2020-03-04 |
11 October 2019 APFF Roundtable Q. 12, 2019-0812711C6 - Part IV |
Income Tax Act - Section 186 - Subsection 186(2) |
two 50% shareholders of two corporations likely acting in concert to produce connectedness |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 12, 2019-0812711C6 - Part IV |
Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) |
two 50% shareholders of two corporations likely acting in concert to produce connectedness |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 13, 2019-0812721C6 F - Late-Filed CDA Election |
Income Tax Act - Section 83 - Subsection 83(3) |
directors can authorize a late capital dividend election after the dividend declaration |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 15, 2019-0812741C6 F - TOSI and interest income earned by a trust |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Split Income - Paragraph (d) - Subparagraph (d)(i) |
beneficiaries of a family trust can benefit from the excluded debt exception from the TOSI rules |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 15, 2019-0812741C6 F - TOSI and interest income earned by a trust |
Income Tax Act - 101-110 - Section 108 - Subsection 108(5) - Paragraph 108(5)(a) |
source character of trust income maintained in the absence of s. 108(5)(a) appplication |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 16, 2019-0812751C6 F - 74.4(2) and 120.4 interaction |
Income Tax Act - Section 74.4 - Subsection 74.4(2) |
main purpose test can still apply even where designated persons are subject to TOSI |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 16, 2019-0812751C6 F - 74.4(2) and 120.4 interaction |
Income Tax Act - Section 74.4 - Subsection 74.4(2) - Paragraph 74.4(2)(g) |
only s. 74.4(2)(g) provides relief from the joint application of the TOSI and s. 74.4(2) rules |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 17, 2019-0812761C6 F - Entreprise - Business |
Income Tax Act - Section 248 - Subsection 248(1) - Business |
Stewart as the leading case on “business” |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 18, 2019-0812771C6 F - TOSI Actively Engaged |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Business - Paragraph (a) |
loss of excluded business exception when specified individual went on extended mat leave or disability |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 18, 2019-0812771C6 F - TOSI Actively Engaged |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Reasonable Return |
potential application of reasonable return exception where on mat leave or disability |
2020-03-04 |
11 October 2019 APFF Roundtable Q. 19, 2019-0825031C6 F - Service téléphonique réservé |
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2020-02-26 |
23 January 2020 External T.I. 2019-0796121E5 F - Déduction pour résidence des membres du clergé |
Income Tax Act - Section 8 - Subsection 8(1) - Paragraph 8(1)(c) |
s. 8(1)(c) does not entail any home office requirement |
2020-02-05 |
14 January 2020 Internal T.I. 2018-0785991I7 F - Subsection 86.1(2) |
Income Tax Act - Section 86.1 - Subsection 86.1(2) |
s. 86.1(2)(c)(i) references central management and control test/tracking shares satisfied s. 86.1(2)(a) |
2020-02-05 |
14 January 2020 Internal T.I. 2018-0785991I7 F - Subsection 86.1(2) |
Income Tax Act - Section 248 - Subsection 248(1) - Common Share |
tracking shares were common shares |
2020-01-08 |
12 November 2019 External T.I. 2019-0822161E5 F - T5008 Statement of Securities Transactions |
Income Tax Regulations - Regulation 230 - Subsection 230(1) - Sale |
a contribution of shares to a TFSA is not a “sale” for Reg. 230 purposes |
2020-01-08 |
12 November 2019 External T.I. 2019-0822161E5 F - T5008 Statement of Securities Transactions |
Income Tax Regulations - Regulation 230 - Subsection 230(2) |
transfer of listed shares from taxable brokerage account to individual’s TFSA did not generate T5008 reporting requirement |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F - HBP/HBTC - Death of a spouse |
Income Tax Act - Section 146.01 - Subsection 146.01(1) - Regular Eligible Amount - Paragraph (f) |
widow who had resided in the home of her deceased husband could access the HBP program to purchase a condo or acquire his home from estate |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F - HBP/HBTC - Death of a spouse |
Income Tax Act - Section 118.05 - Subsection 118.05(1) - Qualifying Home - Paragraph (a) |
widow who had resided in the home of her deceased husband could access the first-time home buyer’s credit |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
survivor payment equals amounts paid under the TFSA to the estate provided the survivor receives at least that amount as TFSA beneficiary |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Unused TFSA Contribution Room - Paragraph (b) - Element D |
diminution in TFSA property in executors' hands reduces exempt contribution |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 5, 2019-0820901C6 F - TFSA Exempt Contribution - Timing of contribution |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (c) |
an exempt contribution to a TFSA can only be made as of right no more than 30 days before the survivor payment was received from an estate |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
transfer of TFSA to surviving spouse because of daughter’s renunciation occurred as a consequence of the deceased’s death |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer |
Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(b) |
transfer of TFSA to survivor on renunciation of bequest thereof occurred as a consequence of death |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 7, 2019-0821701C6 F - TFSA Exempt Contribution - Survivor payment |
Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) |
extension of rollover deadline through Ministerial discretion |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F - RRIF – Minimum amount after death |
Income Tax Act - Section 146.3 - Subsection 146.3(6.11) |
deduction of RRIF minimum amount in post-terminal year of transfer out of deceased's RRIF to surviving spouse |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F - RRIF – Minimum amount after death |
Income Tax Act - Section 146.3 - Subsection 146.3(1) - Minimum Amount |
required recognition of RRIF minimum amount in post-terminal year of transfer of RRIF to surviving spouse |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 9, 2019-0813281C6 F - Pension splitting - RRIF deemed benefit |
Income Tax Act - Section 118 - Subsection 118(7) - Pension Income - Paragraph (a) - Subparagraph (a)(iii) |
deemed payment on death of last RRIF annuitant is not pension income |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 9, 2019-0813281C6 F - Pension splitting - RRIF deemed benefit |
Income Tax Act - Section 146.3 - Subsection 146.3(6) |
s. 166.3(6) language does not go on to deem there to be payment by RRIF issuer |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 10, 2019-0812841C6 F - RESP - Change of subscriber |
Income Tax Act - Section 146.1 - Subsection 146.1(6.1) |
amounts can be transferred from one RESP to another |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 10, 2019-0812841C6 F - RESP - Change of subscriber |
Income Tax Act - Section 204.9 - Subsection 204.9(5) - Paragraph 204.9(5)(e) |
RESP transferor could be liable under s. 204.91(1) |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 11, 2019-0812971C6 F |
Income Tax Act - Section 2 - Subsection 2(1) |
CRA uses information collected on an NR73 as its principal tool in assessing individuals’ residency |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 12, 2019-0815181C6 F - RRSP on death and refund of premiums |
Income Tax Act - Section 146 - Subsection 146(8.1) |
post-death appreciation in an RRSP could qualify for a s. 146(8.1) rollover |
2019-12-18 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 12, 2019-0815181C6 F - RRSP on death and refund of premiums |
Income Tax Act - Section 146.3 - Subsection 146.3(6.1) |
rollover of post-death RRIF income under s. 146.3(6.1) |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Amount - Paragraph (e) - Subparagraph (e)(ii) |
no excluded amount where excluded business had ceased in prior year |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1.1) - Paragraph 120.4(1.1)(a) |
paid but non-worked days do not count |
2019-11-20 |
6 August 2019 External T.I. 2019-0792001E5 F - Tax on split income and excluded business |
Income Tax Act - Section 120.4 - Subsection 120.4(1.1) - Paragraph 120.4(1.1)(d) - Subparagraph 120.4(1.1)(d)(ii) |
same-year limitation of the exclusion for income derived from the proceeds of an excluded business |
2019-09-04 |
15 July 2019 External T.I. 2018-0747761E5 F - Application de 73(4.1) |
Income Tax Act - Section 73 - Subsection 73(4.1) - Paragraph 73(4.1)(c) |
negative ACB is not triggered under s. 73(4.1)(c) |
2019-08-21 |
17 July 2019 External T.I. 2018-0777951E5 F - Avantage automobile |
Income Tax Act - Section 6 - Subsection 6(2) |
where 2 related employers, only a single benefit under the formula is calculated for each automobile |
2019-08-21 |
17 July 2019 External T.I. 2018-0777951E5 F - Avantage automobile |
Income Tax Regulations - Regulation 200 - Subsection 200(3) |
where 2 related employer, ss. 6(1)(e) or (k) benefit can be reported by either employer |
2019-08-21 |
17 July 2019 External T.I. 2018-0777951E5 F - Avantage automobile |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(k) |
two related joint employers should agree on which of them will T4 an employee for the single s. 6(1)(e) or (k) benefit for the car provided by one of them to him |