| 2 November 2023 APFF Roundtable Q. 1, 2023-0975421C6 F - Paragraph 25 of IT-293R (Archived) |
Income Tax Act - Section 9 - Forgiveness of Debt |
reversal of CRA position that forgiveness of an old trade debt generally will be on capital account |
| 2 November 2023 APFF Roundtable Q. 2, 2023-0982751C6 - Meaning of purpose tests in paragraph 55(2.1) |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
the payment of a pre-closing dividend of significant excluded assets by the target to its parent likely would engage s. 55(2) where no safe income |
| 2 November 2023 APFF Roundtable Q. 3, 2023-0984441C6 F - Qualified small business corporation share - meaning of "all or substantially all" and "asset" |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1) - Qualified Small Business Corporation Share - Paragraph (d) |
a momentary right to discharge a dividend payable constitutes a non-active business asset for QSBCS purposes/ no rigid equating of "substantially all" with 90% |
| 2 November 2023 APFF Roundtable Q. 4, 2023-0982781C6 F - Section 51 Share Exchange |
Income Tax Act - Section 51 - Subsection 51(1) |
s. 51(1) is inapplicable to an exchange for identical shares |
| 2 November 2023 APFF Roundtable Q. 5, 2023-0982821C6 F - Notion d’ « entreprise principale » aux fins du paragraphe 1100(12) R.I.R. |
Income Tax Regulations - Regulation 1100 - Subsection 1100(12) |
criteria in IT-206R for distinguishing separate businesses, and in IT-371 for distinguishing a principal business, are applicable under Reg. 1100(12) |
| 2 November 2023 APFF Roundtable Q. 6, 2023-0982831C6 - Paragraph 12(1)(x) |
Income Tax Act - Section 127 - Subsection 127(9) - Government Assistance |
CAE followed |
| 2 November 2023 APFF Roundtable Q. 7, 2022-0942171C6 F - Indemnité payée pour libérer temporairement un logement locatif |
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense |
compensating a tenant for temporary displacement from a rental property being improved and repaired by the landlord may be a current deduction |
| 2 November 2023 APFF Roundtable Q. 8, 2023-0982881C6 - Revision of Capital Cost Allowance Claims |
Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - E |
CRA will exercise its discretion in IC84-1 having regard to avoiding inappropriate tax results |
| Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(a) - Revising Claims |
CRA will continue on a discretionary basis to accept revisions to prior years’ CCA claims for nil-income years |
| 2 November 2023 APFF Roundtable Q. 9, 2023-0982911C6 - APFF - Congrès 2023 - Table ronde sur la fiscalité |
Income Tax Act - Section 54 - Personal-Use Property |
bitcoin to be used for online purchases is not personal-use property |
| Income Tax Act - Section 54 - Proceeds of Disposition - Paragraph (b) |
damages for loss of bitcoin from fraud would be compensation for property unlawfully taken |
| Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss - Damages |
bitcoin loss from fraud might be capital loss, and timing of a loss could be governed by s. 44(2) |
| 2 November 2023 APFF Roundtable Q. 10, 2023-0993641C6 - APFF - Congrès 2023 Q.10 disposition de cryptomonnaie |
General Concepts - Ownership |
bitcoin platform likely acquired ownership of bitcoin deposited with it |
| Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
there likely was a disposition of bitcoin on its transfer to a bitcoin platform |
| 2 November 2023 APFF Roundtable Q. 11, 2023-0983621C6 F - Paragraph 12(1)(x) and Non-Refundable Tax Credit |
Income Tax Act - Section 53 - Subsection 53(2) - Paragraph 53(2)(k) |
Quebec synergy tax credit is received on the due date for the related return, or when a carryforward or carryback request is made for it |
| 2 November 2023 APFF Roundtable Q. 12, 2023-0982931C6 F - APFF - Congrès 2023 - Table ronde sur la fiscalité |
General Concepts - Evidence |
documentation of a loss from the collapse of a crypto exchange |
| 2 November 2023 APFF Roundtable Q. 13, 2023-0982941C6 F - APFF - Congrès 2023 - Table ronde sur la fiscalité |
Income Tax Act - Section 152 - Subsection 152(8) |
stay of proceedings under the BIA is a procedural limitation that does not affect an assessment’s validity |
| Other Legislation/Constitution - Federal - Bankruptcy and Insolvency Act - Section 69 - Subsection 69(4) |
where a contested notice of assessment is subject to a stay, it generally must apply to the bankruptcy court for lifting the stay |
| 2 November 2023 APFF Roundtable Q. 14, 2023-0982951C6 F - Article 56.4 L.I.R. - Clauses restrictives |
Income Tax Act - Section 56.4 - Subsection 56.4(7) - Paragraph 56.4(7)(g) |
CRA will entertain applications for late s. 56.4(7)(g) (letter) elections |
| 2 November 2023 APFF Roundtable Q. 15, 2023-0982901C6 - Impact of the Collins Family Trust decision |
Income Tax Act - Section 152 - Subsection 152(1) |
CRA lacks discretion to not apply the provisions of the ITA as judicially interpreted |
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