substantially all

Summary Under
Tax Topics - Income Tax Act - Section 18.2 - Subsection 18.2(1) - Excluded Entity - Paragraph (c) - Subparagraph (c)(i)
90% not applied as a strict threshold for determining “substantially all”

Among the requirements in para. (c) of the definition of “excluded entity” in s. 18.2 is that “all or substantially all of the businesses...

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Words and Phrases
substantially all
Summary Under
Tax Topics - Income Tax Act - Section 110.6 - Subsection 110.6(1) - Qualified Small Business Corporation Share - Paragraph (d)
a momentary right to discharge a dividend payable constitutes a non-active business asset for QSBCS purposes/ no rigid equating of "substantially all" with 90%

An individual holds the common shares of Holdco having an FMV of $1 million, and Holdco’s only asset is the common shares of Opco, also with an...

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Words and Phrases
asset substantially all

Ressources Eastmain Inc. v. Agence du revenu du Québec, 2021 QCCQ 4379 -- summary under Paragraph (b)

Full Title
Ressources Eastmain Inc. v. Agence du revenu du Québec, 2021 QCCQ 4379
Summary Under
Tax Topics - Income Tax Regulations - Regulation 1206 - Subsection 1206(1) - Canadian exploration and development overhead expense - Paragraph (b)
as a junior exploration company’s CEO devoted "substantially all" (75%) of his time to exploration, his salary was not CEDOE

The taxpayer was a micro-cap junior exploration company devoted to two projects in northern Quebec. For the four taxation years in issue (2007 to...

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Words and Phrases
substantially all
Summary Under
Tax Topics - Treaties - Income Tax Conventions - Article 4
meaning of “substantially all” in UAE Convention informed by its meaning under ITA

Canco incorporated a wholly-owned subsidiary in Dubai, in the United Arab Emirates (Dubai Co), whose management and control, and the sole...

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Words and Phrases
substantially all

Atlantic Packaging Products Ltd. v. Canada, 2020 FCA 75 -- summary under Section 54.2

Full Title
Atlantic Packaging Products Ltd. v. Canada, 2020 FCA 75
Summary Under
Tax Topics - Income Tax Act - Section 54.2
transfer of assets representing 68% of the FMV of the assets of a business division did not satisfy the “substantially all” test

The taxpayer, a paper products manufacturer, engaged in a hybrid transaction in which it sold some of the assets of its “Tissue Division”...

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Words and Phrases
substantially all

Frequently asked questions - Canada emergency wage subsidy (CEWS) CRA Webpage 24 September 2021 -- summary under Paragraph 125.7(4)(d)

Examples of application of the special elective rule to use the qualifying revenues of NAL persons to determine reduction in qualifying...

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Summary Under
Tax Topics - Income Tax Act - Section 122.3 - Subsection 122.3(1) - Paragraph 122.3(1)(b)
could perform “substantially all” employment duties abroad if less than 10% of the time spent in Canada on preparatory work

Before employees go abroad to perform under the contract, they must work in Quebec to prepare and ship the equipment needed for the work to be...

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Words and Phrases
substantially all
Summary Under
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Private Health Services Plan
coverage for employee's U.S. medical expenses would qualify if they were substantially METC-type expenses

The purpose of a Blue Cross and Blue Shield insurance plan (XXXXXXXXXX Blue Cross plan is to reimburse an employee for certain medical and health...

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Words and Phrases
substantially all

Atlantic Packaging Products Ltd. Atlantic Produits D'Emballage Ltée v. The Queen, 2018 TCC 183, aff'd 2020 FCA 75 -- summary under Section 54.2

Full Title
Atlantic Packaging Products Ltd. Atlantic Produits D'Emballage Ltée v. The Queen, 2018 TCC 183, aff'd 2020 FCA 75
Summary Under
Tax Topics - Income Tax Act - Section 54.2
s. 54.2 did not apply to the drop-down of under 68% of the assets of a business division to a Newco for Newco shares

The taxpayer was a paper products manufacturer. One of its five divisions was its Tissue Division which focused on the manufacturing and sale of...

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Words and Phrases
substantially all

Kenny v. The Queen, 2018 TCC 2 (Informal Procedure) -- summary under Section 118.94

Full Title
Kenny v. The Queen, 2018 TCC 2 (Informal Procedure)
Summary Under
Tax Topics - Income Tax Act - Section 118.94
foreign government assistance scuppered the “substantially all” test in s. 118.94

In 2014, the taxpayer, who was an Irish national and resident, earned $32,728.52 in employment income from working in Fort McMurray, Canada for a...

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Words and Phrases
substantially all

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