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4 March 2025 External T.I. 2025-1053731E5- DOF Explanatory Notes on Subsections 87(8.4) & (8.5) – Inconsistent Statement-- summary under Subsection 87(8.4) Summary Under Tax Topics- Income Tax Act- Section 87- Subsection 87(8.4) the Explanatory Notes on s. 87(8.4) partially conflated it with s. 87(8) The Explanatory Notes to ss. 87(8.4) and (8.5) provide: New subsections 87(8.4) and (8.5) allow taxpayers to elect for dispositions of taxable Canadian property (“TCP”) that is shares of a corporation or an interest in a partnership or trust to occur on a tax-deferred (“rollover”) basis, where the disposition results from a foreign merger that meets certain conditions. ...

17 January 2025 Internal T.I. 2024-1029791I7 F- SSUC- Rémunération de la haute direction / CEWS--- summary under Executive Remuneration Summary Under Tax Topics- Income Tax Act- Section 125.7- Subsection 125.7(1)- Executive Remuneration no adjustments are made to an eligible entity's Statement of Executive Compensation for NEOs filed pursuant to NI 51-102 for CEWS repayment purposes The Directorate found that the “executive remuneration” (as defined in para. ...

17 January 2025 Internal T.I. 2024-1029791I7 F- SSUC- Rémunération de la haute direction / CEWS--- summary under Subsection 125.7(14) Summary Under Tax Topics- Income Tax Act- Section 125.7- Subsection 125.7(14) repayment based on NI 51-102 statements, without adjustments Ss. 125.7(14) and (14.1) could require exchange-listed eligible entities to repay all or part of the CEWS they had received based inter alia on the excess of their executive remuneration over the 2019 base level. ...

A) likely could not deduct his reimbursement payment, CRA stated: … Mr. ... This court decision then eliminated any possibility of dividend income …. In short … it becomes difficult … to demonstrate the existence of a sufficient link between the expense and Mr. ...

26 February 2025 Internal T.I. 2023-0985151I7 F- Remboursement de frais juridiques par un actionnaire à sa société / Reimbursement of legal fees by a shareholder-- summary under Legal and other Professional Fees Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Legal and other Professional Fees the vendor’s agreed reimbursement of the sold corporation’s legal costs of a failed suit in consideration for a dividend had the suit succeeded, likely was non-deductible An individual disposed of all the shares of his corporation to an arm's length purchaser, with the exception of a single preferred share. ... Regarding whether the individual could deduct his reimbursement payment, CRA stated. … Mr. A's undertaking to reimburse the legal costs of the corporation only took effect if the corporation received an unfavourable decision …. ...

26 February 2025 Internal T.I. 2023-0985151I7 F- Remboursement de frais juridiques par un actionnaire à sa société / Reimbursement of legal fees by a shareholder-- summary under Subparagraph 42(1)(b)(ii) Summary Under Tax Topics- Income Tax Act- Section 42- Subsection 42(1)- Paragraph 42(1)(b)- Subparagraph 42(1)(b)(ii) s. 42(1)(b)(ii) might apply to the vendor’s agreed reimbursement, post-sale, of the sold corporation’s legal costs of a failed suit An individual agreed to sell all the shares of a corporation except that he also agreed with the purchaser that he would retain a preferred share in that corporation on which he would receive a dividend equal to a percentage of any damages award to the corporation in its action against a 3 rd party for lost profits – but that if the law suit was unsuccessful, he would reimburse the corporation for certain of its legal fees. ...

CRA indicated that: “based on the context in which the RUTT regime was introduced … the definition of a RUTT should be interpreted broadly. ... The CRA Guidance stated that uncertainty is reflected in the financial statements, for example, if “the entity concluded it is not probable that the tax authority will accept an uncertain tax treatment and thus … it is probable that the entity will receive or pay amounts relating to the uncertain tax treatment ….” ... When that is the case, the RUTTs must be disclosed in Form RC3133 …. … [T]he notes to the audited financial statements prepared in accordance with … IFRS … or any other country-specific generally accepted accounting principles need to be considered when determining whether the uncertainty of tax treatments is reflected in the relevant financial statements …. ...

6 May 2025 External T.I. 2024-1031071E5- Subparagraph 149(5)(e)(ii) and vacant land-- summary under Subparagraph 149(5)(e)(ii) Summary Under Tax Topics- Income Tax Act- Section 149- Subsection 149(5)- Paragraph 149(5)(e)- Subparagraph 149(5)(e)(ii) use of vacant land as a golf range in the somewhat distant past was not exclusive and direct use to meet the objectives of a golf club for s. 149(5)(e)(ii) purposes A golf club that treated itself as exempt under s. 149(1)(l) sold a subdivided parcel of land in 2024 that had been owned for 35 years (1990 to 2024) and used as a golf range for 5 of those years (1998-2002). ... In finding that the gain was not exempted pursuant to the exemption in s. 149(5)(e)(ii) for “property used exclusively for and directly in the course of providing the dining, recreational or sporting facilities provided” by the golf club for its members, CRA stated: [C]asual or indirect uses of a property are not sufficient for the exception in subparagraph 149(5)(e)(ii) of the Act to apply. … [S]ubparagraph 149(5)(e)(ii) … is intended to only exclude taxable capital gains from property that is required and used exclusively to meet the objectives of the tax-exempt NPO. [T]he parcel of land was used as a golf range for a brief five-year period (1998–2002) of its 35-year ownership (1990 to 2024). … [S]uch limited or historical use is insufficient to meet the threshold of being property used exclusively for and directly in the course of providing facilities to members. ...

21 January 2025 External T.I. 2024-1041441E5- Return of Premium Life Insurance Policy-- summary under Proceeds of the Disposition Summary Under Tax Topics- Income Tax Act- Section 148- Subsection 148(9)- Proceeds of the Disposition In response to a query as to why the taxpayer was issued at T5 slip for the receipt on the maturity of a term life insurance policy of a return of premiums (ROP) benefit (i.e., an amount equal to the total previously paid premiums under the policy), CRA provided a general technical overview of the provisions relevant to computing a policy gain under s. 148(1), and then referred the correspondent to White for further illumination. ... In elaborating on this result, Morgan stated (at paras. 23-24): The Appellant naturally thought of the ROP benefit ($24,909) as a return of non-taxable dollars. … [T]he phrase “return of premium” may be an accurate description of the maximum amount received by the Appellant upon the expiry of the term but it is misleading for the following reason. ... What the insurer paid as a benefit upon the expiry of the term was not, in a business sense or in an income tax sense, any part of the premiums for life insurance. … It was part of the insurer’s earnings. ...

19 February 2025 External T.I. 2018-0744821E5 F- Régime d’assurance collective- groupe de personne-- summary under Subparagraph 6(1)(a)(i) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a)- Subparagraph 6(1)(a)(i) for a 2-person plan, a higher level of benefits for the majority shareholder would suggest that there was an individual policy for him, rather than being a group plan component A corporation which already offers group insurance (life, health and disability) to all its employees with the premiums paid by them, has created a supplementary disability insurance plan for two of its executive employees, one of whom is the majority shareholder. ... After noting that there would be no taxable benefit under s. 6(1)(a) from the employer's payment of the premiums if this arrangement qualified as a group plan described in s. 6(1)(a)(i), CRA stated: [A]n insurance plan can qualify as a group insurance plan if it covers two or more employees. … [F]or an individual disability insurance policy to be a component of a group insurance plan, it must be determined whether the level of benefits and the ratio of contributions to the plan shared by the employer and the employee are similar to those of the other employees covered by the same plan. ...