2016-11-30 |
7 October 2016 APFF Roundtable Q. 10, 2016-0652931C6 F - Bien agricole admissible-saisine par succession |
General Concepts - Ownership |
estate owns its property |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 11, 2016-0652941C6 F - Contrat de location / Capital lease |
Income Tax Act - Section 248 - Subsection 248(1) - Small Business Corporation |
FMV of rights under a lease must be included |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 11, 2016-0652941C6 F - Contrat de location / Capital lease |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1) - Qualified Small Business Corporation Share |
stipulated rights of lessee should be valued for QSBCS purposes |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 12, 2016-0655911C6 F - Partial Leveraged Buy-Out and Monetization of ACB |
Income Tax Act - Section 84 - Subsection 84(2) |
amalgamation does not cause reorg etc. of business |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 13, 2016-0652981C6 F - Allocation of the safe income on hand |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
business income earned by a corporation following a subscription for a separate class of discretionary dividend shares could be allocated to those shares |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 14, 2016-0655921C6 F - Safe income on hand - Preferred shares |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
fixed dividends on full-ACB prefs did not come out of SIOH |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 14, 2016-0655921C6 F - Safe income on hand - Preferred shares |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
whether dividends paid on non-participating prefs engage s. 55(2) is a question of fact |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 15, 2016-0652991C6 F - Application of subsection 55(2) - holding period |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
stock dividend of nominal value discretionary shares to shift value to an affiliate |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 16, 2016-0653001C6 F - Safe income and freeze preferred shares |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
application of safe income on hand to dividends paid on estate freeze prefs |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 17, 2016-0652781C6 F - Functional currency and acquisition of control |
Income Tax Act - Section 111 - Subsection 111(4) - Paragraph 111(4)(e) |
FX gains or losses on pre-transition debts not affected |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 17, 2016-0652781C6 F - Functional currency and acquisition of control |
Income Tax Act - Section 261 - Subsection 261(9) - Paragraph 261(9)(a) |
exclusion of pre-transition debts from s. 111(4) |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 17, 2016-0652781C6 F - Functional currency and acquisition of control |
Income Tax Act - Section 40 - Subsection 40(10) |
exclusion of pre-transition debts |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 18, 2016-0652791C6 F - Taxable Canadian property and Part XIII tax |
Income Tax Act - Section 119 |
property must have been TCP continuously from the time of emigration |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 19, 2016-0655841C6 F - Reimbursement of attributed income |
Income Tax Act - 101-110 - Section 103 - Subsection 103(1) |
no obligation to repay income reallocated to other partner |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 19, 2016-0655841C6 F - Reimbursement of attributed income |
Income Tax Act - Section 74.1 - Subsection 74.1(1) |
no domestic secondary adjustment doctrine |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 19, 2016-0655841C6 F - Reimbursement of attributed income |
Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(b) |
excess disposition proceeds not required to be repaid |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 20, 2016-0655831C6 F - Employee Buycos and the Poulin Case |
Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) |
Poulin distinction between accommodation parties and tax advantaged arm’s length dealings accepted |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 20, 2016-0655831C6 F - Employee Buycos and the Poulin Case |
Income Tax Act - Section 84.1 - Subsection 84.1(1) |
Poulin accepted |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 21, 2016-0655901C6 F - Section 7 and bonus paid in share |
Income Tax Act - Section 7 - Subsection 7(3) - Paragraph 7(3)(a) |
s. 7 can govern bonuses paid in shares where discretion ceases prior to the issuance |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 21, 2016-0655901C6 F - Section 7 and bonus paid in share |
Income Tax Act - Section 84 - Subsection 84(1) - Paragraph 84(1)(b) |
PUC of shares issued in satisfaction of bonus equal to bonus amount |
2016-11-30 |
7 October 2016 APFF Roundtable Q. 21, 2016-0655901C6 F - Section 7 and bonus paid in share |
Income Tax Act - Section 7 - Subsection 7(1.1) |
7(1.1) applicable to non-discretionary bonus payable in shares |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 1, 2016-0651771C6 F - Critical Illness Insurance |
Income Tax Act - Section 15 - Subsection 15(1) |
benefit on gratuitous transfer of critical illness policy by corporation to its shareholder |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 2, 2016-0651711C6 F - RRIF, Transfer of designated benefit |
Income Tax Act - Section 146.3 - Subsection 146.3(6.11) |
computation of eligible amount following year of death |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 3, 2016-0651761C6 F - Transfer of a Life Insurance Policy |
Income Tax Act - Section 148 - Subsection 148(7) - Paragraph 148(7)(a) |
s. 148(7)(a) prevails over s. 69(1)(b) and 52(2), but not s. 69(5) |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 4, 2016-0651791C6 F - Choix 45(2) et (3) - immeuble à logements |
Income Tax Act - Section 45 - Subsection 45(3) |
invalidity of s. 45(3) elections on duplex units applied only for changes of use after February 21, 2012 |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 4, 2016-0651791C6 F - Choix 45(2) et (3) - immeuble à logements |
Income Tax Act - Section 54 - Personal-Use Property |
land underlying duplex used 40% personally is not personal-use property |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 4, 2016-0651791C6 F - Choix 45(2) et (3) - immeuble à logements |
Income Tax Regulations - Regulation 1102 - Regulation 1102(2) |
Reg. 1102(2) deems building to be separate from land and does not bifurcate the land |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 4, 2016-0651791C6 F - Choix 45(2) et (3) - immeuble à logements |
Income Tax Act - Section 40 - Subsection 40(2) - Paragraph 40(2)(g) - Subparagraph 40(2)(g)(iii) |
capital loss recognition on land underlying duplex used 40% personally |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 5, 2016-0651721C6 F - Application of subsections 146(16) and 73(1) after death |
Income Tax Act - Section 146 - Subsection 146(16) |
no tax deferred transfer if by estate |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 5, 2016-0651721C6 F - Application of subsections 146(16) and 73(1) after death |
Income Tax Act - Section 73 - Subsection 73(1.01) - Paragraph 73(1.01)(b) |
no rollover if transferor spouse dies before transfer pursuant to separation agreement made |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 6, 2016-0651741C6 F - Named beneficiary |
Income Tax Act - Section 122 - Subsection 122(3) - qualified disability trust - Paragraph (b) |
beneficiary must be specifically named |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 7, 2016-0651751C6 F - Recovery Tax of Qualified Disability Trust |
Income Tax Act - Section 122 - Subsection 122(2) |
recovery tax applies to undistributed income in a QDT at the time of the disabled beneficiary’s death |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 7, 2016-0651751C6 F - Recovery Tax of Qualified Disability Trust |
Income Tax Act - Section 159 - Subsection 159(2) |
potential liability of QDT trustee for s. 122(1)(c) recovery tax |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 7, 2016-0651751C6 F - Recovery Tax of Qualified Disability Trust |
Income Tax Act - Section 122 - Subsection 122(3) - qualified disability trust |
s. 122(1)(c) liability in year of death of disabled beneficiary |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 8, 2016-0651731C6 F - Gift by a Former Graduated Rate Estate |
Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts - Paragraph (c) - Subparagraph (c)(ii) |
gifts made in Year 5 by a but-for GRE can only be claimed before death or in Years 5 to 10 |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 8, 2016-0651731C6 F - Gift by a Former Graduated Rate Estate |
Income Tax Act - Section 118.1 - Subsection 118.1(5.1) |
qualification of gift made in Year 5 of former GRE |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 9, 2016-0651801C6 F - Assurance-vie à assurés multiples-110.6(15) |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(15) - Paragraph 110.6(15)(a) |
corporate-owned policy is valued at CSV even if non-shareholder lives are included |
2016-11-30 |
7 October 2016 APFF Financial Strategies and Instruments Roundtable Q. 9, 2016-0651801C6 F - Assurance-vie à assurés multiples-110.6(15) |
Income Tax Act - Section 248 - Subsection 248(1) - Small Business Corporation |
corporate-owned policy valued for SBC or QSBCS purposes at the cash surrender value even if non-shareholder lives are included |
2016-11-23 |
12 December 2014 Internal T.I. 2014-0524751I7 F - Redevances perçues d'avance |
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2016-11-16 |
2 August 2016 External T.I. 2014-0544941E5 F - Interaction between ss. 111(12) and 80.01(3) |
Income Tax Act - Section 111 - Subsection 111(12) |
no accrued FX loss on a loan owing by a target to a sub is realized on an AOC where there is a same-day amalgamation and no time-stamping |