We have translated 5 more CRA Interpretations

We have published a further 5 translations of CRA interpretation released in June 2009. Their descriptors and links appear below.

These are additions to our set of 1,363 full-text translations of French-language Roundtable items and Technical Interpretations of the Income Tax Rulings Directorate, which covers all of the last 11 1/2 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
2009-06-19 12 June 2009 Internal T.I. 2009-0324511I7 F - Déductibilité des primes payées Income Tax Act - Section 3 - Paragraph 3(a) - Business Source/Reasonable Expectation of Profit substantial commissions generated to broker on policies where he paid the premiums were taxable given their substantial amount
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(h) premiums paid by broker on policies on which the insureds were family members were non-deductible notwithstanding that the related commissions earned by him were taxable
4 May 2009 External T.I. 2008-0299841E5 F - Garantie pour l'impôt de départ Income Tax Act - Section 220 - Subsection 220(4.5) posting of security for departure tax can generate refund of instalments paid in excess of regular tax
Income Tax Act - Section 164 - Subsection 164(7) refund of instalments paid in excess of Part I tax for year ignoring s. 128.1(4) departure tax permitted where s. 220(4.5) security posted for such departure tax
8 June 2009 External T.I. 2009-0314301E5 F - Société d'État provinciale, production T2 Income Tax Act - Section 150 - Subsection 150(1) - Paragraph 150(1)(a) provincial Crown corporations not required to file T2 returns and forms
2009-06-12 27 May 2009 External T.I. 2008-0303971E5 F - Transfer of a life insurance policy Income Tax Act - Section 148 - Subsection 148(7) gain under s. 148(7) on drop down of policy (with CSV exceeding its ACB) by individual to his corp.
3 June 2009 External T.I. 2009-0310231E5 F - Exonération des gains en capital Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(14) - Paragraph 110.6(14)(d) 24-month test in para. (b) of QSBCS definition met where during part of 24-month period, mooted QSBCS were held through a general partnership