Don't think so! On July 20, 2016, I received a letter from iTrade stating that my Zenith shares were deemed to be a non-qualified investment and I would have to sell them or transfer them out of my registered accounts de-registering them. They warned of stiff penalties (50%) that might be levied by CRA. Some others have posted of having similar notifications from their brokers. We contacted Zenith and they told us that we were qualified as Zenith was a public company and they would notify the brokers.

On August 9, 2016, I received a letter from iTrade stating that they had been advised by Zenith that they had completed the required filing with CRA to be considered a Public Corporation therefore the shares of Zenith were then considered a Qualified Investment and no further action was required.