Income Tax Regulations

9002.1 For the purpose of paragraph (b) of the definition excluded property in subsection 142.2(1) of the Act, a prescribed payment card corporation share of a taxpayer at any time means a share of the capital stock of a particular corporation if, at that time,

• (a) the particular corporation is any one of the following

  • (i) MasterCard International Incorporated,

  • (ii) MasterCard Incorporated, or

  • (iii) Visa Inc.; and

• (b) the share

  • (i) is of a class of shares that is not listed on a stock exchange,

  • (ii) is not convertible into or exchangeable for a share of the class of the capital stock of a corporation that is listed on a stock exchange, and

  • (iii) was issued by the particular corporation to the taxpayer or to a person related to the taxpayer.