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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. ...

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. ...

19 February 2025 External T.I. 2018-0744821E5 F- Régime d’assurance collective- groupe de personne-- summary under Subsection 15(1) Summary Under Tax Topics- Income Tax Act- Section 15- Subsection 15(1) rebuttable presumption that benefits of shareholder-employees from disability plan premiums were taxable/ meaning of "contemplated" shareholder 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 went on to note that its general presumption “that an employee shareholder receives benefits or allowances in their capacity as a shareholder if they can significantly influence the policies of the corporation” can be rebutted if “all employees of the corporation are entitled to the benefit” or if all employees are shareholders or related to a shareholder and the benefit “is comparable (in nature and amount) to the benefits … generally offered by corporations of the same size to non-shareholder employees whose services and responsibilities are similar.” ...

25 March 2025 External T.I. 2024-1039131E5- CCUS- "actual eligible use percentage"-- summary under Actual Eligible Use Percentage Summary Under Tax Topics- Income Tax Act- Section 211.92- Subsection 211.92(1)- Actual Eligible Use Percentage "actual eligible use percentage" of a carbon capture project should be based on the end “use” (i.e., capture) of the carbon Aco constructed, owned, and operated a carbon capture facility to capture carbon dioxide emissions from its industrial facilities. ... However, as the unanticipated fugitive emissions occur within Bco’s pipeline transportation network, Aco may be able to avail itself of the relief provided in subsections 211.92(6) and (7) … because such emissions would likely be due to extraordinary circumstances outside of the control of Aco. ...

25 March 2025 External T.I. 2024-1039131E5- CCUS- "actual eligible use percentage"-- summary under Subsection 211.92(6) Summary Under Tax Topics- Income Tax Act- Section 211.92- Subsection 211.92(6) likely relief where fugitive emissions occurred outside of the taxpayer’s capture system for reasons beyond its control Carbon captured at Aco’s industrial facilities was then transported through the pipeline of Bco, for delivery to the carbon sequestration hub of Cco. ... However, as the unanticipated fugitive emissions occurred within Bco’s pipeline transportation network, “Aco may be able to avail itself of the relief provided in subsections 211.92(6) and (7) … because such emissions would likely be due to extraordinary circumstances outside of the control of Aco.” ...

24 June 2025 External T.I. 2025-1063501E5- Clean Hydrogen ITC- Operating Year-- summary under Operating Year Summary Under Tax Topics- Income Tax Act- Section 127.48- Subsection 127.48(1)- Operating Year periods where hydrogen continues to be produced are not disregarded The concept of an “operating year” is defined to “disregard … any period during which the project is not operating”, so that, for example, if it did not operate for one month, the operating year might be 13 months. ...

2 April 2025 External T.I. 2019-0818321E5 F- Reverse Earnout-- summary under Paragraph 12(1)(g) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(g) capital gains and then capital loss treatment of an asset sale made on a reverse earnout basis accepted, where the targets were not achieved On the closing date for the sale by Opco of the assets, being capital property with an ACB of $150,000, of one of its two businesses to an arm's length purchaser, it was agreed that the purchaser would pay $3,500,000 on the closing date, pay an adjustment (the “Adjustment”) based on the net assets of the sold business upon approval of its closing-date financial statements no later than 90 days after the closing date, pay an amount of $300,000 12 months after the closing date, and a further $200,000 18 months after the closing date provided, in the case of each such deferred payment, the purchased business had achieved targeted customer retention rates. The two deferred payments were not made on the agreed dates because of disagreements about the method for their computation. 21 months after the closing date, the parties agreed that a deferred payment of $50,000, rather than $200,000 + $300,000, would be paid. ...