Search - "Contribution of Property"

After referring to s. 248(8)(a), CRA stated (TaxInterpreations translation): [A] contribution of property to a trust by a deceased contributor which takes effect at a date subsequent to death, such as a contribution of property to a trust following the death of a surviving spouse, generally would not disqualify the trust as a testamentary trust. ...

Thus, a contribution of property to a trust by a deceased contributor which takes effect at a date subsequent to the deceased's death, such as a contribution of property to the trust following the death of a surviving spouse, generally would not disqualify the trust as a testamentary trust. ...

(Tax Window, No. 1, p. 22, ¶1137)-- summary under Testamentary Trust Summary Under Tax Topics- Income Tax Act- 101-110- Section 108- Subsection 108(1)- Testamentary Trust A payment of cash to an estate to enable it to pay its liabilities is a contribution of property, which could result in the trust losing its status as a testamentary trust and as a personal trust. ...

23 October 2009 External T.I. 2009-0309861E5 F- Tax-free Savings Accounts-- summary under Paragraph 74.5(12)(c) Summary Under Tax Topics- Income Tax Act- Section 74.5- Subsection 74.5(12)- Paragraph 74.5(12)(c) s. 74.5(12)(c) inapplicable to contribution of property to TFSA of contributor’s spouse followed by spouse’s withdrawal of property and investment of proceeds Mr. ...

CRA provides a general discussion of the application of the Act to the deemed contribution of property to a trust of which the bare owner and usufructuary are the beneficiaries, and of the application of s. 107(2.1) to the winding up of the trust in connection with the termination of the usufruct. ...

26 February 2007 External T.I. 2005-0159431E5 F- Renonciation aux revenus d'une fiducie-- summary under Paragraph (c) Summary Under Tax Topics- Income Tax Act- 101-110- Section 108- Subsection 108(1)- Testamentary Trust- Paragraph (c) renunciation of income not yet realized is not a contribution to the trust CRA found that the renunciation of the income of a spouse trust by the spouse under Article 1285 of the Civil Code of Québec would not constitute a contribution of property so as to disqualify the trust as a testamentary trust given that the income was unrealized (whereas there would have been considered to be a contribution if the income was realized and, thus, payable). ...

15 June 2021 STEP Roundtable Q. 12, 2021-0885671C6- Property owned jointly-- summary under Subparagraph 73(1.01)(c)(iii) Summary Under Tax Topics- Income Tax Act- Section 73- Subsection 73(1.01)- Paragraph 73(1.01)(c)- Subparagraph 73(1.01)(c)(iii) a s. 73(1.01)(c)(iii) trust can receive jointly or individually owned property from the spouses Is it possible for spouses (or common-law partners), both of them over 65, to jointly create a trust which meets the s. 73(1.01)(c)(iii) conditions with a contribution of property jointly-owned by them; and is it possible for one or both of them to make subsequent contributions to the trust on a tax-deferred basis with property that is owned jointly by them, and other property that is owned individually? ...

In finding that the supplies of T-shirts by the charity were not exempt, with HST or GST applying on the consideration of $X for each supply of a T-shirt, CRA stated:...where the charity provides the person making the contribution with property or a service of more than nominal value that served as an inducement to make the contribution, then for ETA purposes, the amount of the contribution is not regarded as a gift but as consideration for the supply of the property or service given in return by the charity. ...

Although no rulings were given on the paid-up capital of the LLCs, the description of the "Shares" of the Delaware LLC ("LLC2") to be contained in the LLC Agreement- and similarly for California- stated: "Capital" of Shares is the aggregate of all amounts paid to LLC 2 and the monetary value at the time of contribution of property contributed to LLC 2 (in each case including amounts paid or contributed prior to USco 2's conversion to LLC 2) in consideration for the issuance of Shares together with any amounts added thereto by the Board of Managers or the Stockholders in accordance with the provisions of the LLC 2 Agreement, less the aggregate of all amounts by which such capital has been reduced by the Stockholders or the Board of Managers in accordance with the LLC 2 Agreement. ...

CRA provides a general discussion of the application of the Act to the deemed contribution of property to a trust of which the bare owner and usufructuary are the beneficiaries, and of the application of s. 107(2.1) to the winding up of the trust in connection with the termination of the usufruct. ...