(c) a class of the shares of the capital stock of which is listed on a prescribed stock exchange;
	(3) The definition ``specified investment business'' in subsection 125(7) of the Act is replaced by the following:
``specified investment business'' « entreprise de placement déterminée »	``specified investment business'' carried on by a corporation in a taxation year means a business (other than a business carried on by a credit union or a business of leasing prop erty other than real property) the principal purpose of which is to derive income (in cluding interest, dividends, rents and royal ties) from property but, except where the corporation was a prescribed labour-spon sored venture capital corporation at any time in the year, does not include a business carried on by the corporation in the year where
	(a) the corporation employs in the busi ness throughout the year more than 5 full-time employees, or
	(b) any other corporation associated with the corporation provides, in the course of carrying on an active business, manageri al, administrative, financial, mainte nance or other similar services to the corporation in the year and the corpora tion could reasonably be expected to require more than 5 full-time employees if those services had not been provided;
	(4) Subsection (1) applies to taxation years that end after June 1988, except that there shall be added to the amount other wise determined under subsection 125(1) of the Act, as amended by subsection (1), in respect of a corporation's taxation year that began before July 1988 and ended after June 1988, that proportion of 5% of the least of the amounts determined under paragraphs 125(1)(a) to (c) of the Act in respect of the corporation for the year that the number of days in the year that are before July 1988 is of the number of days in the year.
	(5) Subsection (2) applies after 1995.
	(6) Subsection (3) applies to the 1995 and subsequent taxation years.
	72.1 (1) Paragraph (f) of the definition ``specified percentage'' in subsection 127(9) of the Act is replaced by the following:
	(f) in respect of the repayment of govern ment assistance, non-government assis tance or a contract payment that reduced
	(i) the capital cost to the taxpayer of a property under paragraph (11.1)(b),
	(ii) the amount of a qualified expendi ture incurred by the taxpayer under paragraph (11.1)(c) or (e) for taxation years that began before 1996 , or
	(iii) the prescribed proxy amount of the taxpayer under paragraph (11.1)(f) for taxation years that began before 1996 ,
	the specified percentage that applied in respect of the property, the expenditure or the prescribed proxy amount, as the case may be,
	(f.1) in respect of the repayment of government assistance, non-government assistance or a contract payment that reduced a qualified expenditure incurred by the taxpayer under any of subsections (18) to (20), 20%,
	(2) Subsection (1) applies to taxation years that begin after 1995.
	73. (1) Paragraph 127.1(1)(a) of the Act is replaced by the following:
	(a) with the taxpayer's return of income (other than a return of income filed under subsection 70(2) or 104(23), paragraph 128(2)(f) or subsection 150(4)) for a taxa tion year, or
	(2) Subsection (1) applies to taxation years that begin after April 26, 1995.
	74. (1) The description of B in paragraph 127.41(1)(a) of the Act is replaced by the following:
	B is the amount, if any, by which the total of all amounts in respect of the trust that were included (otherwise than because of being a member of a partnership) because of the application of subsection 107.3(1) in computing the taxpayer's income for the particular year exceeds the total of all amounts in respect of the trust that were deducted (otherwise than because of being a member of a partner ship) because of the application of subsection 107.3(1) in computing that income, and
	(2) Subsection (1) applies to taxation years that end after February 22, 1994.
	75. (1) The portion of section 127.5 of the Act before paragraph (a) is replaced by the following:
Obligation to pay minimum tax	127.5 Notwithstanding any other provision of this Act but subject to section 127.55, where the amount that, but for sections 120 and 120.1, would be determined under Division E to be the tax payable by an individual for a taxation year is less than the amount deter mined under subparagraph (a)(i) in respect of the individual, the tax payable under this Part for the year by the individual is the amount, if any, by which
	(2) Subsection (1) applies to the 1992 and subsequent taxation years.
	76. (1) Paragraphs 127.52(1)(b) and (c) of the Act are replaced by the following:
	(b) the total of all amounts each of which is an amount deductible under paragraph 20(1)(a) or any of paragraphs 20(1)(c) to (f) in computing the individual's income for the year in respect of a rental or leasing property (other than an amount included in the individual's share of a loss referred to in paragraph (c.1)) were the lesser of the total of all amounts otherwise so deductible and the amount, if any, by which
	(i) the total of all amounts each of which is the individual's income for the year from the renting or leasing of a rental or leasing property owned by the individual or by a partnership, computed without reference to paragraphs 20(1)(a) and (c) to (f) ,
	exceeds
	(ii) the total of all amounts each of which is the individual's loss for the year from the renting or leasing of a rental or leasing property owned by the individual or by a partnership (other than an amount included in the individual's share of a loss referred to in paragraph (c.1)) , computed without reference to para graphs 20(1)(a) and (c) to (f) ;
	(c) the total of all amounts each of which is an amount deductible under paragraph 20(1)(a) or any of paragraphs 20(1)(c) to (f) in computing the individual's income for the year in respect of a film property (other than an amount included in the individual's share of a loss referred to in paragraph (c.1)) were the lesser of the total of all amounts otherwise so deductible by the individual for the year and the amount, if any, by which
	(i) the total of all amounts each of which is the individual's income for the year from the renting or leasing of a film property owned by the individual or by a partnership, computed without reference to paragraphs 20(1)(a) and (c) to (f) ,
	exceeds
	(ii) the total of all amounts each of which is the individual's loss for the year from the renting or leasing of a film property owned by the individual or by a partner ship (other than amounts included in the individual's share of a loss referred to in paragraph (c.1)) , computed without ref erence to paragraphs 20(1)(a) and (c) to (f) ;
	(c.1) where, during a partnership's fiscal period that ends in the year, the individual is a limited partner of the partnership or a member of the partnership who was a specified member of the partnership at all times since becoming a member of the partnership, or the individual's interest in the partnership is an interest for which an identification number is required to be, or has been, obtained under section 237.1,
	(i) the individual's share of allowable capital losses of the partnership for the fiscal period were the lesser of
	(A) the total of all amounts each of which is the individual's share of a taxable capital gain for the fiscal period from the disposition of property (other than property acquired in a transaction to which subsection 97(2) applied), and
	(B) the individual's share of allowable capital losses for the fiscal period,
	(ii) the individual's share of each loss from a business of the partnership for the fiscal period were the lesser of
	(A) the individual's share of the loss, and
	(B) the amount, if any, by which
	(I) the total of all amounts each of which is the individual's share of a taxable capital gain for the fiscal period from the disposition of prop erty used by the partnership in the business (other than property ac quired by the partnership in a trans action to which subsection 97(2) applied)
	exceeds
	(II) the total of all amounts each of which is the individual's share of an allowable capital loss for the fiscal period, and
	(iii) the individual's share of losses from property of the partnership for the fiscal period were the lesser of
	(A) the total of
	(I) the individual's share of incomes for the fiscal period from properties of the partnership, and
	(II) the amount, if any, by which
	1. the total of all amounts each of which is the individual's share of a taxable capital gain for the fiscal period from the disposition of property held by the partner ship for the purpose of earning income from property (other than property acquired by the partner ship in a transaction to which subsection 97(2) applied)
	exceeds
	2. the total of all amounts each of which is the individual's share of an allowable capital loss for the fiscal period, and
	(B) the individual's share of losses from property of the partnership for the fiscal period;
	(c.2) where, during a fiscal period of a partnership that ends in the year,
	(i) the individual is a limited partner of the partnership, or is a member of the partnership who was a specified member of the partnership at all times since becoming a member of the partnership, or
	(ii) the partnership owns a rental or leasing property or a film property and the individual is a member of the partner ship,
	the total of all amounts each of which is an amount deductible under any of paragraphs 20(1)(c) to (f) in computing the individual's income for the year in respect of the individual's acquisition of the partnership interest were the lesser of
	(iii) the total of all amounts otherwise so deductible, and
	(iv) the total of all amounts each of which is the individual's share of any income of the partnership for the fiscal period, determined in accordance with subsec tion 96(1);
	(c.3) the total of all amounts each of which is an amount deductible in computing the individual's income for the year in respect of a property for which an identification number is required to be, or has been, obtained under section 237.1 (other than an amount to which any of paragraphs (b) to (c.2) applies) were nil;
	(2) Subsection 127.52(1) of the Act is amended by adding the following after paragraph (e):
	(e.1) the total of all amounts each of which is an amount deductible under any of paragraphs 20(1)(c) to (f) in computing the individual's income for the year in respect of a property that is a flow-through share (where the individual is the first person, other than a broker or dealer in securities, to be a registered holder of the share), a Canadian resource property or a foreign resource property were the lesser of the total of the amounts otherwise so determined for the year and the amount, if any, by which
	(i) the total of all amounts each of which is an amount described in subparagraph (e)(i) or (ii), determined without refer ence to paragraphs 20(1)(c) to (f),
	exceeds
	(ii) the total of all amounts each of which is an amount deductible under section 65, 66, 66.1, 66.2 or 66.4 or under subsection 29(10) or (12) of the Income Tax Applica tion Rules in computing the individual's income for the year;
	(3) Subsection 127.52(1) of the Act is amended by adding the following after paragraph (h):
	(h.1) the formula in paragraph 110.6(21)(a) were read as
	A - B
	(4) Clause 127.52(1)(i)(i)(B) of the Act is replaced by the following:
	(B) the amounts that would be deduct ible under those paragraphs for the year if
	(I) paragraphs (b), (c) and (e) of this subsection, as they read in respect of taxation years that began after 1985 and before 1995, applied in comput ing the individual's non-capital loss, restricted farm loss, farm loss and limited partnership loss for any of those years , and
	(II) paragraphs (b) to (c.3), (e) and (e.1) of this subsection applied in computing the individual's non- capital loss, restricted farm loss, farm loss and limited partnership loss for any taxation year that begins after 1994, and
	(5) Clause 127.52(1)(i)(ii)(B) of the Act is replaced by the following:
	(B) the total of all amounts that would be deductible under that paragraph for the year if
	(I) paragraph (d) of this subsection applied in computing the individu al's net capital loss for any taxation year that began before 1995 , and
	(II) paragraphs (c.1) and (d) of this subsection applied in computing the individual's net capital loss for any taxation year that begins after 1994; and
	(6) Subsection 127.52(2) of the Act is replaced by the following:
Partnerships	(2) For the purposes of subsection (1) and this subsection , any amount deductible under a provision of this Act in computing the income or loss of a partnership for a fiscal period is, to the extent of a member's share of the partnership's income or loss, deemed to be deductible by the member under that provi sion in computing the member's income for the taxation year in which the fiscal period ends.
	(7) Section 127.52 of the Act is amended by adding the following after subsection (2):
Specified member of a partnership	(2.1) Where it can reasonably be considered that one of the main reasons that a member of a partnership was not a specified member of the partnership at all times since becoming a member of the partnership is to avoid the application of this section to the member's interest in the partnership, the member is deemed for the purpose of this section to have been a specified member of the partnership at all times since becoming a member of the partnership.
	(8) The definition ``residential property'' in subsection 127.52(3) of the Act is re pealed.
	(9) Subsection 127.52(3) of the Act is amended by adding the following in alpha betical order:
``limited partner'' « commandita i- re »	``limited partner'' has the meaning that would be assigned by subsection 96(2.4) if that subsection were read without reference to ``if the member's partnership interest is not an exempt interest (within the meaning as signed by subsection (2.5)) at that time and'';
``rental or leasing property « bien de location »	``rental or leasing property'' means a property that is a rental property or a leasing property for the purpose of section 1100 of the In come Tax Regulations.
	(10) Subsections (1), (2), (6), (8) and (9) apply to taxation years of an individual that begin after 1994.
	(11) Subsection (3) applies to the 1994 and 1995 taxation years.
	(12) Subsections (4) and (5) apply to all taxation years, except that, in determining an individual's adjusted taxable income for taxation years that began before 1995, subclause 127.52(1)(i)(ii)(B)(I) of the Act, as enacted by subsection (5), shall be read as follows:
	(I) paragraph (d) of this subsection applied in computing the individu al's net capital loss for any taxation year that began after 1985 and before 1995, and
	(13) Subsection (7) applies after April 26, 1995.