McClintock v. The Queen, 2003 DTC 576, 2003 TCC 259 -- summary under Canadian-Controlled Private Corporation

The Minister took the position that the taxpayer ceased to be a Canadian-controlled private corporation on July 17, 1990 when it completed an initial public offering of its common shares through the NASDAQ stock exchange in the United States, as a result of which a majority of its shares were owned by non-residents of Canada. The Federal Court of Appeal had held in Silicon Graphics Ltd. v. The Queen, 2002 DTC 7112 that the taxpayer was an CCPC throughout its 1992 and 1993 taxation years. There was no evidence that the non-resident shareholders of the taxpayer acted differently in 1990 after July 17 than they did in 1992 and 1993. Accordingly, the taxpayer was not a CCPC after July 17, 1990.