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Unformatted text preview: disproportionate class of shares (in neither case including debt substitute shares), provided that each company or trust in the chain of ownership is a qualifying person. For example, a us resident or Canadian resident that is owned, directly or indirectly, by a publicly traded parent that is resident in a third country whose shares are primarily and regularly traded on one or several common stock exchanges in other treaty jurisdictions is not a qualifying person. Therefore, it must satisfy the active trade or business or derivative benefits tests in order to be entitled to the benefits of the treaty. after the release of the protocol, there were concerns about applying the ownership test in article xxix a(2)(d) to fiscally transparent entities. The technical explanation indicates that the lookthrough principles introduced by the protocol (for example, under article iV(6)) should be applied in conjunction with the ownership test in article xxix a(2)(d).23 When a recipient us-resident company is not the ultimate owner, and there are fiscally transparent us entities between the ultimate us qualifying person 23 at the 2008 iFa seminar, supra note 17, the Cra confirmed that it accepts the lookthrough ap...
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