2015-12-09 |
9 October 2015 APFF Roundtable Q. 19, 2015-0595621C6 F - Cash pooling and subsection 15(2) |
Income Tax Act - Section 15 - Subsection 15(2.6) |
permitted use of FIFO to determine if debt repayments satisfy s. 15(2.6) |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 20, 2015-0595681C6 F - Avantages imposables / dépenses d’entreprise |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
employer-provided parties, bike stands and internal recreation areas generally not taxable benefits |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 21, 2015-0598291C6 F - Filing deadline for various forms |
Statutory Interpretation - Interpretation Act - Section 26 |
where a return filing deadline falls on a Saturday, the deadline for related forms also is extended to the Monday |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 21, 2015-0598291C6 F - Filing deadline for various forms |
Income Tax Act - Section 85 - Subsection 85(1) |
where a return filing deadline falls on a Saturday, the deadline for the T2057 also is extended to the Monday |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 22, 2015-0598301C6 F - Extension of time to file |
Income Tax Act - Section 165 - Subsection 165(1) |
extension of individuals' return deadline also extends objection deadline |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 23, 2015-0598311C6 F - Excessive eligible dividend designation |
Income Tax Act - Section 185.1 - Subsection 185.1(2) |
filing of s. 185.1(2) election in (non-prescribed) manner |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 24, 2015-0598261C6 F - Calcul du revenu de placement total - annexe 7 |
Income Tax Act - Section 129 - Subsection 129(4) - Aggregate Investment Income |
allocation of investment counselling fees as between interest and dividends |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 25, 2015-0598321C6 F - Omission of deducting a dividend under 112(1) |
Income Tax Act - Section 152 - Subsection 152(1) |
IC 75-7R3 still applies to requests for refunds for errors made in already-filed returns |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 1, 2015-0588941C6 F - Critical illness insurance |
Income Tax Act - Section 39 - Subsection 39(1) - Paragraph 39(1)(a) - Subparagraph 39(1)(a)(iii) |
critical illness policy transferred free of capital gains tax |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 2, 2015-0595841C6 F - Stock option, disposition, newly-acquired security |
Income Tax Act - Section 7 - Subsection 7(1.31) |
shares acquired on option exercise must be disposed of in one transaction to avoid basis averaging |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 3, 2015-0588951C6 F - Deductibility of interest – ss. 20.1(1) |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) |
no source disappearance where interest-free advance to sub is forgiven |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 4, 2015-0588971C6 F - T1135 and voluntary disclosure |
Income Tax Act - Section 220 - Subsection 220(3.1) |
currently no waiver of T1135 penalty before 10 years previously |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 4, 2015-0588971C6 F - T1135 and voluntary disclosure |
Income Tax Act - Section 162 - Subsection 162(7) |
CRA is studying whether the $2,500 penalty for late T1135 filings applies automatically |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 5, 2015-0588981C6 F - Foreign currency stock market transactions |
Income Tax Act - Section 261 - Subsection 261(2) |
CRA considers that NYSE stock trades should be translated at the noon exchange rate on the settlement date |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 6, 2015-0595851C6 F - Income of a trust payable to a beneficiary |
Income Tax Act - 101-110 - Section 104 - Subsection 104(24) |
CRA will not accommodate a trust which merely distributes all it can |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 7, 2015-0589001C6 F - Charities Registration Process |
Income Tax Act - Section 248 - Subsection 248(1) - Registered Charity |
complete applications may speed application processing by four months |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 8, 2015-0593091C6 F - Assumption of a debt by a beneficiary of a trust |
Income Tax Act - 101-110 - Section 107 - Subsection 107(2) |
CRA generally accepts that loss of a s. 107(2) rollover can be avoided, where a trust owes debt to a capital beneficiary, by refinancing the debt with a bank |
2015-12-09 |
9 October 2015 APFF Financial Strategies and Instruments Roundtable Q. 9, 2015-0596611C6 F - Transfer 70(6) |
Income Tax Act - Section 70 - Subsection 70(6) |
non-application if replacement property distributed to spousal trust |
2015-12-02 |
2 November 2015 External T.I. 2014-0558991E5 F - Loan from an Amateur Athlete Trust |
Income Tax Act - Section 143.1 - Subsection 143.1(1.2) - Paragraph 143.1(1.2)(d) |
genuine loan to athlete with adequate prospect of repayment not a transfer of property |
2015-12-02 |
15 December 2014 Internal T.I. 2014-0547191I7 F - Chantier particulier |
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2015-12-02 |
15 December 2014 Internal T.I. 2014-0544121I7 F - Chantier particulier |
Income Tax Act - Section 6 - Subsection 6(6) |
work engagement ceased to be temporary based on a change in circumstances |
2015-12-02 |
4 March 2015 Internal T.I. 2014-0527751I7 F - Soutien de revenu accordé aux individus |
Income Tax Act - Section 56 - Subsection 56(1) - Paragraph 56(1)(r) |
includes amounts received under the active employment measures of Emploi-Québec |
2015-12-02 |
18 February 2015 External T.I. 2012-0471731E5 F - Déductibilité du droit d’usage pour automobile |
Income Tax Act - Section 6 - Subsection 6(2) |
no reduction in benefit amount for benefits provided by employee to employer |
2015-12-02 |
18 February 2015 External T.I. 2012-0471731E5 F - Déductibilité du droit d’usage pour automobile |
Income Tax Act - Section 8 - Subsection 8(1) - Paragraph 8(1)(f) |
reduced auto enjoyment not an expenditure |
2015-12-02 |
18 February 2015 External T.I. 2012-0466691E5 F - Revenu d’un Indien hors réserve |
Other Legislation/Constitution - Federal - Indian Act - Section 87 |
fact that work performed by non-reserve Indian was for benefit of reserve Indians was insufficient connecting factor |
2015-12-02 |
15 December 2014 Internal T.I. 2012-0445361I7 F - Remboursement de frais de déménagement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
reimbursement of moving expenses not a taxable benefit if such moving expenses otherwise deductible under s. 62 which, in the case of multiple moves, can turn on whether there is ordinary residence at each location |
2015-12-02 |
15 December 2014 Internal T.I. 2012-0445361I7 F - Remboursement de frais de déménagement |
Income Tax Act - Section 2 - Subsection 2(1) |
criteria for determining “ordinarily resides” under s. 62 (coterminous with “ordinarily resident” under s. 250(3)) |
2015-12-02 |
15 December 2014 Internal T.I. 2012-0445361I7 F - Remboursement de frais de déménagement |
Income Tax Act - Section 248 - Subsection 248(1) - Eligible Relocation |
expenses re selling a Canadian home after a 2nd relocation abroad are non-deductible if no ordinary residence at 1st location abroad |
2015-11-25 |
3 November 2015 External T.I. 2015-0584261E5 F - Blood relationship - step brother |
Income Tax Act - Section 252 - Subsection 252(1) - Paragraph 252(1)(c) |
step brothers are related |
2015-11-11 |
30 September 2015 External T.I. 2015-0590501E5 F - Spousal sharing |
Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts |
gift allocation between spouses still permitted after 2015 |
2015-11-11 |
15 September 2015 External T.I. 2015-0583221E5 F - Redemption by a cooperative of its own shares |
Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(i) |
no gain to cooperative corporation from redemption of its own preferred shares |
2015-11-11 |
2 October 2015 External T.I. 2015-0595111E5 F - Amount paid pursuant to 104(24) |
Income Tax Act - 101-110 - Section 104 - Subsection 104(24) |
amount payable can include a payment in kind if authorized by trust deed |
2015-10-07 |
20 August 2015 External T.I. 2015-0581681E5 F - Non-resident trust rules |
Income Tax Act - Section 248 - Subsection 248(1) - Corporation |
Liechtenstein Foundation a trust |
2015-10-07 |
20 August 2015 External T.I. 2015-0581681E5 F - Non-resident trust rules |
Income Tax Act - Section 94 - Subsection 94(1) - Connected Contributor |
Liechtenstein Foundation with Canadian-resident beneficiary not subject to s. 94(3) |
2015-09-30 |
9 September 2015 External T.I. 2014-0563611E5 F - Call Centre - Location of the services performed |
Income Tax Regulations - Regulation 105 - Subsection 105(1) |
non-resident call centre not rendering services in Canada |
2015-09-23 |
11 August 2015 External T.I. 2015-0592441E5 F - Test wind turbines |
Income Tax Regulations - Regulation 1219 - Subsection 1219(3) |
change to GPS coordinates does not affect 2013-0490631E5 |
2015-09-16 |
5 June 2015 Internal T.I. 2015-0569061I7 F - Non-interest-bearing loan to a controlled foreign affiliate |
Income Tax Act - Section 17 - Subsection 17(8.1) - Paragraph 17(8.1)(b) |
debt owing to CFA parent, which had funded active business assets and was assumed on absorptive merger, qualified under s. 17(8.1)(b) |
2015-09-16 |
25 June 2015 External T.I. 2014-0553181E5 F - Graduated rate estate |
Income Tax Act - Section 248 - Subsection 248(1) - Graduated Rate Estate |
only an estate, not a testamentary trust, can qualify |
2015-09-16 |
25 August 2015 External T.I. 2015-0571271E5 F - Affiliated Trusts under Paragraph 251.1(1)(h) |
Income Tax Act - Section 251.1 - Subsection 251.1(3) - Contributor |
deceased settlor of Trust B was an affiliated contributor to her brother, who contributed to Trust A |
2015-09-02 |
18 June 2015 External T.I. 2015-0578071E5 F - Reimbursement of overpayment of QPIP benefits |
Income Tax Act - Section 60 - Paragraph 60(n) - Subparagraph 60(n)(v.1) |
no s. 60 deductions if non-resident |