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DEFINITIONS In this letter, the following terms have the meanings specified: (a) "Arm's Length" has the meaning assigned by subsection 251(1); (b) "Canco" means XXXXXXXXXX; (c) "Cansub" means XXXXXXXXXX (formerly XXXXXXXXXX); (d) "Client" means XXXXXXXXXX; (e) "Controlled Foreign Affiliate" has, unless otherwise specified, the meaning assigned by subsection 95(1); (f) "CRA" means the Canada Revenue Agency; (g) "EBITDA" means earnings before interest, taxes, depreciation and amortization; (h) "Excluded Property" has the meaning assigned by subsection 95(1); (i) "FA Holdco" means XXXXXXXXXX; (j) "FA Opco" means XXXXXXXXXX, a corporation incorporated on XXXXXXXXXX under the laws of XXXXXXXXXX; (k) "FA Subco" means XXXXXXXXXX; (l) "Foreign Affiliate" has the meaning assigned by subsection 95(1); (m) "Foreign Country" means XXXXXXXXXX; (n) "Foreign Jurisdiction" means XXXXXXXXXX; (o) "LLC" means XXXXXXXXXX, a limited liability company formed on XXXXXXXXXX and governed by the laws of XXXXXXXXXX; (p) "LLLP" means XXXXXXXXXX, the limited liability limited partnership formed by Canco and Cansub on XXXXXXXXXX; (q) "Qualifying Interest" has the meaning assigned by paragraph 95(2)(m); (r) "Regulations" means the Income Tax Regulations, Consolidated Regulations of Canada chapter 945; (s) "Related Persons" has the meaning assigned by subsection 251(2); (t) "Senior Lenders" means XXXXXXXXXX; (u) "Taxable Canadian Corporation" has the meaning assigned by subsection 89(1); (v) "Treaty" means the Convention between Canada and the United States of America with respect to Taxes on Income and on Capital signed on September 26, 1980, as Amended by the Protocols Signed on June 14, 1983, March 28, 1984, March 17, 1995, July 29 1997 and September 21, 2007; (w) "ULC" means XXXXXXXXXX Unlimited Liability Company, an unlimited liability company incorporated on XXXXXXXXXX under the laws of XXXXXXXXXX. ...

Une " société exploitant une entreprise principale " peut, en général, plutôt que de déduire dans le calcul de son revenu pour une année d'imposition donnée ses FEC, donc particulièrement ses FEREEC, renoncer à ceux-ci dans le cadre d'une convention d'" actions accréditives ", au sens prévu au paragraphe 66(15). ...

This approach is in line with paragraph 28.4 of the Commentary on Article 13 of the OECD Model Tax Convention. ...

The first payment is to begin on XXXXXXXXXX for the XXXXXXXXXX Loan and on XXXXXXXXXX for the XXXXXXXXXX Loan and the last payments are to be made on XXXXXXXXXX, assuming there are no early repayments; "Ruling" means the XXXXXXXXXX issued by the Government of XXXXXXXXXX with respect to the taxation of ForOp; "XXXXXXXXXX Debt Facility" is the debt facility described in paragraphs 41 to 50 herein; "XXXXXXXXXX Loan" means a loan made under the XXXXXXXXXX Debt Facility agreement; "Subco" means XXXXXXXXXX, a corporation incorporated under the laws of XXXXXXXXXX; "Subco2" means XXXXXXXXXX, a corporation incorporated under the laws of XXXXXXXXXX; "Subsidiary Wholly-owned Corporation" has the meaning assigned by subsection 248(1); "Tax Incentive" means the XXXXXXXXXX tax incentive supporting the XXXXXXXXXX; "Tax Incentive Financing" means the financing program for the Project's XXXXXXXXXX supported by the XXXXXXXXXX and described in paragraphs 33 through 40; "XXXXXXXXXX Investors" XXXXXXXXXX investors that invest in the XXXXXXXXXX; "TCC" has the meaning assigned to "taxable Canadian corporation" by subsection 89(1); "Termination Date" means the on XXXXXXXXXX for both the XXXXXXXXXX Debt and the XXXXXXXXXX Debt; "Treaty" means the convention between Canada and XXXXXXXXXX for the avoidance of the double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital, as amended by the protocol signed XXXXXXXXXX; "Utilisation" means a utilisation of the XXXXXXXXXX Debt Facility or of the XXXXXXXXXX Debt Facility; and "Utilisation Date" means the date on which a Utilisation is, or is to be, made. ...

Further, the words and expressions that are defined for the purposes of the Act and Regulations shall have the same meanings for the purposes hereof; (u) "Suspension Event" means an event determined by the Manager to qualify as a Suspension Event as detailed in section XXXXXXXXXX of the applicable Terms and Conditions of the Pool; (v) "Tax Treaty" means the Canada-Netherlands Income Tax Convention; and (w) "Terms and Conditions" means Terms and Conditions of Management and Custody which is an agreement to be entered into by the Manager, the Depositary and each Participant (separately) with respect to the Pool originating from the execution of the Participant's subscription form to participate in the Pool and forms part of the contractual relationship existing among them. ...

Further, the words and expressions that are defined for the purposes of the Act and Regulations shall have the same meanings for the purposes hereof; (u) "Suspension Event" means an event determined by the Manager to qualify as a Suspension Event as detailed in section XXXXXXXXXX of the applicable Terms and Conditions of the Pool; (v) "Tax Treaty" means the Canada-Netherlands Income Tax Convention; and (w) "Terms and Conditions" means Terms and Conditions of Management and Custody which is an agreement to be entered into by the Manager, the Depositary and each Participant (separately) with respect to the Pool originating from the execution of the Participant's subscription form to participate in the Pool and forms part of the contractual relationship existing among them. ...

Further, the words and expressions that are defined for the purposes of the Act and Regulations shall have the same meanings for the purposes hereof; (u) "Substitute Subscription Amount" means the amount due by a Participant to the Pool in respect of a subscription of Participations in accordance with the Terms and Conditions; (v) "Tax Treaty" means the Canada-Netherlands Income Tax Convention; and (w) "Terms and Conditions" means Terms and Conditions of Management and Custody which is an agreement to be entered into by the Manager, the Depositary and each Participant (separately) with respect to the Pool originating from the execution of the Participant's subscription form to participate in the Pool and forms part of the contractual relationship existing among them. ...

Income Tax Convention (1980). FACTS 1. Sibling 1 and Sibling 2 are adult siblings and residents of Canada for purposes of the Act. ...

The above rulings are based on the law as it presently reads and do not take into account any proposed or future amendments to the Act or the Canada-United States Income Tax Convention (1980) which, if enacted, could have an effect on the rulings provided herein. ...

Our understanding of the facts, proposed transactions and the purpose of the proposed transactions is as follows: Definitions (a) "CRA" means Canada Revenue Agency; (b) "Non-Residentco #1" means XXXXXXXXXX; (c) "Non-Residentco #2" means XXXXXXXXXX; (d) "Non-Residentco #3" means XXXXXXXXXX; (e) "FA#1" means XXXXXXXXXX; (f) "Foreignco #1" means XXXXXXXXXX; (g) "Foreignco #2" means XXXXXXXXXX; (h) "Foreignco #3" means XXXXXXXXXX; (i) "Foreignco #4" means XXXXXXXXXX; (j) "Foreignco #5" means XXXXXXXXXX; (k) "Foreignco #6" means XXXXXXXXXX; (l) "Foreignco #7" means XXXXXXXXXX; (m) "Foreignco #8" means XXXXXXXXXX; (n) "Foreignco #9" means XXXXXXXXXX; (o) "Canco #1" means XXXXXXXXXX; (p) "Canco #2" means XXXXXXXXXX; (q) "Canco #3" means XXXXXXXXXX; (r) "Amalco" means the company formed upon the merger of Foreignco #5 and Foreignco #2; (s) "Exchange" is the XXXXXXXXXX Stock Exchange; (t) "Foreign Country #1" means XXXXXXXXXX; (u) "Foreign Country #2" means XXXXXXXXXX; (v) "Foreign Country #3" means XXXXXXXXXX; (w) "Foreign Country #4" means XXXXXXXXXX; (x) "Province" is XXXXXXXXXX; (y) "State" is the State of XXXXXXXXXX; (z) "Completed Transactions" means the transactions described in paragraphs 23 to 50 below; (aa) "fair market value" ("FMV") means the highest price available in an open and unrestricted market, between informed, prudent parties, acting at arm's length and under no compulsion to act, expressed in terms of cash; (bb) "legal stated capital" means the amount included in the capital account of a corporation under applicable corporate law; (cc) "Treaty" means the 1980 Convention between Canada and the United States of America with Respect to Taxes on Income and Capital as amended by subsequent protocols; (dd) "adjusted cost base" ("ACB") has, by virtue of subsection 248(1), the meaning assigned by section 54 of the Act; (ee) "arm's length" has the meaning assigned by subsection 251(1) of the Act; (ff) "cost amount" has the meaning assigned by subsection 248(1) of the Act; (gg) "exempt surplus" has the meaning assigned by subsection 5907(1) of the Income Tax Regulations (the "Regulations"); (hh) "foreign accrual property income" ("FAPI") has the meaning assigned by subsection 95(1) of the Act; (ii) "foreign affiliate" has, by virtue of subsection 248(1), the meaning assigned by subsection 95(1) of the Act; (jj) "non-resident" has the meaning assigned by subsection 248(1) of the Act; (kk) "paid-up capital" ("PUC") has, by virtue of subsection 248(1), the meaning assigned by subsection 89(1) of the Act; (ll) "principal amount" has the meaning assigned by subsection 248(1) of the Act; (mm) "private corporation" has, by virtue of subsection 248(1), the meaning assigned by subsection 89(1) of the Act; (nn) "proceeds of disposition" has the meaning assigned by section 54 of the Act; (oo) "related persons" or "persons related to each other" has the meaning assigned by subsection 251(2) of the Act; (pp) "series of transaction or events" has the meaning assigned in subsection 248(10) of the Act; (qq) "specified shareholder" has the meaning assigned by subsection 248(1) of the Act and, where applicable, as modified by subparagraph 88(1)(c.2)(iii) of the Act; (rr) "taxable Canadian corporation" has, by virtue of subsection 248(1), the meaning assigned by subsection 89(1) of the Act; (ss) "taxable Canadian property" has the meaning assigned by subsection 248(1) of the Act; (tt) "taxable dividend" has the meaning assigned by subsection 89(1) of the Act; and (uu) "taxable surplus" has the meaning assigned by subsection 5907(1) of the Regulations. ...