We have translated 5 more CRA Interpretations

We have published 5 translations of CRA interpretation released in May and April, 2009. Their descriptors and links appear below.

These are additions to our set of 1,385 full-text translations of French-language Roundtable items and Technical Interpretations of the Income Tax Rulings Directorate, which covers all of the last 11 3/4 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
2009-05-08 30 April 2009 External T.I. 2008-0296721E5 F - Late filed election 85(7) - Amending transactions Income Tax Act - Section 85 - Subsection 85(1) CRA will not accept s. 85 election based on self-help rectification to retroactively issue shares at transfer time
General Concepts - Rectification & Rescission CRA will not anticipate a judicial rectification
2009-04-24 15 April 2009 Internal T.I. 2008-0301171I7 F - 7(3)b) vs 143.3(3) Income Tax Act - Section 143.3 - Subsection 143.3(3) - Paragraph 143.3(3)(b) s. 143.3(3)(b) inapplicable given prior application of s. 7(3)(b)
Income Tax Act - Section 7 - Subsection 7(3) - Paragraph 7(3)(b) recognition of compensation expense under GAAP on granting and then exercise of conventional Pubco options precluded by s. 7(3)(b) and notwithstanding Alcatel
2009-04-17 14 April 2009 External T.I. 2009-0307791E5 F - Allocation de retraite et congé de maladie Income Tax Act - Section 5 - Subsection 5(1) payment of accumulated sick leave on termination was employment income given pattern of annual payouts
Income Tax Act - Section 248 - Subsection 248(1) - Retiring Allowance payout of accumulated sick leave on employment termination can be a retiring allowance – but not where it has been annually distributed
31 March 2009 External T.I. 2009-0310821E5 F - Associated Corporations - 256 Income Tax Act - Section 256 - Subsection 256(1) - Paragraph 256(1)(d) Mr. B was related to each member of a related group comprising him and his brother for purposes of engaging s. 256(1)(d)
2009-04-10 1 April 2009 Internal T.I. 2009-0307151I7 F - Employé ou travailleur autonome Income Tax Act - Section 5 - Subsection 5(1) Bills deeming workers not to be employees were unconstitutional
Statutory Interpretation - Interpretation Act - Section 8.1 unnecessary to address effect of provincial statutes declared to be invalid