EXHIBIT 8.1
SCULLY ROYALTY LTD.
LIST OF SIGNIFICANT SUBSIDIARIES AS AT DECEMBER 31, 2019
| Subsidiaries | Country of Incorporation | Proportion
of Interest(1) |
||||||
| Merkanti Holding plc. | Malta | 100 | % | |||||
| 1178936 B.C. Ltd. | Canada | 100 | % | |||||
| Merkanti (A) International Ltd. | Malta | 100 | % | |||||
| Merkanti (D) International Ltd. | Malta | 100 | % | |||||
Note:
| (1) | Our proportional voting interests are identical to our proportional beneficial interests, except that we hold a 99.72% proportional beneficial interest in each of Merkanti (A) International Ltd. and Merkanti (D) International Ltd. |