Trust that, at a given time, meets the following conditions:

• Throughout the period that begins at the later of March 21, 2013, and the end of the calendar year in which it was created and that ends at the given time, it is a trust holding an outstanding class of units that has been qualified for distribution, or lawfully distributed, to the public as described in paragraph 4801(a) of the Income Tax Regulations.
• Throughout the period that begins at the later of March 21, 2013, and the date the trust was created and that ends at the given time, it is a trust that is resident in Canada and meets the following conditions:
  • Its only undertaking is investing its funds in property.
  • It follows a reasonable policy of investment diversification.
  • It does not hold property that is used to carry on a business by the trust or by a person or partnership that is not dealing at arm's length with the trust.
  • It does not hold property that is real or immovable property, Canadian or foreign resource property or an interest or a right in Canadian or foreign resource property.
  • It does not legally control, alone or as a member of a group of persons, a corporation.
  • It does not hold more than 20% of any class of securities of an issuer, unless:
    • The issuer is a trust that is an investment fund (or a mutual fund corporation that would be an investment fund if it was a trust); and
    • The total FMV of the trust's property that is equity of the issuer does not exceed 10% of the issuer's equity value and the total FMV of the trust's property that is liabilities of the issuer does not exceed 10% of the total FMV of all of the issuer's liabilities.