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30 October 2003 External T.I. 2003-0037465 F - Subsections 40(3.3) & 40(3.4) -- summary under Subsection 40(3.4)

30 October 2003 External T.I. 2003-0037465 F- Subsections 40(3.3) & 40(3.4)-- summary under Subsection 40(3.4) Summary Under Tax Topics- Income Tax Act- Section 40- Subsection 40(3.4) non-application of s. 40(3.4) where taxpayer acquires then immediately disposes of an additional block/ application of formula where it partially dips into existing block A taxpayer described in s. 40(3.3)(a), which on January 1, 200X had held 100 common shares of Pubco for at least three months, acquired an additional 50 shares on June 1, 200X, and on June 2, 200X, disposed of those additional shares to an unaffiliated person, sustaining a capital loss.. ... CCRA indicated that although s. 40(3.4) would apply, under its administrative position, only 1/2 of the taxpayer's loss would be considered to be nil under s. 40(3.4)(a) under the formula: Deemed nil loss = (the lesser of S, P and B) / S x L where S = the number of shares disposed of at that time 100 P = the number of shares acquired during the period described in paragraph 40(3.3)(b) 50 B = the number of shares remaining at the end of that period 50 L = the loss on the disposition otherwise determined And therefore: Deemed nil loss = 50 / 100 x L CCRA indicated that s. 40(3.4) would apply to the entire loss arising under a second variation, under which, on June 1, 200X, the taxpayer disposed of 50 of the 100 Pubco common shares and on June 2, 200X, acquired an additional 50 Pubco common shares of Pubco. ...

17 February 2017 External T.I. 2016-0662341E5 - Airline passes – retired and current employees -- summary under Paragraph 6(1)(a)

17 February 2017 External T.I. 2016-0662341E5- Airline passes – retired and current employees-- summary under Paragraph 6(1)(a) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) use of space-confirmed, but not standby, passes by airline employees is taxable Will S2-F3-C2 be revised to reflect the administrative policies in IT-470R, paras. 42, 44 respecting standby airline passes provided to current airline employees (“current employees”) and standby and space-confirmed airline passes provided to retired airline employees (“retired employees”)? ... …[S]tandby and space-confirmed airline passes used by retired employees are not taxed. … S2-F3-C2 … provide[s] CRA’s interpretive positions, not administrative policies. … The CRA webpage, Benefits and allowances, will be updated to include these administrative policies. ...

Cussens & Ors v Brosnan, ECLI:EU:C:2017:881:Case C-251/16, [2017] BVC 61 -- summary under Subsection 274(4)

The Court stated (at paras 53, 60- 61): …[T]he case-law stemming from the judgment in Halifax does not require it to be established that the accrual of a tax advantage is the only objective of the transactions at issue. … In order to determine the substance and real significance of the leases at issue in the main proceedings, the referring court may, in particular, take account of the purely artificial nature of those transactions and the links of a legal, economic and/or personal nature between the operators at issue …. Such aspects are capable of demonstrating that the accrual of a tax advantage constitutes the essential aim pursued, notwithstanding the possible existence, in addition, of economic objectives …. …[T]he leases … had no commercial reality and were entered into … with the aim of reducing the VAT liability on the sales of immovable property … which they envisaged carrying out subsequently. ...

6 October 2017 APFF Roundtable Q. 1, 2017-0708971C6 F - Inactive Corporations & subs. 162(7) ITA -- summary under Subsection 162(7)

6 October 2017 APFF Roundtable Q. 1, 2017-0708971C6 F- Inactive Corporations & subs. 162(7) ITA-- summary under Subsection 162(7) Summary Under Tax Topics- Income Tax Act- Section 162- Subsection 162(7) no penalty imposed where failure to file a nil T2 return At the 2016 APFF Conference, CRA indicated that an inactive corporation must file an income tax return, but could file a letter explaining the non-filing, and that a penalty would not be automatically imposed. ... After noting that such filing was required by s. 150(1)(a)(i)(A), CRA stated: … Exida.com … stated that the general penalty in subsection 162(7) was applicable … where a person fails to comply with an obligation imposed on the person … unless another provision of the Income Tax Act provides for a penalty for such default. … However … the CRA [considers] that since this decision is based on a rather narrow interpretation of the relevant statutory provisions, the penalty under subsection 162(7) will generally not be imposed on resident corporations that failed to file their tax returns where they either had no taxable income or had incurred a loss for the year. ...

29 September 2020 External T.I. 2018-0757501E5 F - Crédit pour intérêts sur les prêts étudiants -- summary under Payment & Receipt

29 September 2020 External T.I. 2018-0757501E5 F- Crédit pour intérêts sur les prêts étudiants-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt capitalization of interest on a novation under Quebec law would constitute its payment A Quebec post-secondary student loan program provided for an initial 12-month “full exemption period” (in which the Quebec government paid the interest charged on the loan by the lender) and a subsequent six-month “partial exemption period” (during which the student borrower was required to pay interest on the loan balance). ... In addressing whether such capitalized interest qualified as being “paid” under a “loan made” under the Quebec financial assistance program so as to generate a credit under s. 118.62, CRA stated: By virtue of the Civil Code of Quebec, there can be payment where there is a handing over of money [(“tradition d’argent”)] between the debtor and the creditor or where there is novation by change of debt. … The mere addition of accrued interest to the principal amount of an original debt is generally not sufficient in itself to constitute a payment of such interest. If … the addition of interest to the principal … qualifies as a novation … the amount of interest will be considered paid when the novation occurs and will be eligible for the credit by virtue of section 118.62, if all the conditions set out in that section are otherwise satisfied. ...

Haworth & Ors v Commissioners for His Majesty's Revenue and Customs, [2025] EWCA Civ 822 -- summary under Article 4

Haworth & Ors v Commissioners for His Majesty's Revenue and Customs, [2025] EWCA Civ 822-- summary under Article 4 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 4 the place of effective management of trusts for treaty tie-breaker purposes was in the UK even though their CMC might be in Mauritius The UK-resident taxpayers sought to avoid capital gains tax respecting the disposal of shares by family trusts of which they were the settlors by relying on a "Round the World" tax plan. ... If the trustees were appointed because it was appreciated that fulfilment of their responsibilities would cause them to take the decisions, the POEM of the trust might not be in the jurisdiction from which the trustees come. … … [Here] the role of the trustees in Mauritius was effectively pre-determined. … [T]he settlors, albeit with the advice and assistance of advisers, decided to adopt "an overall single plan" and, to that end, exercised their powers to appoint the Mauritius Trustees for a limited period "in the confident expectation that they would implement the plan". ...

Jim Samuel, Byron Beswick, "Selected Issues in Transactions Involving Debt", 2019 Conference Report (Canadian Tax Foundation), 18:1 – 27 -- summary under Subsection 18(9.1)

[Footnote 65 See, for example, paragraphs 1.22 and 1.38 of … S4-F2-C1 … 2012-0436771E5 … and … 9325325 ….] ... Alternatively, if the intermediary is considered to be in the business of lending money, consideration could be given to whether the penalty paid might be deductible, under section 9 …. [I]t might be possible for the intermediary to avoid the payment and receipt of the prepayment penalty by assigning its debt receivable to the ultimate lender in satisfaction of the intermediary’s debt to the ultimate lender …. ...

Canada (Attorney-General) v. Brogan Family Trust, 2014 ONSC 6354 -- summary under Rectification & Rescission

Brogan Family Trust, 2014 ONSC 6354-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission no obligation to notify Crown if tax liability which was relieved has not been assessed The respondent family trust obtained a rectification order, to permit trust distributions to minor grandchildren beneficiaries, on 26 November 2010, which was shortly after a sale of a business by the trust. ... In dismissing this motion, Ray J stated (at para. 13): I am not persuaded that… CCRA [sic] was affected by the order of McLean, J. … [After citing Canada v. ... Richter & Associates, [2000] OJ No. 2073 (Ont SC) aff'd [2001] OJ No. 1087 (Ont CA)]. ...

Felty v. Ernst & Young LLP, 2015 BCCA 445 -- summary under Agency

Ernst & Young LLP, 2015 BCCA 445-- summary under Agency Summary Under Tax Topics- General Concepts- Agency presumption that law firm agreement binds client The appellant’s B.C. law firm retained Ernst & Young to provide her with U.S. tax advice in connection with negotiating a separation agreement with her husband. ... In finding that the appellant was bound by the engagement agreement, Newbury JA applied (at para. 38) the principle in Shaw, Salter & Plommer v. Phipps & Cosgrove (1926) 37 B.C.R. 184 “that as a general rule, solicitors will be taken to be contracting on behalf of their clients in the course of their practice.” ...

Robotx Solutions Inc. v. The Queen, 2017 TCC 73 (Informal Procedure) -- summary under Scientific Research & Experimental Development

The Queen, 2017 TCC 73 (Informal Procedure)-- summary under Scientific Research & Experimental Development Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Scientific Research & Experimental Development solving narrowly-cast production engineering problems was not SR&ED The taxpayer was a corporation that improved customer’s equipment by increasing their lifespan, improving their security mechanisms or by standardizing them in order to produce economies of scale. In 2012, it entered into four separate contracts with four customers to provide them with specific solutions within the scope of this services business, and treated $182,483 of the expenditures which in incurred in the course of performing this customer-specific work as SR & ED expenditures. Respecting the first project undertaken for an alcohol products company, Jorré J stated (at paras 50, 58, and 62-63, TaxInterpretations translation): … [T]he purpose of the project was to make the palletizers and depalletizers [of beverage bottles] conform to current security standards and to eliminate the risk of the lifting platform falling when an operator or mechanic was underneath. … … [T]here is nothing in the evidence that suggests that palletizers and depalletizers meeting the required safety standards do not already exist or that there is an improvement over what already existed. … … Difficulties by themselves are not sufficient for their resolution to become experimental development. ...

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