2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 1, 2024-1023641C6 - Intercompany loans and taxable benefits |
Income Tax Act - Section 15 - Subsection 15(1) |
inter-corporate bona fide non-interest bearing loan does not engage s. 15 |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 1, 2024-1023641C6 - Intercompany loans and taxable benefits |
Income Tax Act - Section 246 - Subsection 246(1) |
s. 246(1) not engaged by no-interest loan between corporations with distinct ownership |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 2, 2024-1023251C6 F - Use of an average rate for coupons |
Income Tax Act - Section 261 - Subsection 261(2) - Paragraph 261(2)(b) |
four conditions for the use of an average exchange rate in the example of a stripped coupon |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 3, 2024-1027801C6 F - Revente précipitée et auto-construction |
Income Tax Act - Section 12 - Subsection 12(13) |
the holding period for a housing unit under the flipped property rules commences when it becomes habitable |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 4, 2024-1027831C6 F - Revente précipitée et changement d'usage |
Income Tax Act - Section 12 - Subsection 12(13) |
a s. 45 change of use does not restart the 365-day period under the flipped property rules |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 4, 2024-1027831C6 F - Revente précipitée et changement d'usage |
Income Tax Act - Section 45 - Subsection 45(1) - Paragraph 45(1)(a) - Subparagraph 45(1)(a)(i) |
s. 45 rules apply only for capital gains purposes |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 5, 2024-1023291C6 F - Paiements rétroactifs - Droits ou biens / Retroact |
Income Tax Act - Section 70 - Subsection 70(2) |
s. 70(2) return can be filed before the filing deadline with an estimated amount if precise amount is not yet known due to administrative delay |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 6, 2024-1023301C6 F - CELIAPP - Séparation / FHSA - Separation |
Income Tax Act - Section 146.6 - Subsection 146.6(7) |
s. 146.6(7) does not override the requirement for the transferee (ex-)spouse to be a “qualifying individual” |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 7, 2024-1024211C6 F - CELIAPP et transfert via la succession |
Income Tax Act - Section 146.6 - Subsection 146.6(15) - Paragraph 146.6(15)(a) |
a deceased’s FHSA can be rolled into the surviving spouse’s FHSA, RRSP or RRIF even if the proceeds go first to the estate (albeit, subject to s. 153(1)(v)(i) withholding) |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 8, 2024-1023591C6 F - NERDTOH and foreign investment income |
Income Tax Act - Section 129 - Subsection 129(4) - Non-Eligible Refundable Dividend Tax on Hand - Paragraph (a) - Subparagraph (a)(i) - Variable B |
explanation of 8% adjustment to the FTC deduction under the NERDTOH computation for foreign investment income |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 9, 2024-1015481C6 F - Crédit d'impôt pour la rénovation d'habitations multigénérationnelles et exemption pour résidence principale |
Income Tax Act - Section 122.92 - Subsection 122.92(1) - Qualifying Relation |
qualifying relation does not extend to the spouse of a nephew or niece |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 9, 2024-1015481C6 F - Crédit d'impôt pour la rénovation d'habitations multigénérationnelles et exemption pour résidence principale |
Income Tax Act - Section 252 - Subsection 252(2) - Paragraph 252(2)(g) |
s. 252(2)(g) does not extend to the spouse or common-law partner of a niece or nephew |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 9, 2024-1015481C6 F - Crédit d'impôt pour la rénovation d'habitations multigénérationnelles et exemption pour résidence principale |
Income Tax Act - Section 54 - Principal Residence |
renovation to create a secondary unit for s. 122.92 credit purposes generally means that the whole building no longer can be designated as the taxpayer’s principal residence |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 9, 2024-1015481C6 F - Crédit d'impôt pour la rénovation d'habitations multigénérationnelles et exemption pour résidence principale |
Income Tax Act - Section 122.92 - Subsection 122.92(1) - Eligible Individual |
credit is not lost if secondary unit is then sold to its qualifying occupants |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 10, 2024-1027331C6 F - Distribution of life insurance - 107(2) and 148(7) |
Income Tax Act - Section 148 - Subsection 148(7) |
where both ss. 107(2) and 148(7) apply to a personal trust’s distribution of a life insurance policy in satisfaction of capital interest, s. 107(2) prevails over s. 148(7) |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 10, 2024-1027331C6 F - Distribution of life insurance - 107(2) and 148(7) |
Income Tax Act - 101-110 - Section 107 - Subsection 107(2) |
s. 107(2) prevails over s. 148(7) re a life insurance policy distribution in satisfaction of a capital interest |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 11, 2024-1031061C6 F - Remboursement dans le cadre du RAP - Repayment und |
Income Tax Act - Section 146.01 - Subsection 146.01(1) - HBP Balance |
where opening HBP balance is repaid in Year 1 with RRSP contribution, the HBP balance is not reduced until the Sched. 7 is filed in March of Year 2 |
2024-12-18 |
10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 11, 2024-1031061C6 F - Remboursement dans le cadre du RAP - Repayment und |
Income Tax Act - Section 146.01 - Subsection 146.01(3) |
HBP balance not reduced to nil be earlier repayment until related designation made in the return for the year u |
2024-12-04 |
19 January 2024 External T.I. 2020-0865921E5 F - Foreign Currency dispositions by an individual |
Income Tax Act - Section 39 - Subsection 39(1.1) |
foreign currency dispositions under s. 39(1.1) include FX bank deposit conversions |
2024-11-06 |
2022 Ruling 2022-0929431R3 F - Entity classification |
Income Tax Act - Section 248 - Subsection 248(1) - Corporation |
a French société civile de placement immobilier (SCPI) is a corporation |
2024-11-06 |
2022 Ruling 2022-0929431R3 F - Entity classification |
Income Tax Act - Section 96 |
French SCPI is a corporation rather than partnership |
2024-10-30 |
29 May 2024 External T.I. 2019-0819561E5 F - Catégorie d’amortissement 53 de l’Annexe II du Règlement |
Income Tax Regulations - Schedules - Schedule II - Class 29 |
having equipment owned separately from the services business in which its product is used could permit the manufactured product to be “sold” to the services business |
2024-10-30 |
29 May 2024 External T.I. 2019-0819561E5 F - Catégorie d’amortissement 53 de l’Annexe II du Règlement |
Income Tax Regulations - Schedules - Schedule II - Class 53 |
having equipment owned separately from the services business in which its product is used could permit it to qualify as Class 53 property |
2024-10-30 |
2023 Ruling 2023-0986521R3 F - 104(4) and Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline transfer by inter vivos family trust of preferred shares (stepped-up under s. 104(4)(b)(ii)) to an existing family company for notes |
2024-10-30 |
2023 Ruling 2023-0986521R3 F - 104(4) and Pipeline |
Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(b) - Subparagraph 104(4)(b)(ii) |
inter vivos chooses to realize gain on its preferred shares on its 21st anniversary, and transfer those shares for notes in a pipeline trnasaction |
2024-10-02 |
2023 Ruling 2022-0957491R3 F - Butterfly Reorganization |
Income Tax Act - Section 55 - Subsection 55(1) - Distribution |
butterfly to 2 new Holdcos of the 2 children beneficiaries of estate following the implementation by the estate of a pipeline transaction |
2024-10-02 |
2023 Ruling 2023-0998411R3 F - Butterfly Reorganization |
Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) |
occurrence of 1st year ends of butterfly transferee corporations due to implementation delay caused a Pt. IV tax circularity issue |
2024-07-03 |
21 December 2022 Internal T.I. 2019-0826411I7 - Classification of a Burkina Faso SARL |
Income Tax Act - Section 248 - Subsection 248(1) - Corporation |
a Burkina Faso S.A.R.L. is a corporation rather than partnership |
2024-07-03 |
21 December 2022 Internal T.I. 2019-0826411I7 - Classification of a Burkina Faso SARL |
Income Tax Act - Section 96 |
a Burkina Faso S.A.R.L. is more akin to a Canadian corporation than partnership |
2024-06-26 |
2024 Ruling 2023-0994301R3 F - Loss consolidation arrangement |
Income Tax Act - Section 111 - Subsection 111(1) - Paragraph 111(1)(a) |
loss-shifting transactions beneath a non-wholly owning Canadian LP |
2024-06-12 |
2024 Ruling 2023-0989121R3 F - Internal reorganization - 55(3)(a) and 55(3.01)(g) |
Income Tax Act - Section 55 - Subsection 55(3.01) - Paragraph 55(3.01)(g) |
transfer of real estate to separate Realtyco beneath a newly-formed Holdco |
2024-06-12 |
2024 Ruling 2023-0989121R3 F - Internal reorganization - 55(3)(a) and 55(3.01)(g) |
Income Tax Act - Section 75 - Subsection 75(2) |
2 unrelated individuals were the settlors for each other’s family trust |
2024-06-12 |
2024 Ruling 2023-0989121R3 F - Internal reorganization - 55(3)(a) and 55(3.01)(g) |
Income Tax Act - Section 248 - Subsection 248(10) |
estate freeze transactions represented to be independent of subsequent transfer |
2024-06-12 |
2024 Ruling 2023-0989121R3 F - Internal reorganization - 55(3)(a) and 55(3.01)(g) |
Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) - Subparagraph 55(3)(a)(ii) |
s. 55(3.01)(g) applied to the transfer (fresh after an estate freeze) by unrelated shareholders of Opco to a new Holdco, with an Opco realty spin-off to a new Realtyco sister |
2024-06-12 |
16 April 2024 Internal T.I. 2023-0998991I7 F - Qualification fiscale de certaines sommes |
Income Tax Act - Section 56 - Subsection 56(1) - Paragraph 56(1)(n) |
amount per week of training in short-term program leading to a skills training certificate was a bursary/ amount paid upon graduation was a bursary or a prize |
2024-06-05 |
4 April 2024 External T.I. 2023-0996201E5 - Employment income to sole shareholder |
Other Legislation/Constitution - Federal - Indian Act - Section 87 |
the salary of a status Indian from his corporation may be exempted based on the relative sourcing of its income on and off reserve |
2024-05-29 |
14 March 2024 External T.I. 2015-0596761E5 F - Traitement fiscal |
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense |
expenditure on anti-theft marking of car likely would be on current account |
2024-05-29 |
14 March 2024 External T.I. 2015-0596761E5 F - Traitement fiscal |
Income Tax Act - Section 18 - Subsection 18(9) |
practice is not to apply s. 18(9) where the adjustments would be minimal |
2024-05-29 |
14 March 2024 External T.I. 2015-0596761E5 F - Traitement fiscal |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(k) - A - Subparagraph A(iv) |
mandatory requirement for employee notification to employer by end of year |
2024-04-24 |
7 October 2021 Roundtable, 2021-0908201C6 F - Vente d'un bien détenu en copropriété par indivisi |
Income Tax Act - Section 74.2 - Subsection 74.2(1) |
imputation of an inter-spousal gift or loan on spouses’ property purchase (based on how the sales proceeds were agreed to be shared) engaged s. 74.2(1) |