Search - "Contribution of Property"
Results 101 - 110 of 111 for "Contribution of Property"
Current CRA website
Guidance on the application of the split income rules for adults
Specifically, the Proposals provide that the reasonableness of an amount will be evaluated based on one or more of the following criteria: Labour Contribution: the work performed by the individual in support of the Related Business before the amounts became paid; Property Contribution: the property contributed by the individual in support of the Related Business; Risk Incurred: the risks assumed by the individual in respect of the Related Business; Historical Payments: the total amounts paid by any person or partnership to or for the benefit of the individual in respect of the Related Business; and Such other factors that may be relevant. ...
FCA
Canada v. Oxford Properties Group Inc., 2018 FCA 30
Contribution of property to partnership Apport de biens dans une société de personnes 97(1) Where at any time after 1971 a partnership has acquired property from a taxpayer who was, immediately after that time, a member of the partnership, the partnership shall be deemed to have acquired the property at an amount equal to its fair market value at that time and the taxpayer shall be deemed to have disposed of the property for proceeds equal to that fair market value. 97(1) Lorsque, après 1971, une société de personnes a acquis des biens auprès d’un contribuable qui, immédiatement après le moment de l’acquisition, faisait partie de la société de personnes, cette dernière est réputée les avoir acquis à un prix égal à leur juste valeur marchande à ce moment et le contribuable est réputé en avoir disposé et en avoir tiré un produit égal à cette juste valeur marchande. (2) Notwithstanding any other provision of this Act other than subsection 13(21.2), where a taxpayer at any time disposes of any property that is a capital property, Canadian resource property, foreign resource property, eligible capital property or inventory of the taxpayer to a partnership that immediately after that time is a Canadian partnership of which the taxpayer is a member, if the taxpayer and all the other members of the partnership jointly so elect in prescribed form within the time referred to in subsection 96(4), (2) Malgré les autres dispositions de la présente loi, sauf le paragraphe 13(21.2), dans le cas où un contribuable dispose de son bien — immobilisation, avoir minier canadien, avoir minier étranger, immobilisation admissible ou bien à porter à l’inventaire — en faveur d’une société de personnes qui est, immédiatement après la disposition, une société de personnes canadienne dont il est un associé, les règles suivantes s’appliquent si le contribuable et les autres associés de la société de personnes en font conjointement le choix sur formulaire prescrit dans le délai mentionné au paragraphe 96(4): (a) the provisions of paragraphs 85(1)(a) to 85(1)(f) apply to the disposition as if a) les alinéas 85(1)a) à f) s’appliquent à la disposition comme si la mention: (i) the reference therein to “corporation’s cost” were read as a reference to “partnership’s cost”, (i) « pour la société » était remplacée par la mention « pour la société de personnes », (ii) the references therein to “other than any shares of the capital stock of the corporation or a right to receive any such shares” and to “other than shares of the capital stock of the corporation or a right to receive any such shares” were read as references to “other than an interest in the partnership”, (ii) « autre que toutes actions du capital-actions de la société ou un droit d’en recevoir » était remplacée par la mention « autre qu’une participation dans la société de personnes », (iii) the references therein to “shareholder of the corporation” were read as references to “member of the partnership”, (iii) « actionnaire de la société » était remplacée par la mention « associé de la société de personnes », (iv) the references therein to “the corporation” were read as references to “all the other members of the partnership”, and (iv) « la société » était remplacée par la mention « tous les autres associés de la société de personnes », (v) the references therein to “to the corporation” were read as references to “to the partnership”; (v) « à la société » était remplacée par la mention « à la société de personnes »; (b) in computing, at any time after the disposition, the adjusted cost base to the taxpayer of the taxpayer’s interest in the partnership immediately after the disposition, b) dans le calcul, à un moment donné après la disposition, du prix de base rajusté, pour le contribuable, de sa participation dans la société de personnes, immédiatement après la disposition: (i) there shall be added the amount, if any, by which the taxpayer’s proceeds of disposition of the property exceed the fair market value, at the time of the disposition, of the consideration (other than an interest in the partnership) received by the taxpayer for the property, and (i) il doit être ajouté l’excédent éventuel du produit que le contribuable a tiré de la disposition des biens sur la juste valeur marchande, au moment de la disposition, de la contrepartie (autre qu’une participation dans la société de personnes) reçue par le contribuable pour les biens, (ii) there shall be deducted the amount, if any, by which the fair market value, at the time of the disposition, of the consideration (other than an interest in the partnership) received by the taxpayer for the property so disposed of by the taxpayer exceeds the fair market value of the property at the time of the disposition; and (ii) il doit être déduit l’excédent éventuel de la juste valeur marchande, au moment de la disposition, de la contrepartie (autre qu’une participation dans la société de personnes) reçue par le contribuable pour les biens dont il a ainsi disposé sur leur juste valeur marchande au moment de la disposition; (c) where the property so disposed of by the taxpayer to the partnership is taxable Canadian property of the taxpayer, the interest in the partnership received by the taxpayer as consideration therefor shall be deemed to be taxable Canadian property of the taxpayer. c) lorsque les biens dont le contribuable a ainsi disposé en faveur de la société de personnes sont des biens canadiens imposables du contribuable, la participation dans la société de personnes qu’il a reçue en contrepartie est réputée être un bien canadien imposable du contribuable. (4) Where subsection 97(2) has been applicable in respect of the acquisition of any depreciable property by a partnership from a taxpayer who was, immediately after the taxpayer disposed of the property, a member of the partnership and the capital cost to the taxpayer of the property exceeds the taxpayer’s proceeds of the disposition, for the purposes of sections 13 and 20 and any regulations made under paragraph 20(1)(a) (4) Lorsque le paragraphe (2) s’appliquait à l’égard de biens amortissables acquis par une société de personnes auprès d’un contribuable qui, immédiatement après avoir disposé de ces biens, était un associé de la société de personnes et que le coût en capital supporté par le contribuable pour les biens dépasse le produit qu’il a tiré de leur disposition, pour l’application des articles 13 et 20 ainsi que des dispositions réglementaires prises en vertu de l’alinéa 20(1)a): (a) the capital cost to the partnership of the property shall be deemed to be the amount that was the capital cost thereof to the taxpayer; and a) le coût en capital supporté par la société de personnes pour les biens est réputé être celui qui a été supporté par le contribuable pour ces mêmes biens; (b) the excess shall be deemed to have been allowed to the partnership in respect of the property under regulations made under paragraph 20(1)(a) in computing income for taxation years before the acquisition by the partnership of the property. b) l’excédent est réputé avoir été admis en déduction en faveur de la société de personnes au titre des biens, en vertu des dispositions réglementaires prises en application de l’alinéa 20(1)a), dans le calcul de son revenu pour des années d’imposition antérieures à l’acquisition de ces biens par la société de personnes. ...
FCTD
Harris v. Canada, 2001 FCT 1408
Because subsection 85(1) applies equally to residents and non-residents, so does paragraph 85(1)(i). iii) Subsection 97(2) is a parallel rollover provision designed to accomplish the same tax policy objective as subsection 85(1), except that subsection 97(2) applies to the contribution of property to a partnership. ...
Old website (cra-arc.gc.ca)
Instructions for applying for a tax shelter identification number
Tax shelter identification number Applying for a tax shelter identification number Providing a tax shelter identification number Identifying tax shelter participants Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records How to complete Form T5001 Section A – Identification information Section B – Tax shelter information Section C – Gifting arrangement information Section D – Other promoter information Section E – Financing information Section F – Entitlements to amounts or benefits Section G – Security deposit, investment, and insurance policy information Section H – Trust information Section I – Purchase and sale information Section J – Valuation and appraisal information Section K – Promotional and other information Section L – Outstanding items Section M – Summary of arrangements Section N – Undertaking to keep books and records Section O – Certification Where to send completed Form T5001 Penalties False or misleading information Failing to file a return Misrepresentation of a tax matter by a third party Failing to provide the tax shelter identification number Providing an incorrect tax shelter identification number Appendix A – Definitions Limited-recourse amounts in respect of a tax shelter Limited-recourse debt in respect of a gift or monetary contribution Property Third-party civil penalty For more information General information What is a tax shelter? ... Generally, a gifting arrangement is any arrangement under which it may reasonably be considered, based on statements or representations made or proposed to be made in connection with the arrangement, that a person entering into the arrangement would: make a gift to a qualified donee, or make a political contribution, of property acquired by the person under the arrangement; or incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution. ...
Scraped CRA Website
Instructions for applying for a tax shelter identification number
Tax shelter identification number Applying for a tax shelter identification number Providing a tax shelter identification number Identifying tax shelter participants Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records How to complete Form T5001 Section A – Identification information Section B – Tax shelter information Section C – Gifting arrangement information Section D – Other promoter information Section E – Financing information Section F – Entitlements to amounts or benefits Section G – Security deposit, investment, and insurance policy information Section H – Trust information Section I – Purchase and sale information Section J – Valuation and appraisal information Section K – Promotional and other information Section L – Outstanding items Section M – Summary of arrangements Section N – Undertaking to keep books and records Section O – Certification Where to send completed Form T5001 Penalties False or misleading information Failing to file a return Misrepresentation of a tax matter by a third party Failing to provide the tax shelter identification number Providing an incorrect tax shelter identification number Appendix A – Definitions Limited-recourse amounts in respect of a tax shelter Limited-recourse debt in respect of a gift or monetary contribution Property Third-party civil penalty For more information General information What is a tax shelter? ... Generally, a gifting arrangement is any arrangement under which it may reasonably be considered, based on statements or representations made or proposed to be made in connection with the arrangement, that a person entering into the arrangement would: make a gift to a qualified donee, or make a political contribution, of property acquired by the person under the arrangement; or incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution. ...
Current CRA website
Instructions for applying for a tax shelter identification number
Tax shelter identification number Applying for a tax shelter identification number Providing a tax shelter identification number Identifying tax shelter participants Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records How to complete Form T5001 Section A – Identification information Section B – Tax shelter information Section C – Gifting arrangement information Section D – Other promoter information Section E – Financing information Section F – Entitlements to amounts or benefits Section G – Security deposit, investment, and insurance policy information Section H – Trust information Section I – Purchase and sale information Section J – Valuation and appraisal information Section K – Promotional and other information Section L – Outstanding items Section M – Summary of arrangements Section N – Undertaking to keep books and records Section O – Certification Where to send completed Form T5001 Penalties False or misleading information Failing to file a return Misrepresentation of a tax matter by a third party Failing to provide the tax shelter identification number Providing an incorrect tax shelter identification number Appendix A – Definitions Limited-recourse amounts in respect of a tax shelter Limited-recourse debt in respect of a gift or monetary contribution Property Third-party civil penalty For more information General information What is a tax shelter? ... Generally, a gifting arrangement is any arrangement under which it may reasonably be considered, based on statements or representations made or proposed to be made in connection with the arrangement, that a person entering into the arrangement would do one of the following: a) make a gift to a qualified donee, or make a political contribution, of property acquired by the person under the arrangement b) incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution A political contribution refers to a monetary contribution to a registered party, a registered association, or a candidate as defined in the Canada Elections Act. ...
SCC
R.S. v. P.R., 2019 SCC 49, [2019] 3 SCR 643
A, at para. 69) [136] In order to remedy the vulnerability of spouses who had married under the regime of separation of property rather than that of community of property or partnership of acquests during the preceding decades, the legislature also “created [a] compensatory allowance mechanism, which entitled each spouse to claim compensation for his or her contribution, in property or services, to the enrichment of the other spouse’s patrimony” (Quebec v. ...
Current CRA website
Guide for the Partnership Information Return (T5013 Forms)
In general, a gifting arrangement means any arrangement under which it may reasonably be considered, having regard to statements or representations made or proposed to be made in connection with the arrangement, that if a person were to enter into the arrangement, the person would: make a gift to a qualified donee, or a political contribution, of property acquired by the person under the arrangement incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution Generally, a limited-recourse debt is one where the borrower is not at risk for the repayment. ...
Old website (cra-arc.gc.ca)
Guide for the Partnership Information Return (T5013 Forms) 2016
In general, a gifting arrangement means any arrangement under which it may reasonably be considered, having regard to statements or representations made or proposed to be made in connection with the arrangement, that if a person were to enter into the arrangement, the person would: make a gift to a qualified donee, or a political contribution, of property acquired by the person under the arrangement; or incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution. ...
Current CRA website
Guide for the Partnership Information Return (T5013 Forms) 2016
In general, a gifting arrangement means any arrangement under which it may reasonably be considered, having regard to statements or representations made or proposed to be made in connection with the arrangement, that if a person were to enter into the arrangement, the person would: make a gift to a qualified donee, or a political contribution, of property acquired by the person under the arrangement; or incur a limited-recourse debt that can reasonably be considered to relate to a gift to a qualified donee or a political contribution. ...