income

Cheung v Commissioner of Taxation, [2024] FCA 1370 -- summary under Paragraph 3(a)

Full Title
Cheung v Commissioner of Taxation, [2024] FCA 1370
Summary Under
Tax Topics - Income Tax Act - Section 3 - Paragraph 3(a)
distinction between income and capital like that between land and the crop

Before accepting the applicant’s evidence that the receipts at issue were capital transfers in the nature of family gifts from Vanuatu and did...

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Words and Phrases
income

Potash Corporation of Saskatchewan Inc. v. Canada, 2024 FCA 35 -- summary under Income-Producing Purpose

Full Title
Potash Corporation of Saskatchewan Inc. v. Canada, 2024 FCA 35
Summary Under
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose
provincial tax that would be incurred only if sales were made, i.e., only if there was income, was not deductible

The taxpayer (PCS), which produced and sold potash from mines in Saskatchewan, was subject to both a profit tax and to the making of “base...

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Words and Phrases
income
Summary Under
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i)
Ludco and Singleton accepted/ description of how and why cash damming works

CCRA accepted that, under Ludco, the income-earning test referenced amounts added in computing income rather than net income, and indicated that,...

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Words and Phrases
income

Burton v Commissioner of Taxation, [2019] FCAFC 141 -- summary under Article 24

Full Title
Burton v Commissioner of Taxation, [2019] FCAFC 141
Summary Under
Tax Topics - Treaties - Income Tax Conventions - Article 24
“income” was the full U.S. gain, but FTC to be calculated based on Australian (1/2 recognition) principles

An Australian-resident individual was taxed at the 15% long-term U.S. capital gains rate on his gains on the disposal of U.S. oil and gas drilling...

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Words and Phrases
income
in respect of
Summary Under
Tax Topics - Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Shares
“income” means “revenue,” and incidental property revenue is assimilated to services revenue

In the definition of excluded shares, subpara. (a)(i) refers to 90% of the corporation’s "business income" whereas para. (c) uses "all or...

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Words and Phrases
income
Summary Under
Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(a) - Subparagraph 95(2)(a)(ii) - Clause 95(2)(a)(ii)(D) - Subclause 95(2)(a)(ii)(D)(IV) - Sub-subclause 95(2)(a)(ii)(D)(IV)2
“income” includes “loss,” but s. 95(2)(a)(ii)(D)(IV)2 inapplicable re an LLC interest that is sold before year end

S. 95(2)(a)(ii)(D)(IV)2 requires that, for each disregarded 2nd or 3rd affiliate and for each of their relevant taxation years that end in the...

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Words and Phrases
income
Summary Under
Tax Topics - Treaties - Income Tax Conventions - Article 24
"income" includes taxable capital gains

The capital gain realized by a resident of Canada ("Canco") on disposing of shares of a Brazilian company was taxed by Brazil in accordance with...

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Words and Phrases
income

Robertson Ltd. v. MNR, 2 DTC 655, [1944] CTC 75 (Ex Ct) -- summary under Timing

Full Title
Robertson Ltd. v. MNR, 2 DTC 655, [1944] CTC 75 (Ex Ct)
Summary Under
Tax Topics - Income Tax Act - Section 9 - Timing
a deposit lacks the essential quality of income, being an absolute entitlement to use it

The taxpayer, which acted as agent for underwriting members of Lloyd's of London in the writing of workman's compensation, employer's liability...

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Words and Phrases
income

The Queen v. McLaren, 90 DTC 6566, [1990] 2 CTC 429 (FCTD) -- summary under Subsection 63(2)

Full Title
The Queen v. McLaren, 90 DTC 6566, [1990] 2 CTC 429 (FCTD)
Summary Under
Tax Topics - Income Tax Act - Section 63 - Subsection 63(2)
"income" imports positive income

The word "income" in s. 63(2) require the existence of a positive sum. Consequently, where the supporting person had no income, s. 63(2) did not...

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Words and Phrases
income

454538 Ontario Ltd. v. MNR, 93 DTC 427, [1993] 1 CTC 2746 (TCC) -- summary under Subsection 55(2)

Full Title
454538 Ontario Ltd. v. MNR, 93 DTC 427, [1993] 1 CTC 2746 (TCC)
Summary Under
Tax Topics - Income Tax Act - Section 55 - Subsection 55(2)

Two brothers (the "Mazzoccas"), who constituted two of the three equal shareholders of a corporation ("Tri-M"), transferred their shares of Tri-M...

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Words and Phrases
series of transactions or events
income

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