EXHIBIT 8.1
SCULLY ROYALTY LTD.
LIST OF SIGNIFICANT SUBSIDIARIES AS AT DECEMBER 31, 2020
Subsidiaries | Country of Incorporation | Proportion of Interest(1) | |||||
| Merkanti Holding plc. | Malta | 99.96 | % | ||||
| 1178936 B.C. Ltd. | Canada | 100 | % | ||||
| Merkanti (A) International Ltd. | Malta | 99.96 | % | ||||
| Merkanti (D) International Ltd. | Malta | 99.96 | % | ||||
Note:
| (1) | Our proportional voting interests are identical to our proportional beneficial interests, except that we hold a 99.68% proportional beneficial interest in each of Merkanti (A) International Ltd. and Merkanti (D) International Ltd. |