Before reviewing the use in the ITA of “hold” and fining that “hold” in Reg. 4801(b) referred to the ownership of units, Monaghan JA stated (at paras. 146-147):
There is a presumption that a word has the same interpretation or meaning wherever it appears in the same legislation, unless the context clearly indicates a contrary intention: Thomson v. Canada (Deputy Minister of Agriculture), [1992] 1 S.C.R. 385, 133 N.R. 345 at 400; R. v. Zeolkowski, [1989] 1 S.C.R. 1378, 95 N.R. 149 at 1387. Similarly, there is a presumption that different words used in a statute are intended to have different meanings: Agraira v. Canada (Public Safety and Emergency Preparedness), 2013 SCC 36, [2013] 2 S.C.R. 559 at para. 81; R. v. Barnier, [1980] 1 S.C.R. 1124, 31 N.R. 273 at 1135-1136.
The Income Tax Act’s use of “hold” and “acquire” suggests they have different meanings.