I-3 - Taxation Act

Full text
21.4.1.1. For the purposes of sections 21.2 to 21.3.1 and 21.4.1, the following rules apply:
(a)  a corporation incorporated without share capital is deemed to have a capital stock of a single class of shares;
(b)  each member, policyholder and other participant in the corporation is deemed to be a shareholder of the corporation; and
(c)  the membership, policy or other interest in the corporation of each of those participants is deemed to be the number of shares of the corporation’s capital stock that the Minister considers reasonable in the circumstances, having regard to the total number of participants in the corporation and the nature of their participation.
2000, c. 5, s. 19.