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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Claude Cormier who wrote (187)3/23/2000 1:10:00 PM
From: Pied Piper  Read Replies (1) of 4051
 
OT:Public v. Private companies.

I did some more delving into this one. First of all, since capital gains is a federal tax, it doesn't matter what the province defines as public or private (unless Quebec has it's own capital gains tax), only how the Feds define it.

I, reluctantly, went to Revenue Canada's website and found the appropriate definition. There are three conditions for a corporation to be deemed a Canadian-controlled private corporation. The first two have to do with whether it is controlled by residents (no problem for Romios). The key condition states that the corporation is other than a corporation that "has a class of shares listed on a prescribed stock exchange". I could not find a definition of "prescribed stock exchange" but I assume CDN is not one of these.

Anyway, it's worth checking if you hold unlisted shares.

Piper
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