Cases
Tusk Exploration Ltd. v. Canada, 2018 FCA 121
In the course of a general discussion, Webb JA stated (at para. 5):
Although subsection 66(12.6) of the ITA only refers to a “corporation”,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 211.91 - Subsection 211.91(1) | Part XII.6 tax was payable on CEE purportedly renounced on a look-back basis to NAL shareholders | 515 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(28) | potential for double taxation under the ITA of NAL transactions | 307 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(a) | double taxation can result from non-arm’s length transactions such as under s. 69(1) | 301 |
See Also
Hamilton v. The Queen, 97 DTC 787, [1997] 1 CTC 2446 (TCC)
The payment of licence fees of a resource company by the taxpayer on the basis that the corporation would issue flow-through shares to him to...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss | 56 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(m) | 90 |
Administrative Policy
11 October 2013 Roundtable, 2013-0495271C6 F - Flow-through shares and death
An individual who acquired flow-through shares of a principal-business corporation (PBC) on February 1, 2013, entered into a flow-through share...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 66 - Subsection 66(12.66) | lookback unavailable where taxpayer was deceased on December 31 of look-back year | 199 |
9 August 2012 External T.I. 2012-0455341E5 - CEE/CDE incurred by Subsidiary
Whee a subsidiary principal business corporation issues flow-through shares to its parent (also a principal business corporation) and uses the...
92 C.R. - Q.15
CEE that has been renounced to a shareholder corporation by a JEC cannot then be renounced by the shareholder corporation to a third party under...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 66 - Subsection 66(10.1) | 33 |
14 September 89 T.I. (February 1990 Access Letter, ¶1108)
ss.16(12.6), (12.62) and (12.64), when they refer to "agreement" are reiterating the requirement in s. 66(15)(d.1) that the agreement be legally...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Effective Date | 165 |
Articles
Gregory M. Johnson, Wesley R. Novotny, "An Update on Flow-through Shares in the Energy Sector", 2016 Conference Report (Canadian Tax Foundation),12:1-39
No tracing and aggregation of CEE before flow-through share issuance (pp. 12:8)
The PBC is not required to trace the FTS subscription proceeds to...
Ronald Richler, "Creststreet Income Fund Uses Flow-Through Shares", Corporate Finance, Vol. XI, No. 4, 2004, p. 1124.
Paragraph 66(12.6)(a)
Administrative Policy
21 March 2006 External T.I. 2005-0158451E5 F - Québec Mining Duties Act - Credit for Losses
S. 32 of the Quebec Mining Duties Act (MDA) provided a credit to an operator equal generally to an amount not exceeding 12% of the lesser of (i)...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 66.1 - Subsection 66.1(6) - Cumulative Canadian exploration expense - Element J | credit under the Quebec Mining Duties Act based on exploration and development losses of operator was not “assistance" under J | 207 |
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(x.2) | credit under the Quebec Mining Duties Act based on exploration and development losses of operator was not includible under s. 12(1)(x.2) | 208 |
Articles
Emmanuel Sala, "Flow-Through Share Financing: Recent Developments, Traps and Tips", 2015 CTF Annual Conference paper
Whether reduction for Quebec resource credit (pp. 10:24-25)
A problem arises when mining projects located in the province of Quebec are financed...