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 (including a transitional SIFT) 
  • 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