscrit à des actions de catégorie «OA» pour un prix de XXXXXXXXXX $ par action. 4. ... ACTIONS CATÉGORIE «C»: nombre illimité, sans valeur nominale, dividende annuel, fixe, préférentiel et non cumulatif, en numéraire ou autrement, au taux de XXXXXXXXXX % calculé sur le prix de rachat, rachetables de gré à gré par la société selon le capital émis et payé lors de l'émission des actions (XXXXXXXXXX $/ action). 5. ...
Ruling

2006 Ruling 2006-0203981R3 - Butterfly reorganization

(general partner) XXXXXXXXXX % DC2 (limited partner) XXXXXXXXXX % LP1 Inc. (limited partner) XXXXXXXXXX % LP2 Inc. (limited partner) XXXXXXXXXX % LP3 Inc. (limited partner) XXXXXXXXXX % Real Co (limited partner) XXXXXXXXXX % Sib1 (limited partner) XXXXXXXXXX % Sib2 (limited partner) XXXXXXXXXX % Sib3 (limited partner) XXXXXXXXXX % 60. ...
Ruling

2000 Ruling 2000-0027073 - XXXXXXXXXX

Principal Issues: Incorporation of Newco by a municipality (XXXXXXXXXX %) and a society (XXXXXXXXXX %) which will acquire shares of a TCC. 149(10) is not applicable because of split of shareholdings of Newco. ...
Ruling

2011 Ruling 2010-0369661R3 - Corporate Reorganization

Sub 1 owns XXXXXXXXXX % of the issued and outstanding common shares of Sub 2. 10. ... Sub 1 owns XXXXXXXXXX % of the issued and outstanding common shares of Sub 3. 12. ... Although the Public holds approximately XXXXXXXXXX % of the Common Shares outstanding, the Public in fact owns and controls XXXXXXXXXX % of the voting shares of the Corporation. 19. ...

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