2.01 Definitions In Relation To Additional Tax Imposed

2.01 In this section and sections 2.02 and 2.03:

“controlled”, in relation to the control of a corporation, means controlled, directly or indirectly in any manner whatever, within the meaning of section 256 of the Income Tax Act (Canada);
“foreign corporation” means a corporation that is one of the following:

(a) a corporation that is not incorporated in Canada;
(b)
unless the shares of the corporation are listed on a Canadian stock exchange, a corporation that is incorporated in Canada and is controlled by one or more of the following:
- (i) a foreign national;
- (ii) a corporation that is not incorporated in Canada;
- (iii) a corporation that would, if each share of the corporation’s capital stock that is owned by a foreign national or by a corporation described in paragraph (a) of this definition were owned by a particular person, be controlled by the particular person;

“foreign entity” means a foreign national or a foreign corporation;
“foreign national” means an individual who is a foreign national as defined in section 2(1) of the Immigration and Refugee Protection Act (Canada);
“residential property” means any of the following:

(a) land or improvements, or both, as defined in section 1(1) of the Assessment Act, that are described as class 1 property in section 1 of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81, but does not include prescribed land or improvements;
(b)
an area of land, not including improvements, that
- (i) is not larger than 0.5 ha in area, and
- (ii)
  is classified as a farm under the Assessment Act only because the land is used for
  - (A) an owner’s dwelling as defined in section 23(0.1) of the Assessment Act, or
  - (B) a farmer’s dwelling as defined in section 1(1) of the Classification of Land as a Farm Regulation, B.C. Reg. 411/95;

(a)
the Metro Vancouver Regional District, other than both of the following;
- (i) subject to paragraph (b), the treaty lands of the Tsawwassen First Nation;
- (ii) a prescribed area within the Metro Vancouver Regional District;
(b) the treaty lands of the Tsawwassen First Nation, if those treaty lands are prescribed for the purposes of this definition;
(c) a prescribed area that is not within the Metro Vancouver Regional District;

“taxable trustee”, in relation to a taxable transaction, means a trustee of a trust in respect of which

(a) any trustee is a foreign entity, or
(b) no trustee is a foreign entity but, immediately after the registration of the taxable transaction, a beneficiary of the trust who is a foreign entity holds a beneficial interest in the residential property to which that taxable transaction relates;

(a) a mutual fund trust within the meaning of section 132(6) of the Income Tax Act (Canada);
(b) a real estate investment trust as defined in section 122.1(1) of the Income Tax Act (Canada);
(c) a SIFT trust as defined in section 122.1(1) of the Income Tax Act (Canada).

2016-27-3, effective August 2, 2016 am. 2018-23-53.