Translations of recent severed letters

Bundle Date Translated severed letter Summaries under Summary descriptor
2003-10-24 10 October 2003 Roundtable, 2003-0036865 F - TRANSFER DE POLICE D'ASSURANCE Income Tax Act - Section 148 - Subsection 148(7) s. 148(7) inapplicable to critical illness policy
General Concepts - Fair Market Value - Other FMV of critical illness policy takes refundable premium amount into account
10 October 2003 Roundtable, 2003-0037125 F - AVANCE SUR POLICE Income Tax Act - Section 148 - Subsection 148(9) - Policy Loan withdrawal can qualify as policy loan even if not named as such under the policy
10 October 2003 Roundtable, 2003-0037135 F - CONTRATS DE RENTE VIAGERE Income Tax Regulations - Regulation 301 - Subsection 301(1) annuity did not qualify as a "life annuity" where payments made to a corporation
10 October 2003 Roundtable, 2003-0037145 F - CONVENTION DE RETRAITE Income Tax Act - Section 207.6 - Subsection 207.6(2) - Paragraph 207.6(2)(d) deemed withdrawals from RCA through payment of insurance benefits not subject to tax under para. (d)
16 October 2003 External T.I. 2003-0038315 F - CONVENTION DE RETRAITE Income Tax Act - Section 248 - Subsection 248(1) - Retirement Compensation Arrangement loan back to employer may negate RCA status
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) reasonableness of interest rate determined re market interest rates
2003-10-17 8 September 2003 External T.I. 2002-0163705 F - Choix Tardif Income Tax Act - Section 132.11 - Subsection 132.11(6) late designation can be requested pursuant to s. 220(3.2) in light of s. 220(3.21)(b)
Income Tax Act - Section 220 - Subsection 220(3.21) - Paragraph 220(3.21)(b) s. 220(3.21)(b) brings s. 132.11(6) within the s. 220(3.2) regime
23 September 2003 External T.I. 2002-0172175 F - Arrangements Funérailles - Provision 20(1)m) Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(m) portion of prepaid funeral amount which the funeral home can use in its operations is income under s. 9, not s. 12(1)(a), for which no s. 20(1)(m) reserve can be claimed
Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(a) prepaid funeral amounts which a funeral home was not required to hold in trust were s. 9, not s. 12(1)(a), income
25 September 2003 External T.I. 2002-0180905 F - Cessation de résidence-Conséquences fiscales Income Tax Act - Section 128.1 - Subsection 128.1(4) - Paragraph 128.1(4)(b) overview of consequences of emigration to Switzerland
12 September 2003 External T.I. 2003-0001335 F - Gain en Capital par une fiducie Income Tax Act - 101-110 - Section 104 - Subsection 104(21) s. 104(21) designation can be made even if non-taxable half of capital gain is retained by trust
3 October 2003 External T.I. 2003-0004575 F - ASSURANCE-INVALIDITE Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose premiums paid by corporation for disability policy on shareholder-employee are non-deductible
Income Tax Act - Section 3 - Paragraph 3(a) disability benefits received by corporation for disability policy on shareholder-employee are not income
8 September 2003 Internal T.I. 2003-0010407 F - Gains et pertes sur change étranger Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(i) Gaynor applies in computing gain on disposition of US securities
Income Tax Act - Section 39 - Subsection 39(2) s. 39(2) applies to interest on US mortgage
29 September 2003 Internal T.I. 2003-0027347 F - FRAIS MEDICAUX DEPLACEMENT Income Tax Act - Section 118.2 - Subsection 118.2(2) - Paragraph 118.2(2)(h) travel and accommodation expenses of parents in order to be near their hospitalized child were not covered
17 September 2003 External T.I. 2003-0027555 F - REER JUGES Income Tax Act - Section 146 - Subsection 146(1) - RRSP Deduction Limit computation of RRSP deduction limit for federal judges
3 October 2003 External T.I. 2003-0028385 F - EXONERATION DU REVENU IMPOSABLE Income Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(d.3) non-share corporations do not have shares
3 October 2003 External T.I. 2003-0030585 F - PENSIONS ETRANGERES Treaties - Income Tax Conventions - Article 18 degree of exemption for social security pension payments from Germany, Belgium or France
2 October 2003 Internal T.I. 2003-0031747 F - paiement pour service de volontaire Income Tax Act - Section 81 - Subsection 81(4) $1,000 cap is multiplied by the number of payers
2 October 2003 External T.I. 2003-0033415 F - FRAIS D'ACCES INTERNET Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) reimbursement of high-speed internet access fees to employees who must work from home likely not a taxable benefit
6 October 2003 External T.I. 2003-0040145 F - TRANSFERT D'UNE POLICE D'ASSURANCE-VIE Income Tax Act - Section 148 - Subsection 148(7) loss on transfer of universal life policy to wholly-owned subsidiary not recognized
Income Tax Act - Section 148 - Subsection 148(9) - Adjusted Cost Basis - Element A no taxable benefit when life insurance policy transferred to wholly-owned corporation at less than its FMV
Income Tax Act - Section 246 - Subsection 246(1) no taxable benefit when life insurance policy transferred to wholly-owned corporation at less than its FMV
24 September 2003 Internal T.I. 2003-0184097 F - perte au titre de placement Income Tax Act - Section 40 - Subsection 40(2) - Paragraph 40(2)(g) - Subparagraph 40(2)(g)(ii) Byram accepted: NIB loan can be made with a view to dividends
2003-10-10 11 September 2003 Internal T.I. 2003-0026217 F - Report de Pertes du de Cujus Income Tax Act - Section 111 - Subsection 111(2) net capital loss in year before death could be carried back rather than applied against all income in the two s. 111(2) years
25 September 2003 Internal T.I. 2003-0032837 F - Market Maker: Reserve Account for Losses Income Tax Act - Section 153 - Subsection 153(1) - Paragraph 153(1)(a) payment of deferred commission amounts held as contingency loss reserve from old employer to new employer was a payment of “remuneration” subject to withholding
General Concepts - Payment & Receipt constructive receipt by employee where reserve loss account (funded out of commissions) is transferred from old brokerage employer to new brokerage employer
2003-10-03 11 September 2003 External T.I. 2003-0010375 F - MONTANT RECU D'UN ORDRE RELIGIEUX Income Tax Act - Section 6 - Subsection 6(3) amount paid to a member departing a religious order
24 September 2003 External T.I. 2003-0028145 F - DON FAIT PAR UN PARTICULIER NON-RESIDENT Income Tax Act - Section 118.1 - Subsection 118.1(3) non-resident can carry forward a credit five years to when Canadian residence is acquired
11 September 2003 External T.I. 2003-0029145 F - CREDIT D'IMPOT POUR DON Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts meaning of gift under Quebec civil law
11 September 2003 External T.I. 2003-0032975 F - DON A UN PETIT-FILS HANDICAPE Income Tax Act - Section 74.1 - Subsection 74.1(2) s. 74.1(2) applies irrespective of child’s physical or mental condition
15 September 2003 External T.I. 2003-0033405 F - CONVENTION DE RETRAITE INTERETS COURUS Income Tax Act - Section 207.5 - Subsection 207.5(1) - Refundable Tax - Paragraph (b) computation of refundable tax includes income under application of s. 12(9) to stripped coupons
15 September 2003 External T.I. 2003-0034195 F - ALLOCATION DE RETRAITE Income Tax Act - Section 60 - Paragraph 60(j.1) employee purchase of back years of service with a related employer permitted
General Concepts - Agency common law Crown agency test applied for determining whether current and previous employers were related employers
30 September 2003 External T.I. 2003-0035725 F - MONTANT RELATIF AUX ETUDES Income Tax Act - Section 118.6 - Subsection 118.6(1) - Qualifying Student - Paragraph (d) meaning of post-secondary
Income Tax Act - Section 118.6 - Subsection 118.6(1) - Qualifying Student - Paragraph (a) portion of month can be counted provided that 12 hours (including course practical work) expended in that portion
23 September 2003 External T.I. 2003-0035905 F - REG 4900(3) Income Tax Regulations - Regulation 4900 - Subsection 4900(3) employee can designate a survivor benefit in the annuity contract

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