2022-06-08 |
7 October 2021 APFF Roundtable Q. 14, 2021-0901041C6 F - Meaning of Any consideration received by Donee |
Income Tax Act - Section 118.1 - Subsection 118.1(13) - Paragraph 118.1(13)(c) |
“consideration … received” in s. 118.1(13)(c) includes a s. 84(3) deemed dividend |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 15, 2021-0901051C6 F - Exemption pour résidence principale |
Income Tax Act - Section 40 - Subsection 40(2) - Paragraph 40(2)(g) |
the s. 40(2)(g) formula can be prejudicial where there is delayed home construction on vacant land |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 16, 2021-0901061C6 F - 2021 APFF Q.16 - Disclosure of a counter letter |
Income Tax Act - Section 116 - Subsection 116(3) |
CRA may be willing to issue a letter confirming that no s. 116 certificate is required because the true vendor is a resident |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 16, 2021-0901061C6 F - 2021 APFF Q.16 - Disclosure of a counter letter |
Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(i) |
failure to disclose a counter agreement is neglect or carelessness |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 17, 2021-0901071C6 - Application of section 120.4 |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Arm's Length Capital - Paragraph (c) |
a capital dividend from a related business was not a source of arm’s length capital |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 17, 2021-0901071C6 - Application of section 120.4 |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Amount - Paragraph (e) - Subparagraph (e)(i) |
exclusion where business from which the dividend was derived had ceased in a prior year |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 18, 2021-0901091C6 - TOSI continuity rule for inherited property |
Income Tax Act - Section 120.4 - Subsection 120.4(1.1) - Paragraph 120.4(1.1)(b) - Subparagraph 120.4(1.1)(b)(ii) |
a dividend on shares that were distributed by an inter vivos trust, as directed in a will 15 years previously, can be excluded by s. 120.4(1.1)(b)(ii) |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 18, 2021-0901091C6 - TOSI continuity rule for inherited property |
Income Tax Act - Section 120.4 - Subsection 120.4(1) - Excluded Amount - Paragraph (e) - Subparagraph (e)(ii) |
s. 120.4(1.1)(b)(ii) can apply to shares distributed by inter vivos trust but as directed in will, so that (e)(ii) exclusion can apply |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 19, 2021-0901121C6 F - APFF – ITR Remissions |
Income Tax Act - Section 152 - Subsection 152(1) |
rate increase for rulings work |
2022-06-08 |
7 October 2021 APFF Roundtable Q. 20, 2021-0910491C6 F - ITRD internal evaluation process |
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2022-05-11 |
2021 Ruling 2020-0865901R3 F - Post-mortem Hybrid Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline involving a deferred distribution of portfolio assets from the corporation held on death |
2022-04-20 |
16 July 2020 Internal T.I. 2019-0817271I7 F - Indemnités reçues à la suite de la négociation |
Income Tax Act - Section 54 - Proceeds of Disposition - Paragraph (e) |
compensation for loss of value to lands left after the government agreed to purchase a portion thereof, would constitute proceeds of disposition of such remainder |
2022-04-20 |
16 July 2020 Internal T.I. 2019-0817271I7 F - Indemnités reçues à la suite de la négociation |
Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(x) |
compensation paid to land owners for their restoration of the portion of their lands not sold to the government would be a s. 12(1)(x) receipt |
2022-04-20 |
16 July 2020 Internal T.I. 2019-0817271I7 F - Indemnités reçues à la suite de la négociation |
Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(f) |
compensation for damages to depreciable property would be included under s. 12(1)(f) rather than under proceeds of disposition, but the related repaid expenses would be deductible |
2022-04-20 |
2020 Ruling 2020-0848081R3 F - Subsection 104(4) and pipeline transaction |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline transaction implemented after a discretionary inter vivos trust voluntarily realizes capital gains on its 21st anniversary |
2022-04-06 |
2017 Ruling 2017-0696791R3 F - Reduction of PUC/capital |
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) |
interest on money borrowed by Subco for distribution of share-capital account to its parent is deductible if the Subco property continues generating business income |
2022-04-06 |
2017 Ruling 2017-0696791R3 F - Reduction of PUC/capital |
Income Tax Act - Section 51 - Subsection 51(1) |
s. 51(1) will apply where convertible note, that was issued as boot, will be converted to shares |
2022-04-06 |
2019 Ruling 2017-0696792R3 F - Internal reorganization |
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2022-04-06 |
7 January 2022 External T.I. 2020-0866751E5 F - CEWS and government financial assistance |
Income Tax Act - Section 125.7 - Subsection 125.7(4) |
government assistance based partly on payroll levels would not be qualifying revenue if normal accounting practice would be to contra payroll expense |
2022-04-06 |
7 January 2022 External T.I. 2020-0866751E5 F - CEWS and government financial assistance |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Qualifying Revenue |
government assistance that under normal accounting practice was applied to reduce recorded expenses would not be qualifying revenue |
2022-03-16 |
23 June 2020 External T.I. 2020-0847641E5 F - SSUC - Entité déterminée et institution publique |
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2022-03-16 |
4 May 2021 External T.I. 2020-0853361E5 F - Frais d'asepsie / asepsis fees |
Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(a) |
additional dentists’ charges for COVID precautions qualified |
2022-03-16 |
1 June 2021 Internal T.I. 2020-0858471I7 F - Paiement forfaitaire rétroactif admissible |
Income Tax Act - 101-110 - Section 110.2 - Subsection 110.2(1) - Qualifying Amount - Paragraph (a) - Subparagraph (a)(i) |
pay equity awards agreed to consensually did not qualify |
2022-02-23 |
5 November 2021 External T.I. 2019-0812631E5 F - Allocation canadienne pour enfants et garde partagée |
Income Tax Act - Section 122.6 - Shared-Custody Parent - Paragraph (b) |
Lavrinenko interpretation regarding a shared-custody parent was legislatively overruled retroactively |
2022-02-23 |
2021 Ruling 2020-0874931R3 F - Post-mortem Pipeline |
Income Tax Act - Section 84 - Subsection 84(2) |
pipeline using a joint Newco of children and estate |
2022-02-23 |
2021 Ruling 2020-0874931R3 F - Post-mortem Pipeline |
Income Tax Act - Section 251.2 - Subsection 251.2(2) - Paragraph 251.2(2)(a) |
replacement of an executor resulted in an acquisition of control of subsidiaries |
2022-02-09 |
2021 Ruling 2021-0894621R3 F - Paiement à un membre qui quitte |
Income Tax Act - Section 3 - Paragraph 3(a) |
lump-sum assistance paid to a member of a religious community, who had taken vows of poverty, on his return to secular life, is not income |
2022-01-26 |
26 October 2021 External T.I. 2019-0800111E5 F - Psychothérapeutes du Québec, professionnels de la |
Income Tax Act - Section 118.4 - Subsection 118.4(2) |
Quebec psychotherapists added to list of authorized medical practitioners |
2022-01-05 |
18 November 2021 External T.I. 2021-0917841E5 F - Traitement fiscal d’un revenu d’une emphytéose |
Income Tax Act - Section 248 - Subsection 248(1) - Disposition |
the granting of an emphyteusis is a part disposition of property rather than a lease |
2021-12-08 |
2020 Ruling 2020-0844081R3 F - Rollout of property to beneficiaries |
Income Tax Act - 101-110 - Section 107 - Subsection 107(2) |
s. 107(2) applicable to distribution of trust’s shares to beneficiaries followed by an immediate s. 85(1) roll into holdco controlled by father |
2021-12-08 |
2020 Ruling 2020-0844081R3 F - Rollout of property to beneficiaries |
Income Tax Act - 101-110 - Section 104 - Subsection 104(4) |
a trust should distribute shares of an Amalco whose predecessor had received shares as beneficiary of another discretionary family trust before the latter’s 21-year anniversary |
2021-11-24 |
2020 Ruling 2020-0840631R3 F - Purpose Test in Subsection 55(2) |
Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) |
no application of s. 55(2) because ss. 88(2)(b) and 84(2) dividends did not significantly reduce capital gains |
2021-11-24 |
2020 Ruling 2020-0840631R3 F - Purpose Test in Subsection 55(2) |
Income Tax Act - Section 88 - Subsection 88(2) - Paragraph 88(2)(b) |
deemed ss. 88(2)(b) and 84(2) dividends on winding-up into three Holdcos |
2021-11-17 |
7 July 2021 External T.I. 2020-0848251E5 F - Donation and CEWS qualifying revenue |
Income Tax Act - Section 125.7 - Subsection 125.7(1) - Qualifying Revenue - Paragraph (c) |
gifts received by a registered charity are qualifying revenue |
2021-10-13 |
2020 Ruling 2020-0848231R3 F - Rollover of RRSP proceeds to a lifetime benefit trust. |
Income Tax Act - Section 60.011 |
transfer of RRSP proceeds to a lifetime benefit trust |
2021-10-13 |
2020 Ruling 2020-0848231R3 F - Rollover of RRSP proceeds to a lifetime benefit trust. |
Income Tax Act - Section 75.2 |
annuity purchased by Hansen trust included in income of beneficiary rather than of Hansen trust |
2021-09-08 |
1 June 2021 External T.I. 2020-0865201E5 F - Sale of property for POD less than FMV |
Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) |
sale of 2 properties by 50-50 corp at a knowing undervalue to the respective shareholders’ own corporations likely was non-arm’s length |
2021-09-08 |
1 June 2021 External T.I. 2020-0865201E5 F - Sale of property for POD less than FMV |
Income Tax Act - Section 56 - Subsection 56(2) |
sale of 2 properties by 50-50 corp at a knowing undervalue to the respective shareholders’ own corporations could engage s. 56(2) |
2021-09-01 |
21 June 2021 External T.I. 2019-0815871E5 F - 83(2)b) and cost |
Income Tax Act - Section 54 - Adjusted Cost Base |
promissory note issued in satisfaction of a capital dividend has full cost |
2021-09-01 |
21 June 2021 External T.I. 2019-0815871E5 F - 83(2)b) and cost |
Income Tax Act - Section 52 - Subsection 52(1) |
s. 52(1) is unnecessary to establishing full cost for a note transferred in satisfaction of a capital dividend |