Subsection 128(1) - Where corporation bankrupt
Administrative Policy
24 July 2013 External T.I. 2012-0455801E5 - Trustee in bankruptcy
The Act does not define what "property of the bankrupt in the trustee's possession" means. Instead, the BIA provides that what is comprised...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 223 - Subsection 223(11.1) | 112 |
10 October 2007 External T.I. 2007-0243601E5 F - Proposal - Taxation year end
Regarding a corporation that had submitted a proposal under the Bankruptcy and Insolvency Act ("BIA") that was accepted by the creditors, and...
Income Tax Technical News, No. 8, 30 September 1996 "Bankrupt Corporation - Change of Fiscal Period"
A Corporation that becomes a bankrupt must obtain approval to change its fiscal period.
25 July 1995 External T.I. 9509495 - FISCAL PERIOD OF A BANKRUPT CORP
The fiscal period of a corporation would not be affected by its bankruptcy, notwithstanding that s. 128(1)(d) deems its taxation year to have...
16 January 1992 T.I. (Tax Window, No. 15, p. 10, ¶1703)
The annulment of the bankruptcy under s. 61(1) or 181(1) of the Bankruptcy Act is not retroactive and, therefore, does not invalidate the...
10 December 1990 TI (Tax Window, Prelim. No. 2, p. 20, ¶1065)
An annulment of a bankruptcy does not invalidate the application of s. 128 for the period commencing on the date the taxpayer became bankrupt and...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Effective Date | 33 |
10 September 1990 Memorandum (Tax Window, Prelim. No. 1, p. 8, ¶1010)
Discussion of fiscal period issues respecting a bankrupt cash-basis farmer.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 28 - Subsection 28(1) | 9 |
Paragraph 128(1)(g)
Articles
Janette Pantry, Carrie Smit, "Tax Considerations in Restructuring under the Companies’ Creditors Arrangement Act", draft 2020 CTF Annual Conference paper
Generally no application of s. 128(1)(g) where proposal accepted (p. 8)
- Although s. 128(1)(g) provides that any losses of the corporation for a...
Subsection 128(2) - Where individual bankrupt
Cases
Canada v. Marchessault, 2008 DTC 6496, 2007 FCA 345
The deemed year end under s. 128(2)(d) of the Act applied only to a "bankrupt" as specifically described in s. 2 of the Bankruptcy and Insolvency...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Statutory Interpretation - Interpretation Bulletins, etc. | CRA positions not conclusive | 51 |
| Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions | related interpretation provision not referenced | 112 |
See Also
Sinnott v. The Queen, 2000 DTC 2459 (TCC)
Because the trustee in bankruptcy of an undischarged bankrupt was that individual's agent, the sending of a notice of assessment to the trustee...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 165 - Subsection 165(1) | 97 |
Administrative Policy
15 July 2008 External T.I. 2008-0279271E5 F - Frais de déménagement en cas de faillite
In finding that moving expenses incurred by an individual in the year that was deemed to end immediately before the day of bankruptcy could be...
16 May 1994 Internal T.I. 9402297 - RRSP WITHDRAWAL BY TRUSTEE OF AN INSOLVANT PERSON
Where an RRSP vests in the trustee under a proposal filed by an insolvent person under Part III of the Bankruptcy and Insolvency Act, s. 128(2)...
Paragraph 128(2)(a)
Administrative Policy
8 March 2016 Internal T.I. 2015-0614421I7 - Returns filed or amended by bankrupt taxpayer
CRA reversed its position in 2007-024648 that only the trustee of a bankrupt individual may make a request CRA to amend a tax return after the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Subsection 152(4.2) | CRA not precluded from acting on otherwise-valid s. 152(4.2) requests by bankrupt individual | 211 |
Paragraph 128(2)(e)
Administrative Policy
22 February 2002 Internal T.I. 2001-0095217 F - FAILLITE-PROVINCE DE RESIDENCE
An individual resided in a province at the time of becoming a bankrupt (thereby causing a short taxation year pursuant to s. 128(2)(d)) and...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 2601 - Subsection 2601(1) | return for short taxation year resulting from bankruptcy required to be filed for the province of the individual’s residence on December 31 of that calendar year | 66 |
Paragraph 128(2)(f)
Administrative Policy
29 October 2015 External T.I. 2015-0589051E5 F - Pension income splitting and bankruptcy
In the context of confirming that a joint s. 60.03(1) election can be made by a pensioner and a pension transferee in the situation where the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 60.03 - Subsection 60.03(1) - Split-Pension Amount | election available where pensioner or pension transferee is bankrupt/apportionment of split-pension amount | 221 |
Paragraph 128(2)(g)
Subparagraph 128(2)(g)(iii)
Administrative Policy
7 June 2010 Internal T.I. 2009-0351031I7 F - Faillite changée en proposition
An individual became bankrupt in 2003. Returns for the pre-bankruptcy and post-bankruptcy periods were filed, and assessed in 2004. In 2005, the...
Subsection 128(3)
See Also
Egard v. The Queen, 94 DTC 1232, [1994] 1 CTC 2407 (TCC)
A "bankrupt" does not include a person making a proposal. Accordingly, the taxpayer was not entitled to file returns on the basis that a new...