2023-01-18 |
7 October 2022 APFF Roundtable Q. 13, 2022-0942181C6 F - Transfer of an RRSP at death |
Income Tax Act - Section 248 - Subsection 248(23.1) - Paragraph 248(23.1)(a) |
s. 248(23.1)(a) does not deem the amount paid to be received as beneficiary of the estate as per s. 146(8.1) |
2023-01-18 |
7 October 2022 APFF Roundtable Q. 13, 2022-0942181C6 F - Transfer of an RRSP at death |
Income Tax Act - Section 146 - Subsection 146(8.1) |
an amount paid by an estate of the deceased’s RRSP to satisfy the claim of his separated surviving spouse did not qualify as a refund of premiums |
2023-01-18 |
7 October 2022 APFF Roundtable Q. 14, 2022-0942191C6 F - Safe-income determination time |
Income Tax Act - Section 55 - Subsection 55(1) - Safe-Income Determination Time |
incorporation of Buyco may trigger safe-income determination time |
2023-01-18 |
7 October 2022 APFF Roundtable Q. 14, 2022-0942191C6 F - Safe-income determination time |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
no need for CRA flexibility regarding safe income issues arising from early formation of a Buyco |
2023-01-18 |
7 October 2022 APFF Roundtable Q. 14, 2022-0942191C6 F - Safe-income determination time |
Income Tax Act - Section 248 - Subsection 248(10) |
safe income arising on a sale and after the safe-income determination time could be used for subsequent dividends not paid as part of the same series |
2023-01-18 |
7 October 2022 APFF Roundtable Q. 15, 2022-0942241C6 F - Safe income inclusion of dividend tax refund |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
taxes reduce safe income attributable to realized taxable capital gain net of the refundable tax generated from dividend |
2023-01-11 |
2021 Ruling 2020-0852541R3 F - Split-up XXXXXXXXXX Butterfly |
Income Tax Act - Section 55 - Subsection 55(1) - Distribution |
one-wing split-up butterfly with a preliminary cash distribution of life insurance proceeds |
2023-01-11 |
2021 Ruling 2020-0852541R3 F - Split-up XXXXXXXXXX Butterfly |
Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) |
resolution of Part IV tax circularity issue on butterfly to be resolved by local TSO |
2022-12-21 |
7 December 2022 External T.I. 2020-0846891E5 F - SSUC - Revenu admissible |
Income Tax Act - Section 125.7 - Subsection 125.7(7) |
limited partner’s share of LP revenues cannot be qualifying revenue |
2022-12-21 |
12 December 2022 External T.I. 2021-0878941E5 F - SSUC - Revenu admissible |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Qualifying Revenue |
partner’s share of qualifying revenue is not qualifying revenue |
2022-11-30 |
2022 Ruling 2022-0930901R3 F - Changes to an existing monetization arrangement |
Income Tax Act - Section 80.6 |
partial acceleration of a forward contract did not de-grandfather it from the synthetic disposition rules |
2022-11-16 |
2022 Ruling 2021-0904611R3 F - Corporate reorganization and trust to trust transfer |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition - Paragraph (f) |
para. (f) applicable to transfer of shares for no consideration to new trust for same incapacitated minor beneficiary |
2022-11-16 |
2022 Ruling 2021-0904611R3 F - Corporate reorganization and trust to trust transfer |
Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Trust - Paragraph (g) |
interests in inter vivos trust were vested indefeasibly in its minor beneficiary with special needs |
2022-11-16 |
2021 Ruling 2021-0907591R3 F - Post-mortem Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline transactions (coupled with s. 88(1)(d) bump) for which the deceased had claimed a capital gains deduction |
2022-11-16 |
2021 Ruling 2021-0907591R3 F - Post-mortem Pipeline |
Income Tax Act - Section 84.1 - Subsection 84.1(2) - Paragraph 84.1(2)(a.1) - Subparagraph 84.1(2)(a.1)(ii) |
promissory notes issued on pipeline limited by previous s. 110.6(2.1) deduction |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
Income Tax Regulations - Regulation 1102 - Subsection 1102(5) - Paragraph 1102(5)(a) - Subparagraph 1102(5)(a)(iii) |
rendering of an empty shell suitable for manufacturing constituted substantially changing its nature |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
Income Tax Regulations - Schedules - Schedule II - Class 8 - Paragraph 8(b) |
property does not satisfy the “solely” test in Class 8(b) where it was necessary for the proper functioning of the building |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A |
cost of installing property part of that property’s cost |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
Income Tax Regulations - Regulation 1102 - Subsection 1102(4) |
to be improvements or alterations to leasehold interest, property acquisitions must be assimilated to landlord’s property |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
General Concepts - Ownership |
leasehold improvements are assimilated to the landlord’s property unless the lease specifies otherwise |
2022-11-09 |
18 May 2022 Internal T.I. 2018-0788761I7 F - Amortissement – Travaux sur un bien loué et F&T |
Income Tax Regulations - Regulation 1102 - Subsection 1102(5) |
building shell was a building or structure/ addition refers to extension of structure |
2022-11-09 |
2021 Ruling 2021-0916821R3 F - Continuance corporation from CBCA to Co-operative |
Income Tax Act - Section 86 - Subsection 86(1) |
application of s. 86 reorganization rule to a continuance from the CBCA to a Co-operatives Act |
2022-11-09 |
2021 Ruling 2021-0916821R3 F - Continuance corporation from CBCA to Co-operative |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
continuance from the CBCA to a Co-operatives Act did not entail disposition of assets, but s. 86 applied at the shareholder level |
2022-11-02 |
2022 Ruling 2022-0925601R3 F - Post-mortem Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline accomplished through the Newco purchaser issuing 8 instalment notes to the estate as a PUC reduction |
2022-10-26 |
10 January 2022 External T.I. 2020-0873921E5 F - SUCL- Assurance responsabilité civile |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Qualifying Rent Expense - Variable A - Paragraph (b) - Subparagraph (b)(ii) |
qualifying rent expense did not include third-party liability insurance premiums |
2022-10-26 |
2021 Ruling 2021-0877011R3 - Post-mortem Hybrid Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
note issued on post-mortem pipeline effected on portfolio company paid off over 3 years commencing 1 year after transfer by estate to Newco |
2022-10-26 |
5 August 2022 External T.I. 2021-0877051E5 F - TOSI and excluded amount |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Related Business |
2nd generation income not derived from business/ interest received from company employing sibling a related business/ ownership test in (c) may be satisfied through a family trust |
2022-10-26 |
5 August 2022 External T.I. 2021-0877051E5 F - TOSI and excluded amount |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Shares - Paragraph (c) |
test not satisfied due to interest from company employing a sibling |
2022-10-12 |
2021 Ruling 2021-0895071R3 F - Partnership Reorganization |
Income Tax Act - Section 98 - Subsection 98(3) |
conversion of a carry to a straight-up interest |
2022-10-12 |
2021 Ruling 2021-0895071R3 F - Partnership Reorganization |
Income Tax Act - Section 40 - Subsection 40(3.3) |
refusal to rule where shares received on LP s. 98(3) wind-up immediately sold to Carry LP owned by owners of former general partner |
2022-10-12 |
2021 Ruling 2021-0895071R3 F - Partnership Reorganization |
Income Tax Act - Section 40 - Subsection 40(3.12) |
no s. 40(3.12) ruling given re loss on fund LP wind-up |
2022-08-31 |
2021 Ruling 2021-0895631R3 - Post-mortem planning - Hybrid Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
2-year pipeline transactions |
2022-08-31 |
2021 Ruling 2021-0895631R3 - Post-mortem planning - Hybrid Pipeline |
Income Tax Act - Section 40 - Subsection 40(3.61) |
no stop-loss for s. 164(6) loss realized by estate before pipeline transactions |
2022-07-13 |
10 February 2022 External T.I. 2021-0912581E5 F - Borrowing to make interest-free loans |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) |
interest-free loans by a limited partner to the LP, or to wholly-owned subs which directly or indirectly hold such LP, can be a good s. 20(1)(c)(i) current use |
2022-07-06 |
25 February 2022 External T.I. 2020-0873761E5 F - Shareholder loan |
Income Tax Act - Section 15 - Subsection 15(2) |
s. 15(2) applies separately to accrued and unpaid interest on shareholder loan |
2022-07-06 |
25 February 2022 External T.I. 2020-0873761E5 F - Shareholder loan |
Income Tax Act - Section 80.4 - Subsection 80.4(3) - Paragraph 80.4(3)(b) |
s. 80.4(2) does not apply to accrued and unpaid interest on a loan |
2022-07-06 |
25 February 2022 External T.I. 2020-0873761E5 F - Shareholder loan |
Income Tax Act - Section 15 - Subsection 15(2.6) |
s. 15(2) applies separately to accrued and unpaid interest on a shareholder loan, but s. 80.4(2) does not apply to such interest |
2022-06-15 |
2021 Ruling 2021-0880641R3 F - Changes to existing monetization arrangements |
Income Tax Act - Section 80.6 - Subsection 80.6(1) |
substituting the index used in a monetization arrangement did not de-grandfather it from the synthetic disposition rules |
2022-06-15 |
2021 Ruling 2021-0880641R3 F - Changes to existing monetization arrangements |
General Concepts - Transitional Provisions and Policies |
agreement novation likely would lose grandfathering |
2022-06-15 |
30 March 2022 External T.I. 2017-0737181E5 F - Right to receive income from a trust |
Income Tax Act - Section 73 - Subsection 73(1.01) - Paragraph 73(1.01)(c) - Subparagraph 73(1.01)(c)(ii) |
clause suspending the right to income on bankruptcy would not satisfy s. 73(1.01)(c)(ii) |