EXHIBIT 8.1

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SCULLY ROYALTY LTD.

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LIST OF SIGNIFICANT SUBSIDIARIES AS AT DECEMBER 31, 2022

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​	​	​	​	​
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.