2020-03-04 |
11 October 2019 APFF Roundtable Q. 11, 2019-0812701C6 F - Paragraph 251(5)(b) and convertible debenture |
Income Tax Act - Section 251 - Subsection 251(5) - Paragraph 251(5)(b) |
debenture with a contingent conversion right and non-participating conversion ratio entailed loss of CCPC status |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 12, 2019-0812711C6 - Part IV |
Income Tax Act - Section 186 - Subsection 186(2) |
two 50% shareholders of two corporations likely acting in concert to produce connectedness |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 12, 2019-0812711C6 - Part IV |
Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) |
two 50% shareholders of two corporations likely acting in concert to produce connectedness |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 13, 2019-0812721C6 F - Late-Filed CDA Election |
Income Tax Act - Section 83 - Subsection 83(3) |
directors can authorize a late capital dividend election after the dividend declaration |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 15, 2019-0812741C6 F - TOSI and interest income earned by a trust |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Split Income - Paragraph (d) - Subparagraph (d)(i) |
beneficiaries of a family trust can benefit from the excluded debt exception from the TOSI rules |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 15, 2019-0812741C6 F - TOSI and interest income earned by a trust |
Income Tax Act - 101-110 - Section 108 - Subsection 108(5) - Paragraph 108(5)(a) |
source character of trust income maintained in the absence of s. 108(5)(a) appplication |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 16, 2019-0812751C6 F - 74.4(2) and 120.4 interaction |
Income Tax Act - Section 74.4 - Subsection 74.4(2) |
main purpose test can still apply even where designated persons are subject to TOSI |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 16, 2019-0812751C6 F - 74.4(2) and 120.4 interaction |
Income Tax Act - Section 74.4 - Subsection 74.4(2) - Paragraph 74.4(2)(g) |
only s. 74.4(2)(g) provides relief from the joint application of the TOSI and s. 74.4(2) rules |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 17, 2019-0812761C6 F - Entreprise - Business |
Income Tax Act - Section 248 - Subsection 248(1) - Business |
Stewart as the leading case on “business” |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 18, 2019-0812771C6 F - TOSI Actively Engaged |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Business - Paragraph (a) |
loss of excluded business exception when specified individual went on extended mat leave or disability |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 18, 2019-0812771C6 F - TOSI Actively Engaged |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Reasonable Return |
potential application of reasonable return exception where on mat leave or disability |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 19, 2019-0825031C6 F - Service téléphonique réservé |
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2020-02-26 |
23 January 2020 External T.I. 2019-0796121E5 F - Déduction pour résidence des membres du clergé |
Income Tax Act - Section 8 - Subsection 8(1) - Paragraph 8(1)(c) |
s. 8(1)(c) does not entail any home office requirement |
2020-02-05 |
14 January 2020 Internal T.I. 2018-0785991I7 F - Subsection 86.1(2) |
Income Tax Act - Section 86.1 - Subsection 86.1(2) |
s. 86.1(2)(c)(i) references central management and control test/tracking shares satisfied s. 86.1(2)(a) |
2020-02-05 |
14 January 2020 Internal T.I. 2018-0785991I7 F - Subsection 86.1(2) |
Income Tax Act - Section 248 - Subsection 248(1) - Common Share |
tracking shares were common shares |
2020-01-08 |
12 November 2019 External T.I. 2019-0822161E5 F - T5008 Statement of Securities Transactions |
Income Tax Regulations - Regulation 230 - Subsection 230(1) - Sale |
a contribution of shares to a TFSA is not a “sale” for Reg. 230 purposes |
2020-01-08 |
12 November 2019 External T.I. 2019-0822161E5 F - T5008 Statement of Securities Transactions |
Income Tax Regulations - Regulation 230 - Subsection 230(2) |
transfer of listed shares from taxable brokerage account to individual’s TFSA did not generate T5008 reporting requirement |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F - HBP/HBTC - Death of a spouse |
Income Tax Act - Section 146.01 - Subsection 146.01(1) - Regular Eligible Amount - Paragraph (f) |
widow who had resided in the home of her deceased husband could access the HBP program to purchase a condo or acquire his home from estate |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F - HBP/HBTC - Death of a spouse |
Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) |
widow who had resided in the home of her deceased husband could access the first-time home buyer’s credit |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
survivor payment equals amounts paid under the TFSA to the estate provided the survivor receives at least that amount as TFSA beneficiary |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Unused TFSA Contribution Room - Paragraph (b) - Element D |
diminution in TFSA property in executors' hands reduces exempt contribution |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 5, 2019-0820901C6 F - TFSA Exempt Contribution - Timing of contribution |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (c) |
an exempt contribution to a TFSA can only be made as of right no more than 30 days before the survivor payment was received from an estate |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
transfer of TFSA to surviving spouse because of daughter’s renunciation occurred as a consequence of the deceased’s death |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer |
Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(b) |
transfer of TFSA to survivor on renunciation of bequest thereof occurred as a consequence of death |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 7, 2019-0821701C6 F - TFSA Exempt Contribution - Survivor payment |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
extension of rollover deadline through Ministerial discretion |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F - RRIF – Minimum amount after death |
Income Tax Act - Section 146.3 - Subsection 146.3(6.11) |
deduction of RRIF minimum amount in post-terminal year of transfer out of deceased's RRIF to surviving spouse |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F - RRIF – Minimum amount after death |
Income Tax Act - Section 146.3 - Subsection 146.3(1) - Minimum Amount |
required recognition of RRIF minimum amount in post-terminal year of transfer of RRIF to surviving spouse |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 9, 2019-0813281C6 F - Pension splitting - RRIF deemed benefit |
Income Tax Act - Section 118 - Subsection 118(7) - Pension Income - Paragraph (a) - Subparagraph (a)(iii) |
deemed payment on death of last RRIF annuitant is not pension income |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 9, 2019-0813281C6 F - Pension splitting - RRIF deemed benefit |
Income Tax Act - Section 146.3 - Subsection 146.3(6) |
s. 166.3(6) language does not go on to deem there to be payment by RRIF issuer |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 10, 2019-0812841C6 F - RESP - Change of subscriber |
Income Tax Act - Section 146.1 - Subsection 146.1(6.1) |
amounts can be transferred from one RESP to another |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 10, 2019-0812841C6 F - RESP - Change of subscriber |
Income Tax Act - Section 204.9 - Subsection 204.9(5) - Paragraph 204.9(5)(e) |
RESP transferor could be liable under s. 204.91(1) |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 11, 2019-0812971C6 F |
Income Tax Act - Section 2 - Subsection 2(1) |
CRA uses information collected on an NR73 as its principal tool in assessing individuals’ residency |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 12, 2019-0815181C6 F - RRSP on death and refund of premiums |
Income Tax Act - Section 146 - Subsection 146(8.1) |
post-death appreciation in an RRSP could qualify for a s. 146(8.1) rollover |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 12, 2019-0815181C6 F - RRSP on death and refund of premiums |
Income Tax Act - Section 146.3 - Subsection 146.3(6.1) |
rollover of post-death RRIF income under s. 146.3(6.1) |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Amount - Paragraph (e) - Subparagraph (e)(ii) |
no excluded amount where excluded business had ceased in prior year |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1.1) - Paragraph 120.4(1.1)(a) |
paid but non-worked days do not count |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1.1) - Paragraph 120.4(1.1)(d) - Subparagraph 120.4(1.1)(d)(ii) |
same-year limitation of the exclusion for income derived from the proceeds of an excluded business |
2019-09-04 |
15 July 2019 External T.I. 2018-0747761E5 F - Application de 73(4.1) |
Income Tax Act - Section 73 - Subsection 73(4.1) - Paragraph 73(4.1)(c) |
negative ACB is not triggered under s. 73(4.1)(c) |
2019-08-21 |
17 July 2019 External T.I. 2018-0777951E5 F - Avantage automobile |
Income Tax Act - Section 6 - Subsection 6(2) |
where 2 related employers, only a single benefit under the formula is calculated for each automobile |
2019-08-21 |
17 July 2019 External T.I. 2018-0777951E5 F - Avantage automobile |
Income Tax Regulations - Regulation 200 - Subsection 200(3) |
where 2 related employer, ss. 6(1)(e) or (k) benefit can be reported by either employer |