Principal Issues: Whether the butterfly dividends arising on the proposed transactions are exempt under paragraph 55(3)(b) from the application of Subsection 55(2).
Position: Yes.
Reasons: Proposed transactions meet the requirements of the Act.
assumption of US pension payments by Pension Benefit Guaranty Corp. did not affect exempt trust status
179
Principal Issues: Whether a Canadian-resident individual is required to file Form T1135 in respect of their interest in a US pension plan where the benefits are being paid by the Pension Benefit Guaranty Corporation?
Position: No.
Reasons: The individual's interest in the pension plan satisfies the exception for foreign pension trusts.
Principal Issues: Whether a secondary school that provides courses at a post-secondary level could be considered an educational institution as described in subparagraph 118.5(1)(a)(i).
Position: Question of fact, but likely yes.
Reasons: Where a secondary school provided courses at a post-secondary school they could be considered an educational institution as described in subparagraph 118.5(1)(a)(i).
Submitted by narmstrong on Thu, 06/25/2020 - 00:13
emergency COVID-19 governmental relief generally would meet the 3 conditions for being "extraordinary"
Would provincial support payments to childcare centres to assist them during the COVID-19 crisis be qualifying revenue” under s. 125.7(1)? ...
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Principal Issues: Whether government funding specifically related to COVID-19 would be considered an extraordinary item for purposes of the term "qualified revenue" in subsection 125.7(1).
Position: Question of fact, but likely yes.
Reasons: COVID-19 funding would not generally be expected to occur frequently over several years, does not result from risks inherent in an entity's normal business operations, and is not driven primarily by decisions of management or owners.
