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The French version uses the word "activité" in both provisions – a word which is similar to “activity” but which, depending on the context, can be translated as “operation,” “practice,” or “business” (which are also senses in which the word “activity” can be used.) ... However, in the situation where the only mooted activities of the trust are the giving of guarantees for obligations incurred by entities in which it is invested, it is difficult to conceive of how that would give rise to a separate enterprise or other undertaking – so that in default of any other reasonable alternative, the giving of the guarantees would form part of the investing undertaking. ...

Overview S. 212.3(10)(e) provides that an investment in a subject corporation for purposes of the s. 212.3 rules includes an extension of either the maturity date of a debt obligation owing by the subject corporation to the CRIC (other than a debt obligation that is a pertinent loan or indebtedness immediately after the extension – see s. 212.3(11)) or of the redemption, acquisition or cancellation date of shares of the subject corporation held by the CRIC (paraphrased in the Explanatory Notes of the Department of Finance as the extension of "the date on which shares of the subject corporation held by the CRIC are to be redeemed, acquired or cancelled by the subject corporation. ... By virtue of s. 212.3(19), the exception for such reorganizations typically would not apply to a conversion into another class of preferred shares, so that utilizing s. 51 conversions or 86 reorganizations to replace preferred shares with a maturity date by those without one generally would trigger a deemed investment under s. 212.3(1)(e) – provided that such transaction were properly regarded as giving rise to an acquisition by the CRIC of a "new" class of shares. ...

Given this overlap, there also is an overlap between the field of operation of s. 212.3(22)(a) and that of: s. 212.3(18)(a)(ii), which could apply to deem Amalco not to have directly acquired shares of a foreign affiliate held by a predecessor corporation – similarly to the operation of s. 212.3(22)(a)(ii); s. 212.3(18)(c)(ii), which could apply to deem Amalco not to have indirectly acquired shares of a foreign affiliate through a direct acquisition of shares of a "Canco" holding the foreign affiliate – also similarly to the operation of s. 212.3(22)(a)(ii). draft s. 212.3(18)(c)(ii), which could apply to deem a Canadian-resident shareholder of Amalco not to have acquired shares of Amalco, thereby resulting in an indirect investment by that shareholder in a foreign affiliate of Amalco – similarly to the operation of draft s. 212.3(22)(a)(iii). ...

Conversely, it would appear that equipment which had been leased during the HST period by the collector and which after the end of that period was acquired on a taxable basis from the lessor would qualify as tax-paid equipment of the collector, as it would qualify as tangible personal property in respect of which the collector had paid PST (s. 151(3)(a)(i)) – i.e., it would not appear to matter that it was also equipment in respect of which during the HST period the collector had paid HST which was eligible for an input tax credit (s. 151(3)(a)(ii)). ...

It can amend its Year 4 return by reducing its s. 132.11(6) designation by $5 and adding the identified $5 income amount – without any effect on the income position of its unitholders for that year. ... The CDS spreadsheet on which the REIT reported its results for Year 1 would effectively prelude it from making a s. 104(21) designation – and, even if this were not the case, there would be limited benefit to the unitholders from the REIT making the designation, as there were no distributions made in excess of income and, thus, no amounts which could benefit from favourable treatment (i.e., no ACB reduction) under s. 53(2)(h)(i.1)(B)(I). ...

No relief is provided where the CRIC is controlled by the parent immediately after the investment time but ceases to be so controlled by the parent as part of the same series of transactions – even where this is pre-ordained. ... Parent transfers its shares of Forco to CRIC, a Canadian widely-held public corporation whose assets are non-resident subsidiaries, in consideration for the issuance to it of voting common shares of CRIC (so that it now holds 70% of all such shares) and for the issuance to it of a special voting share – with there being a simultaneous issuance of a second special voting share to another non-resident person ("Associate") with whom Parent is on friendly terms. ... However, the rules also recognize that if a CRIC has limited risk associated with the making of an investment – by virtue of either the nature or terms of the investment, or risk-mitigating arrangements related to the investment – the CRIC may be prepared to accommodate "dumping" transactions prior to an acquisition of control by a non-resident corporation. ...

" However, it typically would be unlikely that the mutual fund trust would be in a position to determine conclusively whether units of a unitholder were taxable Canadian property – so that the mutual fund trust will proceed to withhold under Part XIII.2. ...

The Explanatory Notes state that where the condition in s. 212.3(16)(b) – that the relevant officers have the principal decision-making authority and actually exercise such authority- is satisfied: [T]he CRIC would be, in this respect, acting in a manner similar to a Canadian (non-foreign controlled) multinational corporation undertaking a strategic foreign expansion of its business. ...

Given that the amalgamated corporation is deemed by s. 212.3(22)(a) to be a continuation of the target, this could be viewed as the equivalent of a transfer of such shares to the CRIC by the target- which dealt at arm's length with CRIC at a time which quite arguably was part of the series of transactions which included such distribution (viewed as an investment by CRIC in the subject corporation) – so that this exclusion from the exemption in s. 212.3(18)(a)(i) would apply. ...

As noted in the Department of Finance Explanatory Notes: the exceptions will only apply to foreign affiliate shares that are received – subsection 212.3(2) is intended to apply to the extent that debt or other forms of non-share consideration are also received as a result of the share-for-share or distribution transaction. ...