Government of Canada / Gouvernement du Canada
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Income Tax Regulations

Version of section 4801 from 2004-08-31 to 2013-06-25:

 For the purposes of paragraph 132(6)(c) of the Act, the following conditions are hereby prescribed in respect of a trust:

  • (a) either

    • (i) a class of the units of the trust shall be qualified for distribution to the public, or

    • (ii) there has been a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not required under the laws of the province to be filed in respect of the distribution; and

  • (b) in respect of any one class of units described in paragraph (a), there shall be no fewer than 150 beneficiaries of the trust, each of whom holds

    • (i) not less than one block of units of the class, and

    • (ii) units of the class having an aggregate fair market value of not less than $500.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/2001-216, s. 4

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