Words and Phrases - "of"

Does a taxpayer with a joint interest in specified foreign property but who did not contribute to its acquisition, e.g., a child who was added as joint owner for estate planning purposes, have a reporting obligation? In the joint ownership case, must the taxpayer be the beneficial owner or would strictly legal ownership require reporting? After stating that the term “specified foreign property” in s. 233.3(1), which refers to property “of” a person or partnership, means property “owned” by the person or the partnership, and after referencing its discussion in S1-F3-C2 of beneficial ownership, CRA answered the first question (but seemingly not the second) as follows:

[A] reporting entity would typically be the owner (including a beneficial owner) of the property whether such ownership is jointly with another person or otherwise and irrespective of the financial contribution made by the reporting entity towards the acquisition. In the case of joint ownership, each reporting entity would report their ownership interest in the specified foreign property (i.e., if the total cost amount of specified foreign property to the entity exceeds $100,000).