2011-11-04 |
7 October 2011 Roundtable, 2011-0411851C6 F - Fiducie de protection d'actifs |
General Concepts - Effective Date |
trust deed clause deeming trust property to be distributed immediately prior to death would not be recognized as taking effect at that time |
2011-11-04 |
7 October 2011 Roundtable, 2011-0411851C6 F - Fiducie de protection d'actifs |
Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Testamentary Trust - Paragraph (b) |
distribution of property from asset protection trust directly, rather than via estate, to testamentary trust would taint it |
2011-11-04 |
7 October 2011 Roundtable, 2011-0407951C6 F - Options, don d'actions |
Income Tax Act - 101-110 - Section 110 - Subsection 110(1) - Paragraph 110(1)(d.01) |
cannot claim both a s. 110(1)(d.01) and s. 110(1)(d.1) deduction |
2011-11-04 |
7 October 2011 Roundtable, 2011-0412021C6 F - Financing Expenses |
Income Tax Act - Section 12 - Subsection 12(2.2) |
s. 12(2.2) might apply to on-charge, to ultimate group recipient of financing, of the financing expenses |
2011-11-04 |
7 October 2011 Roundtable, 2011-0412021C6 F - Financing Expenses |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e) - Subparagraph 20(1)(e)(ii.2) |
CRA will evaluate whether the transactions are "restructuring" |
2011-11-04 |
7 October 2011 Roundtable, 2011-0412161C6 F - Timing of the increase in interest - stock option |
Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) - Subparagraph 55(3)(a)(ii) |
grant of in-the-money options to key employee as part of same series could be a significant increase in interest – which otherwise occurs on exercise |
2011-11-04 |
7 October 2011 APFF Roundtable Q. 17, 2011-0412171C6 F - 112(7) - Share-for-Share Exchange - 85(1) |
Income Tax Act - Section 112 - Subsection 112(3) |
s. 112(3) could still apply if "old" dividend-bearing shares "exchanged" under purported s. 85(1) exchange for "new" but identical shares |
2011-11-04 |
7 October 2011 APFF Roundtable Q. 17, 2011-0412171C6 F - 112(7) - Share-for-Share Exchange - 85(1) |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
purported dirty s. 85 exchange of old common shares for new common shares does "not necessarily" entail a disposition |
2011-11-04 |
7 October 2011 APFF Roundtable Q. 17, 2011-0412171C6 F - 112(7) - Share-for-Share Exchange - 85(1) |
Income Tax Act - Section 85 - Subsection 85(1) |
potentially no disposition if "new" share rights identical |
2011-11-04 |
7 October 2011 APFF Roundtable Q. 17, 2011-0412171C6 F - 112(7) - Share-for-Share Exchange - 85(1) |
Income Tax Act - Section 112 - Subsection 112(7) |
s. 112(7) does not “technically” apply to a dirty s. 85 exchange of old shares for new shares |
2011-10-28 |
14 October 2011 External T.I. 2011-0421141E5 F - Computation of capital dividend account |
Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (a) - Subparagraph (a)(i) - Clause (a)(i)A) |
s. 89(1)(a)(i)(A) exclusion re s. 53(1)(b)(ii) is inapplicable if s. 55(2)(a) applied |
2011-10-28 |
30 September 2011 Internal T.I. 2011-0393171I7 F - Representation or other special allowances |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(b) - Subparagraph 6(1)(b)(iii) |
foreign service premium received by armed forces member so qualified |
2011-10-28 |
30 September 2011 Internal T.I. 2011-0393171I7 F - Representation or other special allowances |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
no benefit for excess of rent allowance over cost of comparable Cdn location or where higher class of accommodation is for security reasons |
2011-10-28 |
14 October 2011 Internal T.I. 2011-0410781I7 F - Repas fournis gratuitement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
benefit from free meals delivered on-site |
2011-10-28 |
27 September 2011 External T.I. 2011-0400141E5 F - Allocations pour frais de déplacement |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(b) |
reasonable daily meal allowance for travelling in local municipality to enhance efficiency is non-taxable |
2011-10-28 |
18 October 2011 External T.I. 2011-0394041E5 F - Fiducie personnelle- revenu brut |
Income Tax Act - Section 248 - Subsection 248(1) - Gross Revenue |
gross revenue from farming business did not include capital gains |
2011-10-28 |
18 October 2011 External T.I. 2011-0394041E5 F - Fiducie personnelle- revenu brut |
Income Tax Act - Section 3 |
capital gains not included in computing income from a source |
2011-10-28 |
17 October 2011 External T.I. 2011-0423361E5 F - Loi sur le courtage immobilier |
General Concepts - Illegality |
Quebec real estate brokers can earn their remuneration through a corporation |
2011-10-28 |
17 October 2011 External T.I. 2011-0423361E5 F - Loi sur le courtage immobilier |
Income Tax Act - Section 9 - Nature of Income |
Quebec real estate broker can generate commissions in a controlled corporation |
2011-10-28 |
29 September 2011 External T.I. 2011-0405391E5 F - Utilisation d'un aéronef |
Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) |
price charged to customers for flights on company aircraft determined taxable benefit to employees/benefit to majority shareholder was qua employee |
2011-10-28 |
18 October 2011 External T.I. 2011-0422021E5 F - Purpose test - Subsection 55(2) of the Act |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
dividend from grandchild to child likely does not engage s. 55(2) re sale of shares of grandparent |
2011-10-28 |
13 October 2011 External T.I. 2010-0382441E5 F - RSG- Employé / travailleur autonome |
Income Tax Act - Section 5 - Subsection 5(1) |
home childcare providers were self-employed given relative autonomy |
2011-10-21 |
22 September 2011 External T.I. 2011-0403991E5 F - Crédit d'impôt pour études |
Income Tax Act - Section 118.6 - Subsection 118.6(1) - Qualifying Educational Program |
program means program of study, not individual course |
2011-09-30 |
22 September 2011 External T.I. 2011-0394961E5 F - Droits ou biens |
Income Tax Act - Section 70 - Subsection 70(3) |
s. 70(3) cannot apply iteratively to artist’s inventory |
2011-09-30 |
21 September 2011 External T.I. 2010-0375361E5 F - Liquidation d'une coopérative agricole |
Income Tax Act - Section 84 - Subsection 84(2) |
s. 84(2) applied to winding-up of cooperative |
2011-09-30 |
19 September 2011 External T.I. 2011-0410411E5 F - Attribution - Transfers to Corporations |
Income Tax Act - Section 74.4 - Subsection 74.4(2) |
s. 74.4(2) did not apply to the creation of a corporate asset protection structure |
2011-09-23 |
12 September 2011 External T.I. 2011-0397731E5 F - Crédit d'impôt pour frais médicaux |
Income Tax Regulations - Regulation 5700 - Section 5700 - Paragraph 5700(h) |
"hospital bed" does not extend to all types of adjustable beds |
2011-09-23 |
12 September 2011 External T.I. 2011-0397731E5 F - Crédit d'impôt pour frais médicaux |
Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(a) |
aquatherapy classes (or pain management courses) do not qualify if non-qualified payee |
2011-09-23 |
16 August 2011 Internal T.I. 2011-0401721I7 F - Loss Utilization |
Income Tax Act - Section 88 - Subsection 88(1.1) - Paragraph 88(1.1)(e) |
factors in determining whether investments are held as a business |
2011-09-23 |
16 August 2011 Internal T.I. 2011-0401721I7 F - Loss Utilization |
Income Tax Act - Section 111 - Subsection 111(5) - Paragraph 111(5)(a) |
holding company whose only sources of income were inter-affiliate loan and subsidiary shares had losses from property rather than business |
2011-09-23 |
6 September 2011 External T.I. 2010-0389011E5 F - L'interprétation de " est en droit de recevoir" |
Income Tax Act - Section 13 - Subsection 13(7.1) |
taxpayer is entitled to receive Quebec M&P credit at end of year in which the eligible expenditures were incurred |
2011-09-16 |
2 September 2011 Internal T.I. 2011-0419111I7 F - Programme de compensation du MESS |
Income Tax Act - Section 56 - Subsection 56(1) - Paragraph 56(1)(u) |
social assistance payments aggregating less than $500 not required to be included in income |
2011-09-16 |
31 August 2011 External T.I. 2011-0416541E5 F - Montant admis en déduction - REÉR |
Income Tax Act - Section 146 - Subsection 146(5) |
if premium not claimed, deduction amount is nil |
2011-09-16 |
6 September 2011 Internal T.I. 2011-0401191I7 F - Automobiles mises à la disposition des employés |
Income Tax Act - Section 6 - Subsection 6(2) |
standby not computed for months in which automobiles in storage and unavailable for use |
2011-09-09 |
31 August 2011 External T.I. 2011-0415891E5 F - Increase in stated capital, stock dividends -55(2) |
Income Tax Act - Section 248 - Subsection 248(28) |
s. 248(28)(a) applied to reduce capital gain on disposition of preferred shares on which a capital gain had been realized under s. 55(2)(b) |
2011-09-09 |
31 August 2011 External T.I. 2011-0415891E5 F - Increase in stated capital, stock dividends -55(2) |
Income Tax Act - Section 55 - Subsection 55(2) - Paragraph 55(2)(c) |
capital gain recognized under s. 55(2)(c) not recognized a second time on sale of the shares |
2011-09-02 |
25 August 2011 External T.I. 2011-0417511E5 F - CDA and Excessive dividend |
Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (b) |
excess capital dividend does not reduce payor’s CDA and increases corporate shareholder’s CDA |
2011-08-26 |
15 August 2011 External T.I. 2011-0415071E5 F - 110.5 and safe income |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) |
safe income not increased by s. 110.5 addition |
2011-08-19 |
11 August 2011 External T.I. 2011-0406061E5 F - Dommages reçus suite à la perte d'un emploi |
Income Tax Act - Section 248 - Subsection 248(1) - Retiring Allowance |
compensation received for renouncing rights of reinstatement is a retiring allowance |
2011-08-12 |
4 July 2011 External T.I. 2011-0401991E5 F - CDA and life insurance proceeds |
Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (d) - Subparagraph (d)(ii) |
CRA will follow Innovative Installation |