Real estate investment trust

For a given taxation year, a trust that is resident in Canada throughout the year, if:

• the FMV of all non-portfolio property that is qualified property held by the trust is at least equal to 90% of the FMV of all non-portfolio property held by the trust;
• at least 90% of the trust's determined gross revenue for the year is derived from rent from immovable property, interest, dispositions of immovable property that is capital property, dividends or royalties, or from dispositions of eligible resale property;
• at least 75% of the trust's determined gross revenue for the year is derived from rent from immovable property, interest payable on debts secured by hypothecs on immovable property, or from dispositions of immovable property that is capital property;
• the total FMV of certain property (immovable property that is capital property, sums of money, bankers' acceptances, deposits with a credit union or eligible resale property) that the trust holds throughout the year must not be less than 75% of the equity value of the trust at that time; and
• the investments in the trust are listed or traded on a stock exchange or other public market.

Section 1129.70