CRA confirms that normal-course dividends (as narrowly defined) are not affected by the s. 55(2) amendments

Consistently with oral comments made at the 2015 CTF annual Conference, CRA stated at the November 2015 TEI Roundtable that:

Where a dividend is paid pursuant to a well-established policy of paying regular dividends and the amount of the dividend does not exceed the amount that one would normally expect to receive as a reasonable dividend income return on equity on a comparable listed share issued by a comparable payer corporation in the same industry, the CRA would consider that the purpose of the payment of such dividend is not described in proposed paragraph 55(2.1)(b).

Neal Armstrong. Summary of 2015-0613821C6 under s. 55(2.1)(b).