Six further full-text translations of CRA technical interpretations are available

31 May 2017 - 1:19am
Email this ContentEmail this Content

Full-text translations of the three French technical interpretations that were released last week along with a further technical interpretation obtained directly from the correspondent, and of two technical interpretations released on February 11, 2015 and February 4, 2015, are listed and briefly described in the table below.

These (and the other translations covering the last 28 months of CRA releases) are subject to the usual (3 working weeks per month) paywall. Next week is the “open” week for June.

Bundle Date Translated severed letter Summaries under Summary descriptor
TBD 12 May 2017 External T.I. 2017-0683511E5 F - Dividende ou achat de gré à gré Income Tax Act - Section 245 - Subsection 245(4) use of s. 55(3)(a) redemption exception to circumvent safe income limitation could be offensive
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) - Subparagraph 55(2.1)(b)(ii) redeeming common shares otherwise than out of safe income may be GAARable
Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) using s. 55(3)(a) to distribute cash otherwise than from safe income likely abusive
2017-05-24 19 April 2017 External T.I. 2016-0625841E5 F - Gift of equitable interest in a trust Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts - Paragraph (c) - Subparagraph (c)(ii) - Clause (c)(ii)(B) (c)(ii)(A) rather than (c)(ii)(B) applies where a GRE charitably donates a capital interest in a charitable residual trust created by will
Income Tax Act - Section 118.1 - Subsection 118.1(5.1) s. 118.1(5.1) does not apply where a GRE donates a capital interest in a charitable residual trust created by will
2 May 2017 External T.I. 2016-0663781E5 F - Meaning of retained earnings/calculation of capital Income Tax Act - Section 181 - Subsection 181(3) - Paragraph 181(3)(b) - Subparagraph 181(3)(b)(i) GAAP meant ASPE if ASPE followed by the corporation
Income Tax Act - Section 181.2 - Subsection 181.2(3) - Paragraph 181.2(3)(a) appraisal increment in acordance with ASPE increased a corporation’s retained earnings
20 April 2017 External T.I. 2016-0672501E5 F - Usufruct and Use of capital of a trust by a spouse Income Tax Act - Section 70 - Subsection 70(6) - Paragraph 70(6)(b) - Subparagraph 70(6)(b)(ii) right of the bare owner of property, subject to a usufruct in favour of a surviving spouse, to dispose of his bare ownership does not preclude a spousal trust
Income Tax Act - Section 248 - Subsection 248(3) - Paragraph 248(3)(a) deemed spousal trust created through will
2015-02-11 15 September 2014 Internal T.I. 2014-0530981I7 F - Délai de 10 ans expiré - 152(4.2) Income Tax Act - Section 152 - Subsection 152(4.2) 10-year limitation is binding even where expiry due to judicial delay/no remission order
2015-02-04 26 November 2014 External T.I. 2014-0551641E5 F - Winding-up and subsection 42(1) Income Tax Act - Section 42 corporation permitted to claim litigation loss following effective time of winding-up
Income Tax Act - Section 88 - Subsection 88(1) effective time of winding-up not delayed by potential litigation liability
Income Tax Act - Section 88 - Subsection 88(2) corporation permitted to claim a s. 42(1)(b) loss after (per IT-126R2) it has been wound up