#10082
Awan Hammad
Participant

    Hi SP

    My view is the Fund cannot acquire the 50% share in residential property from a related party even though the Fund already owns 50% of the property. There is no exception to the Fund for already owning part of the property.

    The Fund cannot acquire property from a related party other than business real property (BRP) under section 66 of SIS. I assume the residential property in your example does not meet the definition of being BRP.

    Thanks

    The Auditors Institute

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