FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

affiliates. Generally, our units will be considered to be capital property to a holder, provided that the holder doesnot use or hold our units in the course of carrying on a business of trading or dealing in securities and has notacquired them in one or more transactions considered to be an adventure or concern in the nature of trade.This summary is not applicable to (i) a holder that is a “financial institution” as defined in the Tax Act forpurposes of the “mark-to-market” rules, (ii) a holder that is a “specified financial institution” as defined in theTax Act, (iii) a holder who makes or has made a functional currency reporting election pursuant to section 261 ofthe Tax Act, (iv) a holder an interest in which would be a “tax shelter investment” as defined in the Tax Act (andthis summary assumes that no such persons hold our units), (v) a holder who has, directly or indirectly, a“significant interest” as defined in subsection 34.2(1) of the Tax Act in our company, or (vi) a holder to whomany affiliate of our company is a “foreign affiliate” for purposes of the Tax Act. Any such holders should consulttheir own tax advisors with respect to an investment in our units.This summary is based on the current provisions of the Tax Act, the regulations thereunder, or theRegulations, all specific proposals to amend the Tax Act or the Regulations publicly announced by or on behalfof the Minister prior to the date hereof, or the Tax Proposals, and the current published administrative andassessing policies and practices of the CRA. This summary assumes that all Tax Proposals will be enacted in theform proposed but no assurance can be given that the Tax Proposals will be enacted in the form proposed or atall. This summary does not otherwise take into account or anticipate any changes in law, whether by judicial,administrative or legislative decision or action or changes in CRA’s administrative and assessing policies andpractices, nor does it take into account provincial, territorial or foreign income tax legislation or considerations,which may differ from those described herein. This summary is not exhaustive of all possible Canadian federalincome tax consequences that may affect holders and prospective holders.This summary assumes that neither our company nor the Property Partnership will be considered to carryon business in Canada. Our Managing General Partner and the Property General Partner have advised that theyintend to organize and conduct the affairs of each of these entities, to the extent possible, so that neither of theseentities should be considered to carry on business in Canada for purposes of the Tax Act. However, no assurancecan be given in this regard.This summary also assumes that neither our company nor the Property Partnership is a “tax shelter” or“tax shelter investment”, each as defined in the Tax Act. However, no assurance can be given in this regard.This summary also assumes that neither our company nor the Property Partnership will be a “SIFTpartnership” as defined in subsection 197(1) of the Tax Act at any relevant time for purposes of the SIFT Ruleson the basis that neither our company nor the Property Partnership will be a “Canadian resident partnership” asdefined in subsection 248(1) of the Tax Act at any relevant time. However, there can be no assurance that theSIFT Rules will not be revised or amended such that the SIFT Rules will apply.This summary is of a general nature only and is not intended to be, nor should it be construed to be,legal or tax advice to any particular holder of our units, and no representation with respect to theCanadian federal income tax consequences to any particular holder is made. Consequently, holders of ourunits and prospective holders of our units are advised to consult their own tax advisors with respect totheir particular circumstances. See also “Risk Factors- Risks Relating to Taxation.”For purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of our unitsmust be expressed in Canadian Dollars including any distributions, adjusted cost base and proceeds ofdisposition. For purposes of the Tax Act, amounts denominated in a currency other than the Canadian Dollargenerally must be converted into Canadian Dollars using the rate of exchange quoted by the Bank of Canada atnoon on the date such amounts arose, or such other rate of exchange as is acceptable to the CRA.178