For a given taxation year, an entity the equity of which:

• is not listed or traded on a stock exchange or other public market at any time in the year;
• is held exclusively by a qualified investor, such as:
  • a real estate investment trust (REIT),
  • a taxable Canadian corporation,
  • a specified investment flow-through trust (SIFT trust) or SIFT partnership,
  • a person or partnership that does not own, with respect to the holding of a security of the entity, property the value of which is determined by reference to a security that is listed or traded on a stock exchange or other public market,
  • an excluded subsidiary entity for the taxation year.