| 2017-01-18 |
6 December 2016 External T.I. 2016-0666841E5 F - Sale of property for POD less than FMV |
Income Tax Act - Section 246 - Subsection 246(1) |
s. 246(1) applicable to indirect shareholder benefit if direct shareholder influenced the benefit conferral |
| Income Tax Act - Section 15 - Subsection 15(1.4) - Paragraph 15(1.4)(c) |
application to Holdco shareholder of Opco where Opco conferrred a benefit on child of Holdco's shareholder |
| Income Tax Act - Section 56 - Subsection 56(2) |
potential application to immediate shareholder re benefit on indirect shareholder |
| 12 December 2016 External T.I. 2016-0668341E5 F - Stock dividend |
Income Tax Act - Section 55 - Subsection 55(2.3) - Paragraph 55(2.3)(b) |
safe income strip using a preferred share stock dividend |
| Income Tax Act - Section 52 - Subsection 52(3) - Paragraph 52(3)(a) - Subparagraph 52(3)(a)(ii) |
stock dividend deemed under s. 55(2.3)(b) to come out of safe income gave rise to full basis |
| 6 December 2016 External T.I. 2015-0589041E5 F - Frais médicaux payés d’avance - prepaid medical expenses |
Income Tax Act - Section 118.2 - Subsection 118.2(1) |
example of the election to claim medical expenses (that are not a prepayment for a future year’s services) on a lagged basis |
| Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(a) |
prepaid expenses not recognized before incurred |
| 23 November 2016 Internal T.I. 2014-0558411I7 F - Application du paragraphe 110.7(4) |
Income Tax Act - 101-110 - Section 110.7 - Subsection 110.7(4) |
deduction for board at remote work site not applicable if not close to 40,000+ population centre |
| 2015-12-09 |
9 October 2015 APFF Roundtable Q. 11, 2015-0595771C6 F - Deductibility of interest in a leveraged buyout |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) |
CRA non-committal on interest deductibility where only the indirect use of borrowed funds is to acquire Target’s shares |
| 9 October 2015 APFF Roundtable Q. 12, 2015-0595601C6 F - Proposed legislation - subsection 55(2) |
Income Tax Act - Section 55 - Subsection 55(2) |
no relief under new rules where Part IV tax is refunded on payment of dividend to individual shareholder |
| Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
transaction targeted at reducing FMV of Opco shares for creditor-proofing was caught |
| 9 October 2015 APFF Roundtable Q. 13, 2015-0595781C6 F - Reimbursement of attributed income |
Income Tax Act - Section 15 - Subsection 15(1) |
no secondary adjustments are required for the operation of most income attribution provisions |
| Income Tax Act - 101-110 - Section 103 - Subsection 103(1.1) |
no secondary adjustments are required for the operation of most income attribution provisions |
| 9 October 2015 APFF Roundtable Q. 14, 2015-0595631C6 F - Indirect Monetization of CGD |
Income Tax Act - Section 245 - Subsection 245(4) |
Descarries not consistent with use of ACB on a previous capital gains crystallizatin to create a capital loss for use on a sale |
| Income Tax Act - Section 84.1 - Subsection 84.1(2) - Paragraph 84.1(2)(a.1) |
individual cannot effectively use the ACB of shares previously stepped-up using the capital gains deduction to create a loss to offset a gain on the sale of common shares |
| 9 October 2015 APFF Roundtable Q. 15, 2015-0595641C6 F - Surplus Stripping and GAAR |
Income Tax Act - Section 245 - Subsection 245(4) |
GAAR did not apply where a taxpayer deliberately triggered the application of s. 55(2) |
| Income Tax Act - Section 55 - Subsection 55(2) |
GAAR did not apply where a taxpayer deliberately triggered the application of s. 55(2) |
| 9 October 2015 APFF Roundtable Q. 16, 2015-0595801C6 F - At-risk amount |
Income Tax Act - Section 96 - Subsection 96(1.01) |
life is tough in the big city |
| Income Tax Act - Section 96 - Subsection 96(2.2) - Paragraph 96(2.2)(a) |
a part disposition of a partnership interest results in an anomalous pro rata reduction in the partner’s at-risk amount for the year of disposition |
| 9 October 2015 APFF Roundtable Q. 17, 2015-0595811C6 F - Application of 96(1.1) |
Income Tax Act - Section 96 - Subsection 96(1.1) |
income allocated under s. 96(1.1) can have specific sourcing, e.g., as dividend income |
| 9 October 2015 APFF Roundtable Q. 18, 2015-0595821C6 F - Ss. 96(1.01) and s. 103 |
Income Tax Act - 101-110 - Section 103 - Subsection 103(1.1) |
s. 103 can be applied to reallocate income to a deemed s. 96(1.01) partner |
| 9 October 2015 APFF Roundtable Q. 19, 2015-0595621C6 F - Cash pooling and subsection 15(2) |
Income Tax Act - Section 15 - Subsection 15(2.6) |
permitted use of FIFO to determine if debt repayments satisfy s. 15(2.6) |
| 9 October 2015 APFF Roundtable Q. 20, 2015-0595681C6 F - Avantages imposables / dépenses d’entreprise |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
employer-provided parties, bike stands and internal recreation areas generally not taxable benefits |
| 9 October 2015 APFF Roundtable Q. 21, 2015-0598291C6 F - Filing deadline for various forms |
Income Tax Act - Section 85 - Subsection 85(1) |
where a return filing deadline falls on a Saturday, the deadline for the T2057 also is extended to the Monday |
| Statutory Interpretation - Interpretation Act - Section 26 |
where a return filing deadline falls on a Saturday, the deadline for related forms also is extended to the Monday |
| 9 October 2015 APFF Roundtable Q. 22, 2015-0598301C6 F - Extension of time to file |
Income Tax Act - Section 165 - Subsection 165(1) |
extension of individuals' return deadline also extends objection deadline |
| 9 October 2015 APFF Roundtable Q. 23, 2015-0598311C6 F - Excessive eligible dividend designation |
Income Tax Act - Section 185.1 - Subsection 185.1(2) |
filing of s. 185.1(2) election in (non-prescribed) manner |
| 9 October 2015 APFF Roundtable Q. 24, 2015-0598261C6 F - Calcul du revenu de placement total - annexe 7 |
Income Tax Act - Section 129 - Subsection 129(4) - Aggregate Investment Income |
allocation of investment counselling fees as between interest and dividends |
| 9 October 2015 APFF Roundtable Q. 25, 2015-0598321C6 F - Omission of deducting a dividend under 112(1) |
Income Tax Act - Section 152 - Subsection 152(1) |
IC 75-7R3 still applies to requests for refunds for errors made in already-filed returns |
Email this Content