2012-02-17 |
9 February 2012 External T.I. 2008-0280941E5 F - Foreign sourced income - transportation |
Income Tax Act - Section 2 - Subsection 2(3) - Paragraph 2(3)(b) |
incidental business activities in jurisdiction may not constitute carrying on business there |
2012-02-17 |
9 February 2012 External T.I. 2008-0280941E5 F - Foreign sourced income - transportation |
Income Tax Act - Section 126 - Subsection 126(9) |
s. 4(1)(b) applied for s. 126(9) purposes |
2012-02-17 |
9 February 2012 External T.I. 2008-0280941E5 F - Foreign sourced income - transportation |
Income Tax Act - Section 126 - Subsection 126(7) - Business-Income Tax |
NY franchise tax qualified as an income tax only if it was not based on non-income specified minimums |
2012-02-17 |
8 February 2012 Internal T.I. 2011-0431581I7 F - Sous-alinéa 6(1)a)(vi) proposé |
General Concepts - Effective Date |
taxpayers can file based on proposed legislation and wait until announcement that it will not be implemented |
2012-02-17 |
8 February 2012 Internal T.I. 2011-0431581I7 F - Sous-alinéa 6(1)a)(vi) proposé |
Income Tax Act - Section 220 - Subsection 220(3.1) |
no penalties if taxpayer promptly refiles after announcement that favourable amendment will not proceed |
2012-02-17 |
8 February 2012 Internal T.I. 2011-0431581I7 F - Sous-alinéa 6(1)a)(vi) proposé |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) - Subparagraph 6(1)(a)(vi) |
“studies” are at all levels and bursaries and tuition reimbursements potentially are included |
2012-02-10 |
27 January 2012 External T.I. 2011-0421551E5 F - Pompiers volontaires |
Income Tax Act - Section 3 |
modest amounts received by volunteers are not taxable |
2012-02-10 |
27 January 2012 External T.I. 2011-0421551E5 F - Pompiers volontaires |
Income Tax Act - Section 118.06 - Subsection 118.06(1) |
“volunteer” firefighters are not true volunteers |
2012-02-10 |
27 January 2012 Internal T.I. 2011-0428831I7 F - Crédit d'impôt pour frais médicaux |
Income Tax Act - Section 118.2 - Subsection 118.2(3) - Paragraph 118.2(3)(b) |
taxpayer could claim credit for years where he was no longer entitled to claim repaid Quebec drug benefit against private plan due to being out of time |
2012-02-10 |
27 January 2012 Internal T.I. 2011-0428831I7 F - Crédit d'impôt pour frais médicaux |
Income Tax Act - Section 152 - Subsection 152(4.2) |
application under s. 152(4.2) for drug claim deductions that later emerged |
2012-02-10 |
12 January 2012 External T.I. 2011-0421791E5 F - Usufruit de terres boisées acquises avant 1987 |
Income Tax Act - Section 248 - Subsection 248(3) - Paragraph 248(3)(a) |
gift of bare ownership resulted in deemed disposition to deemed s. 248(3)(a) personal trust |
2012-02-10 |
12 January 2012 External T.I. 2011-0421791E5 F - Usufruit de terres boisées acquises avant 1987 |
Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1.3) - Paragraph 110.6(1.3)(c) |
property acquired before 18 June 1987 will qualify if s. 110.6(1.3)(c)(i) or (ii) satisfied |
2012-01-27 |
9 January 2012 External T.I. 2011-0427461E5 F - Attribution Rules and Suspended Loss Rules |
Income Tax Act - Section 74.2 - Subsection 74.2(1) |
stop-loss rule in s, 40(3.6) trumped s. 74.2(1) so that denied capital loss was added to transferee spouse’s common share ACB |
2012-01-27 |
9 January 2012 External T.I. 2011-0427461E5 F - Attribution Rules and Suspended Loss Rules |
Income Tax Act - Section 40 - Subsection 40(3.6) |
stop-loss rule in s, 40(3.6) gave ACB addition to common shares of transferee spouse who redeemed preferred shares gifted to him by spouse |
2012-01-27 |
19 January 2012 External T.I. 2011-0414341E5 F - Déf revenu brut location Partie XIII |
Income Tax Act - Section 216 - Subsection 216(4) |
election permits withholding only on net amount remitted by agent-manager to NR owner |
2012-01-27 |
19 January 2012 External T.I. 2011-0414341E5 F - Déf revenu brut location Partie XIII |
Income Tax Act - Section 212 - Subsection 212(1) - Paragraph 212(1)(d) |
agent-manager required to withhold on gross rent rather than net rent remitted absent s. 216(4) election |
2012-01-27 |
4 January 2012 External T.I. 2011-0417371E5 F - Frais de garde d'enfants |
Income Tax Act - Section 63 - Subsection 63(3) - Child Care Expense - Paragraph (b) - Subparagraph (b)(i) |
child care corporation can render qualifying child care services to the child of its sole shareholder |
2012-01-27 |
4 January 2012 External T.I. 2011-0418291E5 F - Transfert entre conjoints |
Income Tax Act - Section 74.2 - Subsection 74.2(1) - Paragraph 74.2(1)(a) |
s. 74.2 attribution cease on divorce/s. 74.5(3)(b) election available after marriage breakdown |
2012-01-27 |
4 January 2012 Internal T.I. 2011-0408081I7 F - Transactions entre une société et ses actionnaires |
Income Tax Act - Section 13 - Subsection 13(7) - Paragraph 13(7)(e) - Subparagraph 13(7)(e)(i) |
s. 13(7)(e)(i) capital cost equals consideration paid even where in excess of FMV |
2012-01-27 |
7 October 2011 APFF Roundtable Q. 23, 2011-0412111C6 F - Validity of Price Adjustment Clause |
General Concepts - Effective Date |
price adjustment clause does not require filing amended election |
2012-01-27 |
7 October 2011 APFF Roundtable Q. 23, 2011-0412111C6 F - Validity of Price Adjustment Clause |
Income Tax Act - Section 85 - Subsection 85(7.1) |
validity of price adjustment clause does not depend on filing an amended election |
2012-01-20 |
13 January 2012 Internal T.I. 2011-0414111I7 F - Deemed Interest Incomes - Exception 17(8) |
Income Tax Act - Section 17 - Subsection 17(8) - Paragraph 17(8)(a) - Subparagraph 17(8)(a)(ii) |
CFA 1's purchased debt of CFA 2 did not qualify as a loan or advance |
2012-01-20 |
4 January 2012 External T.I. 2011-0414731E5 F - Interaction between 84.1 and 83(2) ITA |
Income Tax Act - Section 83 - Subsection 83(2) |
no s. 83(2) election available for s. 84.1(1)(b) deemed dividend paid to non-shareholder |
2012-01-20 |
4 January 2012 External T.I. 2011-0414731E5 F - Interaction between 84.1 and 83(2) ITA |
Income Tax Act - Section 84 - Subsection 84(7) |
s. 84(7) might contradict CRA position that no s. 83(2) election on s. 84.1 dividend to non-shareholder |
2012-01-13 |
16 December 2011 External T.I. 2011-0419211E5 F - Choix à 45(2) |
Income Tax Act - Section 45 - Subsection 45(2) |
devisee of changed-use principal residence cannot benefit from s. 45(2) election by estate in years following testator’s death |
2011-12-30 |
21 November 2011 External T.I. 2011-0422191E5 F - Price adjustment clause and redemption of shares |
General Concepts - Effective Date |
additional payment, pursuant to price adjustment clause, in year following shares; redemption is recognized then |
2011-12-30 |
21 November 2011 External T.I. 2011-0422191E5 F - Price adjustment clause and redemption of shares |
Income Tax Act - Section 84 - Subsection 84(3) |
price adjustment payment recognized as s. 84(3) dividend when received |
2011-12-30 |
16 December 2011 External T.I. 2011-0412502E5 F - Remboursement - frais de scolarité |
Income Tax Act - Section 118.1 - Subsection 118.1(5) - Paragraph 118.1(5)(a) - Subparagraph 118.1(5)(a)(iii) |
credit can be claimed where employee is subsequently required to reimburse employer for employer-paid tuition |
2011-12-30 |
16 December 2011 External T.I. 2011-0412502E5 F - Remboursement - frais de scolarité |
Income Tax Act - Section 118.6 - Subsection 118.6(1) - Qualifying Educational Program |
no benefit denying credit if employee is subsequently required to reimburse employer for employer-paid tuition |
2011-12-23 |
6 December 2011 External T.I. 2011-0423181E5 F - Safe Income |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
where Shareholder with high SIOH Class F shares converts its low SIOH Class A shares on rollover basis into Class F shares, there is downward averaging of SIOH per share |
2011-12-23 |
12 December 2011 External T.I. 2011-0416801E5 F - Safe Income on Hand - Stub Period |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
safe income generally prorated in stub period |
2011-12-23 |
15 December 2011 Internal T.I. 2011-0413891I7 F - Récupération d'amortissement-Recapture CCA |
Income Tax Act - Section 129 - Subsection 129(4) - Income or Loss |
reasonable to pro-rate recapture of depreciation between active business income and property income based on relative periods of use |
2011-12-23 |
15 December 2011 Internal T.I. 2011-0413891I7 F - Récupération d'amortissement-Recapture CCA |
Income Tax Act - Section 13 - Subsection 13(1) |
successive business and property income use of rental property reflected in apportionment of source of ensuing recapture |
2011-12-23 |
7 October 2011 Roundtable, 2011-0411971C6 F - Appraisal Fees Deductibility |
Income Tax Act - Section 53 - Subsection 53(1) - Paragraph 53(1)(n) |
appraisal fees for valuing capital property for the purpose of its acquisition or disposition are an ACB addition |
2011-12-23 |
7 October 2011 Roundtable, 2011-0411971C6 F - Appraisal Fees Deductibility |
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense |
deductible appraisal fees to revalue fixed assets in accordance with IFRS |
2011-12-23 |
7 October 2011 APFF Roundtable Q. 4, 2011-0412071C6 F - Modifying a Capital Dividend Election |
General Concepts - Effective Date |
originally declared dividend not altered by subsequent resolution |
2011-12-23 |
7 October 2011 APFF Roundtable Q. 4, 2011-0412071C6 F - Modifying a Capital Dividend Election |
Income Tax Act - Section 184 - Subsection 184(3) |
short-cut method for direct assessment of shareholders for excess amount |
2011-12-23 |
7 October 2011 APFF Roundtable Q. 29, 2011-0412131C6 F - Subsection 55(2) and Capital Dividend Account |
Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (a) - Subparagraph (a)(i) - Clause (a)(i)A) |
CDA addition from application of s. 55(2)(c) is only available in the following years |
2011-12-23 |
7 October 2011 APFF Roundtable Q. 29, 2011-0412131C6 F - Subsection 55(2) and Capital Dividend Account |
Income Tax Act - Section 55 - Subsection 55(2) - Paragraph 55(2)(c) |
dividend paid in contemplation of subsequent arm’s length share sale is part of proceeds of that sale |
2011-12-16 |
8 October 2010 Roundtable, 2010-0373291C6 F - Tuck-Under Transactions - Safe Income Extractions |
Income Tax Act - Section 245 - Subsection 245(4) |
Vaillancourt-Tremblay did not validate all tuck-under transactions |