We have translated 6 more CRA interpretations

31 July 2023 - 10:58pm
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We have translated a further 6 translations of CRA interpretations released in March of 2003. Their descriptors and links appear below.

These are additions to our set of 2,539 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 20 1/3 years of releases of such items by the Directorate. These translations are subject to our paywall (applicable after the 5th of each month).

Bundle Date Translated severed letter Summaries under Summary descriptor
2003-03-21 11 March 2003 External T.I. 2002-0179095 F - Issuance-Discretionary Shares non-Consid. Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(b) issuance of shares at less than FMV to joint Holdco of current shareholders could generate a deemed gain under s. 69(1)(b)
Income Tax Act - Section 56 - Subsection 56(2) s. 56(2) inapplicable to discretionary-dividend shares
Income Tax Act - Section 15 - Subsection 15(1) a benefit can be conferred on a taxpayer even where no net economic benefit
13 March 2003 External T.I. 2003-000009B F - UNE BANDE SANS RESERVE Other Legislation/Constitution - Federal - Indian Act - Section 87 remission where lands not yet a reserve
14 March 2003 External T.I. 2003-0002465 F - Usu-droit privé franc.- nu- prop. Canadien Income Tax Act - Section 45 - Subsection 45(1) - Paragraph 45(1)(a) change of use to bare owner when usufruct over French rental property was extinguished
Income Tax Regulations - Regulation 1102 - Subsection 1102(1) - Paragraph 1102(1)(c) rental property of bare owner was not eligible for CCA, as rental income was that of French usufructuary
10 March 2003 Internal T.I. 2002-0172187 F - DEDUCTIBILITE DES INTERET Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) interest on debenture issued in payment of interest, was non-deductible
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(f) premium (termed additional interest”) was payable even if no early repayment, and qualified under s. 20(1)(f)
Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) reiteration of position re deductibility of participating interest post-Sherway
Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Legal and other Professional Fees legal fees re repaying debt were non-deductible
Income Tax Act - Section 248 - Subsection 248(1) - Dividend premium payable on debenture repayment based in part on the quantum of debtor’s equity was not a dividend
14 March 2003 Internal T.I. 2003-0182977 F - 40(3.5)(c) Income Tax Act - Section 40 - Subsection 40(3.5)
Income Tax Act - Section 40 - Subsection 40(3.5) - Paragraph 40(3.5)(c) deeming rule in s. 40(5)(c) applies for purposes of the preconditions in s. 40(3.3) as to whether s. 40(3.4) applies
2003-03-14 26 February 2003 External T.I. 2002-0163625 F - FONDS RESERVES GARANTIS AU DECES Income Tax Act - Section 146 - Subsection 146(8.8) FMV of RRSP’s segregated fund assets was not less than the amount guaranteed by the insurer