| 29 May 2018 STEP Roundtable Q. 1, 2018-0744381C6 - Update on the DTS |
|
|
| 29 May 2018 STEP Roundtable Q. 2, 2018-0744101C6 - Creation of a Trust |
Income Tax Act - 101-110 - Section 104 - Subsection 104(5.8) |
s. 104(5.8) applied where successive testamentary trusts created |
| Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(b) |
21-year rule’s application to testamentary trust is almost always computed from the testator’s date of death |
| 29 May 2018 STEP Roundtable Q. 3, 2018-0744081C6 - Trust return due date on wind up |
Income Tax Act - Section 249 - Subsection 249(5) |
a non-GRE trust can have a calendar tax year even where it was dissolved |
| Income Tax Act - Section 249 - Subsection 249(1) - Paragraph 249(1)(c) |
non-GRE's tax year does not end with final distribution |
| 29 May 2018 STEP Roundtable Q. 4, 2018-0743951C6 - Safe income and estate |
Income Tax Act - Section 70 - Subsection 70(6) |
safe income flow through on a spousal rollover of shares on death |
| Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
safe income flow through on a s. 70(6), but not s. 70(5), transfer |
| 29 May 2018 STEP Roundtable Q. 5, 2018-0743961C6 - Tax on Split Income |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Shares |
“income” means “revenue,” and incidental property revenue is assimilated to services revenue |
| 29 May 2018 STEP Roundtable Q. 6, 2018-0743971C6 - Excluded Shares – Holding Company |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Shares |
holding company shares do not qualify as excluded shares |
| 29 May 2018 STEP Roundtable Q. 7, 2018-0744031C6 - Excluded Shares |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Shares |
a corporation with only property income does not accord excluded share status |
| 29 May 2018 STEP Roundtable Q. 8, 2018-0742141C6 - Application of subsection 70(5) |
Income Tax Act - Section 70 - Subsection 70(5) |
McKenzie statement, that s. 70(5) inapplicable to NRs, is not followed |
| 29 May 2018 STEP Roundtable Q. 9, 2018-0744111C6 - Vested Indefeasibly |
Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Trust - Paragraph (g) |
meaning of vested indefeasibly |
| 29 May 2018 STEP Roundtable Q. 10, 2018-0748381C6 - Pipeline Ruling Requests |
Income Tax Act - Section 84 - Subsection 84(2) |
in a pipeline ruling, the business must be continued for 12 months |
| 29 May 2018 STEP Roundtable Q. 11, 2018-0748241C6 - Subsection 104(13.4) |
Income Tax Act - Section 75 - Subsection 75(2) |
s. 75(2) does not apply to the deemed s. 104(4) capital gain arising in an alter ego trust on the life beneficiary’s death |
| Income Tax Act - 101-110 - Section 104 - Subsection 104(6) - Paragraph 104(6)(b) - Element B - Subparagraph (i) |
s. 104(4) gain is taxable in an alter ego trust |
| 29 May 2018 STEP Roundtable Q. 12, 2018-0748811C6 - US Transition Tax |
Income Tax Act - Section 126 - Subsection 126(1) |
generally Canadian residents who are subject to the U.S. transitional tax generally will not be entitled to a foreign tax credit |
| 29 May 2018 STEP Roundtable Q. 13, 2018-0744161C6 - 75(2) and Foreign Tax Credit |
Income Tax Act - Section 20 - Subsection 20(12) |
US withholding taxes borne by s. 75(2) trust might reduce the attributed income amount |
| Income Tax Act - Section 126 - Subsection 126(1) |
U.S.-dividend income attributed under s. 75(2) does not generate FTCs for the related withholding tax |
| 29 May 2018 STEP Roundtable Q. 14, 2018-0744091C6 - NRT filing obligations |
Income Tax Act - Section 94 - Subsection 94(10) |
a non-resident trust can be retroactively (going back 5 years) deemed to have been resident in Canada if a non-resident contributor immigrates |
| Income Tax Act - Section 94 - Subsection 94(3) - Paragraph 94(3)(a) |
effective date of deemed residency where NR contributor immigrates |
| 29 May 2018 STEP Roundtable Q. 15, 2018-0744151C6 - 164(6) and 112(3.2)(b) |
Income Tax Act - Section 112 - Subsectiom 112(3.32) |
s. 112(3.2) stop-loss rule does not apply where an estate s.84(3) dividend is indirectly designated to an individual through a spousal trust |
| 29 May 2018 STEP Roundtable Q. 16, 2018-0744121C6 - Impact of check the box election |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
LLC election to be fiscally regarded does not trigger a disposition |
| 29 May 2018 STEP Roundtable Q. 17, 2018-0744141C6 - S.84.1 and Capital Gains Reserve |
Income Tax Act - Section 84.1 - Subsection 84.1(2.1) |
the claiming of a capital gains reserve on a s. 84.1 transfer can result in a s 84.1 deemed dividend on a subsequent transfer |
| 29 May 2018 STEP Roundtable Q. 18, 2018-0744171C6 - Reliance on ITs and ITTNs |
|
|
Email this Content