Cases
Tusk Exploration Ltd. v. Canada, 2018 FCA 121
The taxpayer, a Canadian exploration company, unsuccessfully argued that it was not subject to Part XII.6 tax on Canadian exploration expenses...
| 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 66 - Subsection 66(12.6) | only a PBC can renounce | 61 |
Survivance v. Canada, 2007 DTC 5096, 2006 FCA 129
Before going on to find that it followed from the deeming in subsection 256(9) of control of a corporation to be acquired as of the beginning of...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | no disposition until payment | 94 |
| Tax Topics - Income Tax Act - Section 256 - Subsection 256(9) | 94 | |
| Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions | deemed acquisition of control implied loss of control | 45 |
Deptuck v. Canada, 2003 DTC 5273, 2003 FCA 177
S.69(1)(a) applied to reduce the capital cost to a partnership of depreciable property purchased by it to the property's fair market value rather...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | common control at time of purchase by GP - LPs came in later | 101 |
| Tax Topics - Income Tax Act - Section 96 - Subsection 96(1) - Paragraph 96(1)(c) | 115 |
Chutka v. Canada, 2001 DTC 5093 (FCA)
A sale of equipment by a corporation to a partnership whose general partner was wholly-owned by the same individual who owned the vendor...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(2) - Paragraph 251(2)(c) - Subparagraph 251(2)(c)(i) | 138 | |
| Tax Topics - Income Tax Act - Section 96 - Subsection 96(1) - Paragraph 96(1)(g) | sale to partnership with non-arm's length general partner was non-arm's length transaction | 138 |
Ottawa Valley Power Co. v. MNR, 69 DTC 5166, [1969] CTC 242 (Ex Ct), aff'd 70 DTC 6223, [1970] CTC 305, [1970] S.C.R. 941
In finding that improvements which Ontario Hydro made free of charge to the plant of the taxpayer in order that the taxpayer could provide 60...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(7.1) | no application to ordinary business arrangements | 135 |
See Also
The Queen v. Yelle, 2010 DTC 5128 [at 7083], 2010 ABPC 94
The taxpayer, who was a member of a partnership, was accused tax evasion under s. 239(1)(a) in connection with capital cost allowance claims made...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A | 155 | |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | time of dealing is relevant time | 127 |
Heron Bay Investments Ltd. v. The Queen, 2009 DTC 1606, 2009 DTC 1288
Hogan, J. indicated that if he accepted the taxpayer's evidence that a loan made by the taxpayer on a non-recourse basis to a related corporation...
Westward Explorations Ltd. v. The Queen, 2006 DTC 2443, 2006 TCC 105
An 11.12% interest in a gold mine that the taxpayer purchased was to be valued, for purposes of s. 69(1)(a) of the Act, on the basis that the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Fair Market Value - Other | 78 |
CIT Financial Ltd. v. The Queen, 2003 DTC 1138, 2003 TCC 544
The fair market value of custom software that a New Zealand company had developed to run its steel mill was found to have a fair market value...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Fair Market Value - Other | 88 | |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(2) | specific provisons applied before GAAR | 57 |
Pat Marcantonio v. Minister of National Revenue, 91 DTC 917, [1991] 1 CTC 2702 (TCC)
The taxpayer, an optometrist, sold lenses and frames which he, in turn, had purchased essentially at the same price from a related corporation...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(28) | 79 |
Administrative Policy
28 July 2014 External T.I. 2014-0532651E5 - Loan to charitable foundation
Canco advances the Loan to a related charitable foundation. The Loan is not issued at a discount and matures in X years. Are there any tax...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 7000 - Subsection 7000(2) - Paragraph 7000(2)(a) | non-interest bearing and non-arm's length term loan could trigger PDO rules | 162 |
S4-F3-C1 - Price Adjustment Clauses
CRA will consider a price adjustment clause to represent pricing at fair market value if:
- the agreement reflects a bona fide intention of the...
8 October 2010 Roundtable, 2010-0373371C6 F - Souscription des unités d'une SEC
The 100 units of a limited partnership (LP), which on an FMV basis has a deficit of $108,000 (i.e., liabilities of $110,000 and assets of $2,000),...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(e) - Subparagraph 53(1)(e)(iv) | subscription for units of an underwater LP represented a contribution of capital | 277 |
8 January 2002 Internal T.I. 2001-0097357 - Cost of property acquired from a NAL person
Where Mr. A sold shares of Opco to a son and daughter in consideration for promissory notes that were non-interest bearing and repayable in annual...
10 January 1992 CGA Roundtable, Q. 19, 7-912224
Where shares are issued by a corporation on the conversion of debt owed by the corporation to a non-arm's length shareholder, the value of the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(7) | 54 | |
| Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) | 70 | |
| Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(c) | contribution of capital on conversion of debt to lower FMV shares | 198 |
8 November 1990 T.I. (Tax Window, Prelim. No. 2, p. 10, ¶1046)
Ss.69(1)(a) and 80(1) both will be applied where a creditor accepts low fair market value shares in satisfaction of the debt previously owing to it.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) | 27 | |
| Tax Topics - Income Tax Act - Section 80 - Subsection 80(5) | 27 |
87 C.R. - Q.68 (p. 47:38)
Where additional shares of an insolvent corporation are acquired by the taxpayer, any cost basis denied by s. 69(1)(a) may be treated as a...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(c) | cost denied by 69(1)(a) treated as contribution of capital | 143 |
81 C.R. - Q.3
When a shareholder advance is paid off with the proceeds of a day-light loan and the proceeds are then used by the shareholder to subscribe for...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(28) | 20 |