2016-04-27 |
21 January 2016 CPA Personal Income Tax Roundtable Q. 7, 2016-0625731C6 F - Fees related to a voluntary disclosure |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(cc) |
VDP fees deductible if re business |
2016-04-27 |
21 January 2016 Ordre des CPA du Québec Personal Taxation Roundtable Q. 9, 2016-0625141C6 F - Principal residence - duplex |
Income Tax Act - Section 54 - Principal Residence |
interior access door to other unit in duplex occupied by elderly parent, and meal sharing, not sufficient to render as one housing unit |
2016-03-23 |
9 March 2016 External T.I. 2016-0630281E5 F - Redemption of shares and changes to 55(2) |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
exemption of s. 84(3) deemed dividend not exceeding safe income |
2016-03-23 |
9 March 2016 External T.I. 2016-0630281E5 F - Redemption of shares and changes to 55(2) |
Income Tax Act - Section 55 - Subsection 55(5) - Paragraph 55(5)(f) |
s. 55(2) application to separate dividend |
2016-03-23 |
9 March 2016 External T.I. 2016-0630281E5 F - Redemption of shares and changes to 55(2) |
Income Tax Act - Section 55 - Subsection 55(2) - Paragraph 55(2)(b) |
demarcation between ss. 55(2)(b) and (c) |
2016-02-24 |
7 January 2016 External T.I. 2015-0610201E5 F - HBP-Acquisition of a condominium unit |
Income Tax Act - Section 146.01 - Subsection 146.01(2) - Paragraph 146.01(2)(b) |
meaning of vacant possession |
2016-02-24 |
7 January 2016 External T.I. 2015-0610201E5 F - HBP-Acquisition of a condominium unit |
Income Tax Act - Section 248 - Subsection 248(1) - Self-Contained Domestic Establishment |
elf-contained domestic establishment has restricted access and a kitchen, bathroom and sleeping space |
2016-02-17 |
8 December 2015 External T.I. 2015-0608781E5 F - Associated corporations - discretionary trust |
Income Tax Act - Section 256 - Subsection 256(1.2) - Paragraph 256(1.2)(f) - Subparagraph 256(1.2)(f)(ii) |
beneficiary includes beneficially entitled/combined application of 256(1.2)(f)(ii) and 256(1.3), but shares attributed only once] |
2016-02-17 |
8 December 2015 External T.I. 2015-0608781E5 F - Associated corporations - discretionary trust |
Income Tax Act - Section 256 - Subsection 256(1.3) |
no double-counting of shares in applying s. 256(1.3) to shares deemed to be owned by minor trust beneficiaries |
2016-02-17 |
22 January 2016 External T.I. 2015-0617601E5 F - Pipeline followed by butterfly |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline transaction can be coupled with a butterfly split-up |
2016-02-17 |
22 January 2016 External T.I. 2015-0617601E5 F - Pipeline followed by butterfly |
Income Tax Act - Section 55 - Subsection 55(3.1) - Paragraph 55(3.1)(b) |
where pipeline transaction followed by split-up butterfly, the opco also is a distributing corporation |
2016-02-17 |
21 December 2015 External T.I. 2015-0617731E5 F - 55(2) and creditor proofing |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
Opco dividend to Holdco whose sole purpose is creditor-proofing is subject to s. 55(2) |
2016-02-10 |
28 January 2016 External T.I. 2015-0617771E5 F - Bump calculation |
Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) - Subparagraph 88(1)(d)(i) |
future income tax liabilities not treated as obligations to pay an amount |
2016-01-27 |
7 December 2015 External T.I. 2015-0585171E5 F - 7(1)(b) benefit and 110(1.1) election |
Income Tax Act - Section 110 - Subsection 110(1.1) |
election not available if employee stock options on Target shares are purchased by the purchaser rather than surrendered to Target |
2016-01-20 |
26 March 2015 Internal T.I. 2013-0503031I7 F - Existence d’une source de revenu |
Income Tax Act - Section 3 - Paragraph 3(a) - Business Source/Reasonable Expectation of Profit |
individual’s sideline activity not a business so that revenues exempt |
2016-01-20 |
26 March 2015 Internal T.I. 2013-0503031I7 F - Existence d’une source de revenu |
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose |
criteria for determining whether a home is a principal place of business |
2016-01-20 |
8 June 2015 External T.I. 2014-0529851E5 F - Frais payés à une maison de santé ou de repos |
Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(e) |
no 2nd credit under s. 118.3 re accommodation expenses in nursing home |
2016-01-20 |
8 June 2015 External T.I. 2014-0529851E5 F - Frais payés à une maison de santé ou de repos |
Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(d) |
floor of retirement residence servicing those with advanced Alzheimer’s can qualify as “nursing home” |
2016-01-20 |
8 June 2015 External T.I. 2014-0529851E5 F - Frais payés à une maison de santé ou de repos |
Income Tax Act - Section 118.2 - Subsection 118.2(1) |
expenses can be claimed based on 12-month period ending in year |
2016-01-20 |
3 December 2015 External T.I. 2015-0593941E5 F - Allocation of the safe income on hand |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
flexible allocation of SIOH where discretionary common shares |
2016-01-20 |
3 December 2015 External T.I. 2015-0593941E5 F - Allocation of the safe income on hand |
General Concepts - Fair Market Value - Shares |
FMV of discretionary share increased at moment of dividend declaration to exclusion of other discretionary shares |
2016-01-20 |
3 December 2015 External T.I. 2015-0593941E5 F - Allocation of the safe income on hand |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
quaere whether 7% reduction is significant/ $50,000 is significant in absolute terms |
2016-01-20 |
11 December 2015 External T.I. 2015-0601561E5 F - Attribution Rules |
Income Tax Act - Section 74.4 - Subsection 74.4(2) |
annual dividends by an SBC to a non-SBC are not an indirect transfer of property to the non-SBC by the individual who formed the SBC |
2016-01-20 |
8 December 2015 External T.I. 2015-0613401E5 F - Attribution Rules |
Income Tax Act - Section 74.4 - Subsection 74.4(2) |
“technically” s. 74.4(2) may be avoided through a stock dividend |
2016-01-20 |
8 December 2015 External T.I. 2015-0616321E5 F - CEE - Severance pay |
Income Tax Act - Section 66.1 - Subsection 66.1(6) - Canadian exploration expense - Paragraph (a) |
severance payment not includible in CEE |
2016-01-20 |
8 December 2015 External T.I. 2015-0616321E5 F - CEE - Severance pay |
Income Tax Regulations - Regulation 1206 - Subsection 1206(1) - Canadian exploration and development overhead expense |
exclusion of severance payment |
2016-01-13 |
2 October 2015 External T.I. 2012-0463801E5 F - Déduction pour gain en capital – permis de pêche |
Income Tax Act - Section 110.6 - Subsection 110.6(1.3) - Paragraph 110.6(1.3)(b) |
para. (b) test need only be satisfied at end of 24-month period |
2016-01-13 |
28 July 2015 External T.I. 2015-0585431E5 F - Frais juridiques |
Income Tax Act - Section 42 - Subsection 42(1) - Paragraph 42(1)(b) |
legal expenses incurred by property vendor deemed to reduce proceeds or generate capital loss under s. 42(1)(b) |
2016-01-13 |
10 October 2014 APFF Roundtable Q. 13, 2014-0538111C6 F - Boni suite à la signature d'un contrat d'appro |
Income Tax Act - Section 9 - Timing |
Canderel and Ikea principles |
2016-01-06 |
8 December 2015 External T.I. 2015-0610921E5 F - Associated corporations - child under 18 |
Income Tax Act - Section 256 - Subsection 256(1.3) |
s. 256(1.3) can apply where minor turns 18 shortly after the year's start |
2016-01-06 |
3 December 2015 External T.I. 2015-0613761E5 F - Capital Dividend Account |
Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account |
exempting a capital gain doubles the CDA addition |
2015-12-30 |
29 October 2015 External T.I. 2015-0589051E5 F - Pension income splitting and bankruptcy |
Income Tax Act - Section 60.03 - Subsection 60.03(1) - Split-Pension Amount |
election available where pensioner or pension transferee is bankrupt/apportionment of split-pension amount |
2015-12-30 |
29 October 2015 External T.I. 2015-0589051E5 F - Pension income splitting and bankruptcy |
Income Tax Act - Section 128 - Subsection 128(2) - Paragraph 128(2)(f) |
s. 60.03 deductions/inclusions still available |
2015-12-30 |
6 November 2015 External T.I. 2015-0611691E5 F - Member of a cooperative corporation |
Income Tax Act - Section 136 - Subsection 136(2) - Paragraph 136(2)(c) |
meaning of “member” informed by corporate law rather than 135(4) definition |
2015-12-23 |
30 July 2015 External T.I. 2014-0552041E5 F - Permis XXXXXXXXXX |
Income Tax Regulations - Schedules - Schedule II - Class 14 |
renewable government licences were ECP, not Class 14 |
2015-12-23 |
30 July 2015 External T.I. 2014-0552041E5 F - Permis XXXXXXXXXX |
Income Tax Act - Section 14 - Subsection 14(5) - Eligible Capital Expenditure |
renewable government licences were ECP, not Class 14 |
2015-12-23 |
26 August 2015 External T.I. 2015-0564171E5 F - Paiements d'un RPAC à un Indien |
Income Tax Act - Section 81 - Subsection 81(1) - Paragraph 81(1)(a) |
pension distribution to Indian included in income under s. 56(1)(z.3) before excluded under s. 81(1)(a) |
2015-12-23 |
26 August 2015 External T.I. 2015-0564171E5 F - Paiements d'un RPAC à un Indien |
Income Tax Act - Section 153 - Subsection 153(1.1) |
procedure for reduced withholding on pension distributions to status Indian |
2015-12-23 |
6 August 2015 External T.I. 2015-0565651E5 F - Reliquat dévolu à une administration municipale |
Income Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(l) |
personal benefit rule applies to liquidation right of municipal member |
2015-12-09 |
9 October 2015 APFF Roundtable Q. 1, 2015-0595751C6 F - Deductibility of financing fees and 20(1)(e)(v) |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e) |
discharge of a debt through its assumption or cash proceeds from sub transferee denies a s. 20(1)(e)(v) deduction |