Solomon has heard that there may be advantages to investing in a Canadian-controlled private corporation (CCPC), but he is unsure what that means. Which of the following companies would qualify as a CCPC?
- Brewmans, a brewery started by John Brewman in Guelph, Ontario using his grandfather's recipes, where the shares are listed on the TSVX Stock Exchange.
- The New Attitude Value Fund, a closed-end investment fund that trades on the Toronto Stock Exchange that only holds shares in small Canadian corporations. Currently the shares of the Fund are held by 120 different investors with holdings ranging from $300 to $80,000 each.
- Balloons Away, an incorporated company that offers hot air balloon rides to Canadian corporate executives. The shares of Balloons Away are held by Solomon's brother Sam, Sam's wife Jeanette, and their two children, each of whom is a Canadian citizen.
- Reuse-it Inc., a recycling company that was staried as a worker's cooperative and that is now incorporated with each one of the 200 Canadian Employees owning 0.5% of the outstanding shares. The total value of all of the outstanding shares is $800,000.
a) 3 only
b) 1 and 3
c) 1 and 4
d) 2 and 3