2023-05-24 |
12 January 2023 External T.I. 2020-0866661E5 F - Don d’une partie d’un intérêt dans une police d’as |
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2023-05-24 |
7 October 2022 Roundtable, 2021-0895981C6 F - Don d’une partie d’un intérêt dans une police d’as |
Income Tax Act - Section 148 - Subsection 148(9) - Disposition |
implementing a life insurance interest sharing strategy may entail the entire policy’s disposition and uncertainties as to what interest is disposed of |
2023-05-24 |
15 May 2023 External T.I. 2023-0965261E5 F - Sommes retirées dans le cadre du RAP et CELIAPP |
Income Tax Act - Section 146.6 - Subsection 146.4(6) |
HBP withdrawals can be contributed to an FHSA |
2023-05-17 |
15 February 2023 External T.I. 2022-0953991E5 F - Paragraph 84.1(2)(e) and amalgamation |
Income Tax Act - Section 84.1 - Subsection 84.1(2) - Paragraph 84.1(2)(e) |
loss of s. 84.1(2)(e) safe harbour on an amalgamation of the purchaser and subject corporation |
2023-04-05 |
4 January 2022 External T.I. 2015-0607531E5 F - Action admissible de petite entreprise |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1) - Qualified Small Business Corporation Share - Paragraph (e) |
s. 110.6(1)(e) applies to successive share substitutions (including an amalgamation) |
2023-04-05 |
4 January 2022 External T.I. 2015-0607531E5 F - Action admissible de petite entreprise |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(14) - Paragraph 110.6(14)(f) - Subparagraph 110.6(14)(f)(i) |
s. 110.6(14)(f)(i) can apply to an amalgamation |
2023-04-05 |
2021 Ruling 2020-0847671R3 F - Transfert d'un immeuble |
Income Tax Act - Section 15 - Subsection 15(1) |
no s. 15(1) benefit on property transfer to shareholders for its nominal appraised FMV if indeed such FMV was suppressed by the low-rent long-term leases to the shareholders |
2023-04-05 |
2021 Ruling 2020-0847671R3 F - Transfert d'un immeuble |
General Concepts - Fair Market Value - Land |
no demurral re a property’s FMV being suppressed by long-term leases with nil net rents |
2023-04-05 |
2021 Ruling 2020-0847671R3 F - Transfert d'un immeuble |
Income Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(l) |
corporation governed by CBCA presented to CRA as an NPO |
2023-03-29 |
23 January 2023 External T.I. 2020-0865161E5 F - SSUC/CEWS – Sous-alinéa 125.7(4)e)(i) et personne |
Income Tax Act - Section 125.7 - Subsection 125.7(4) - Paragraph 125.7(4)(e) |
electing taxpayer can receive amounts through third party where receipt on its behalf is established by agreement or statute |
2023-03-29 |
23 January 2023 External T.I. 2020-0865161E5 F - SSUC/CEWS – Sous-alinéa 125.7(4)e)(i) et personne |
General Concepts - Payment & Receipt |
a cash-basis taxpayer can receive an amount when it is received through a third party |
2023-03-22 |
23 December 2022 Internal T.I. 2021-0880421I7 F - SUCL - Dépenses de loyer admissibles |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Qualifying Rent Expense - Variable A - Paragraph (b) - Subparagraph (b)(i) |
government assistance does not reduce interest |
2023-03-08 |
16 January 2023 Internal T.I. 2020-0851561I7 F - SSUC/CEWS -– rémunération admissible et rémunérati |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Eligible Remuneration |
eligible remuneration for each qualifying period includes additions for vacation and sick leave, but excludes taxable benefits |
2023-03-08 |
16 January 2023 Internal T.I. 2020-0851561I7 F - SSUC/CEWS -– rémunération admissible et rémunérati |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Baseline Remuneration |
baseline remuneration includes additions for vacation and sick leave pay, and security allowances |
2023-03-01 |
30 June 2022 Internal T.I. 2022-0936671I7 F - Frais de déplacement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
one-time travel between a home office and the employer’s office was in the course of employment |
2023-03-01 |
30 June 2022 Internal T.I. 2022-0936671I7 F - Frais de déplacement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(b) - Subparagraph 6(1)(b)(vii.1) |
per-kilometer allowances for one-time travel between home office and employer’s office qualified under s. 6(1)(b)(vii.1 |
2023-03-01 |
30 June 2022 Internal T.I. 2022-0936671I7 F - Frais de déplacement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(b) - Subparagraph 6(1)(b)(vii) |
one-time travel between home office and employer’s office did not qualify as travel away from the employer’s establishment |
2023-03-01 |
30 June 2022 Internal T.I. 2022-0936671I7 F - Frais de déplacement |
Income Tax Act - Section 6 - Subsection 6(6) - Paragraph 6(6)(b) |
potential exclusion of allowances for meals and hotels paid for travel to a remote work site (an office) of the employer where the employees stay for 3 days |
2023-02-22 |
22 December 2022 Internal T.I. 2020-0856411I7 F - SSUC/CEWS -– Rémunération admissible |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Eligible Remuneration |
eligible remuneration for each qualifying period for CEWS purposes includes additional payments for vacation and sick leave pay |
2023-02-22 |
2021 Ruling 2020-0862431R3 F - Variation of a trust deed and addition of new beneficiaries |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
trust deed amendment by court order to permit addition of corporations that were only indirectly owned by family beneficiaries did not trigger a disposition/ such addition triggered disposition of trust interests but without proceeds |
2023-02-22 |
2021 Ruling 2020-0862431R3 F - Variation of a trust deed and addition of new beneficiaries |
Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(b) |
addition of corporate beneficiaries to discretionary trust resulted in a disposition by existing family beneficiaries, but not in the receipt by them of proceeds of disposition |
2023-02-22 |
17 November 2022 External T.I. 2021-0919001E5 F - Eligible Dividends and Non-Capital Loss Carry-Back |
Income Tax Act - Section 89 - Subsection 89(1) - General Rate Income Pool - Element B |
B of formula reduces GRIP by NCLs carried back |
2023-02-22 |
17 November 2022 External T.I. 2021-0919001E5 F - Eligible Dividends and Non-Capital Loss Carry-Back |
Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(b) - Subparagraph 152(4)(b)(i) |
CRA discretion re accepting adjustment to losses carried back provided that the amendment request is made within the s. 152(4)(b)(i) period and loss year not statute-barred |
2023-02-22 |
17 November 2022 External T.I. 2021-0919001E5 F - Eligible Dividends and Non-Capital Loss Carry-Back |
Income Tax Act - Section 152 - Subsection 152(6) - Paragraph 152(6)(c) |
s. 152(6)(c) permitted amending carryback request, if made within s. 152(6)(c) deadline and normal reassessment period, and implicitly authorized consequential Part III.1 reassessment |
2023-02-22 |
17 November 2022 External T.I. 2021-0919001E5 F - Eligible Dividends and Non-Capital Loss Carry-Back |
Income Tax Act - Section 152 - Subsection 152(3) |
s. 152(3) (and, consequentially, s. 185.2(2)) requires filing of amended return to reflect missing excessive dividend |
2023-02-22 |
17 November 2022 External T.I. 2021-0919001E5 F - Eligible Dividends and Non-Capital Loss Carry-Back |
Income Tax Act - Section 185.1 - Subsection 185.1(2) |
s. 185.1(2) election can be made before the incremental Part III.1 assessment that is being avoided |
2023-02-22 |
2022 Ruling 2022-0933261R3 F - Subsection 104(4) and pipeline transaction |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline transaction for a trust realizing a s. 104(4)(b) gain and using a non-controlled Newco |
2023-02-08 |
2021 Ruling 2021-0887301R3 F - Post-mortem pipeline transaction |
Income Tax Act - Section 84 - Subsection 84(2) |
double pipeline entailing the application of s. 84.1 and s. 88(1)(d) bump |
2023-02-08 |
2021 Ruling 2021-0887301R3 F - Post-mortem pipeline transaction |
Income Tax Act - Section 84.1 - Subsection 84.1(2) - Paragraph 84.1(2)(a.1) - Subparagraph 84.1(2)(a.1)(ii) |
application of ss. 84.1(1) and (2)(a.1)(ii) to transfer of shares by spousal trust that had received such shares from the testator who had stepped such shares up under s. 110.6(2.1) |
2023-02-08 |
2021 Ruling 2021-0887301R3 F - Post-mortem pipeline transaction |
Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d.3) |
application of s. 88(1)(d.3) to pipeline involving shares that had been stepped up under s. 104(4) |
2023-02-08 |
2021 Ruling 2021-0904311R3 F - Butterfly Reorganization |
Income Tax Act - Section 55 - Subsection 55(1) - Distribution |
butterfly transaction for a farming corp (DC) of two brothers coupled with an immediate gift of shares of DC and TC to their respective sons under s. 73(4.1) |
2023-02-08 |
2021 Ruling 2021-0904311R3 F - Butterfly Reorganization |
Income Tax Act - Section 191 - Subsection 191(5) |
specified amount included in shares issued on butterfly distribution |
2023-02-08 |
2021 Ruling 2021-0904311R3 F - Butterfly Reorganization |
Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) |
circularity avoided through intervening taxation year end of transferee corp |
2023-01-25 |
2022 Ruling 2020-0858451R3 F - Trust to trust transfer |
Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Trust - Paragraph (g) |
deemed disposition under s. 104(4) avoided through irrevocable vesting of interests in successor trust |
2023-01-25 |
2022 Ruling 2020-0858451R3 F - Trust to trust transfer |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition - Paragraph (f) |
no disposition on transfer of assets of Trust 1 to Trust 2 with essentially the same terms other than a clause facilitating irrevocable-vesting designations |
2023-01-25 |
7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 1, 2022-0936241C6 F - T1135 and situs of cryptocurrencies |
Income Tax Act - Section 233.3 - Subsection 233.3(1) - Specified Foreign Property - Paragraph (a) |
expanded crypto disclosure may be required |
2023-01-25 |
7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F - police d'assurance-vie & avantage |
Income Tax Act - Section 246 - Subsection 246(1) |
taxable benefit where 2 Holdcos pay premiums on life insurance policies of which their jointly-owned sub is beneficiary unless s. 246(2) applies |
2023-01-25 |
7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F - police d'assurance-vie & avantage |
Income Tax Act - Section 9 - Expense Reimbursement |
premiums paid by parent on a sub’s life insurance policies are non-deductible even if reimbursed on income account |
2023-01-25 |
7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F - police d'assurance-vie & avantage |
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Financing Expenditures |
premiums paid by Holdcos on policies of which their jointly-owned company (Opco) is the beneficiary are non-deductible capital expenditures even if reimbursed by the Opcos |
2023-01-25 |
7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 3, 2022-0943261C6 F - Average Exchange Rate |
Income Tax Act - Section 261 - Subsection 261(1) - Relevant Spot Rate |
circumscribed acceptance of using average exchange rates |