6 more translated CRA interpretations are available

14 April 2020 - 7:25am
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We have published a translation of a CRA interpretation released last week and a further 5 translations of CRA interpretations released in November and October 2010. Their descriptors and links appear below.

These are additions to our set of 1,147 full-text translations of French-language Roundtable items and Technical Interpretations of the Income Tax Rulings Directorate, which covers all of the last 9 ½ years of releases of Interpretations by the Directorate. These translations are subject to the usual (3 working weeks per month) paywall.

Bundle Date Translated severed letter Summaries under Summary descriptor
2020-04-08 22 January 2020 External T.I. 2014-0559281E5 F - T5008 Income Tax Act - Section 49 - Subsection 49(1) writing of call option (with deemed nil ACB) is reported as having nil “cost” on T5008
Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(i) option writer can deduct its expenses from deemed s. 49(1) proceeds
Income Tax Regulations - Regulation 230 - Subsection 230(2) “cost” of call options closed out by writer is nil, not the cost of offsetting call option purchase/cost re short sale is the FMV of the borrowed shares
Income Tax Act - Section 9 - Computation of Profit cost of short sale is FMV of borrowed shares
2010-11-12 23 September 2010 External T.I. 2010-0364711E5 F - Résidence principale Income Tax Act - Section 54 - Principal Residence basement apartment with independent entrance and separate municipal address was a separate housing unit
28 October 2010 Internal T.I. 2010-0376041I7 F - Contrat d'acquisition ou de location Income Tax Act - Section 6 - Subsection 6(2) - Element E lease where lessee got benefits of ownership even if it didn’t acquire title needed study to determine its true nature
Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A lease where lessee got benefits of ownership even if it didn’t acquire title not necessarily a lease
General Concepts - Substance contracts (e.g., leases) generally not recharacterized in the absence of sham
21 September 2010 Internal T.I. 2010-0377011I7 F - Dépenses de vêtements - travailleur indépendant Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(h) no deduction to self-employed welder for work boots and fire-resistant clothing
Income Tax Regulations - Regulation 1102 - Subsection 1102(1) - Paragraph 1102(1)(c) no CCA for clothing (e.g., work boots) that were not used only in the individual’s business
2010-10-29 19 October 2010 External T.I. 2010-0369671E5 F - Révision d'une déduction pour amortissement Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(a) - Revising Claims IC 84-1 applies mutatis mutandis to CCA revisions by partnership
2010-10-22 13 October 2010 External T.I. 2010-0366801E5 F - Impôt minimum à reporter/réduction d'impôt Income Tax Act - Section 153 - Subsection 153(1.1) AMT balance can be carried forward for use in s. 153(1.1) reduction