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If A (a top-bracket Ontario-resident individual) owns Forco directly, the total tax payable is $767.65 ($500 foreign tax + $0 Canadian tax on FAPI + $267.65 Canadian tax on the dividend), for a tax rate of almost 77 percent on the initial $1,000 earned…The calculations are as follows: A has a $1,000 FAPI inclusion…. ... If the funds are to be reinvested by Canco, no Canadian tax arises, and the total tax payable is $500 of foreign tax… If the funds are to be passed on to A as a dividend for reinvestment at the personal level (instead of the corporate level), the total tax burden is $696.70[:] $500 foreign tax + $196.70 Canadian tax...calculated as 39.34 percent of the eligible dividend of $500. ...

. … The purchase price for the receivables is typically the face amount of the receivables less a discount. ... Another distinction between a sale and a secured loan is that if the SPE is unable to collect the full amount of a purchased receivable following termination of the RPA, the SPE has no right to collect any balance owing from the seller. … Computation of profit on sale of trade receivables to securitization trust (p. 12:22) Generally, it is the CRA's view [see 9206645] that the sale of accounts receivable, other than as part of the selling of a business, is on income account since the sale occurs in the ordinary course of the seller's business. … Generally, the CRA takes the position [2007-022514lR3] that when the purchase price in a securitization consists of upfront cash payments plus amounts received as a deferred purchase price, the fair market value of the deferred purchase price is included in the seller's income on the date of the sale of the receivables. ...

[A]ssume that Opco is a wholly owned subsidiary of Holdco, which owns 100 common shares of Opco worth $ 1 million (with nil ACB and PUC). ... Appropriateness of preliminary transactions to stream ACB to non-redeemed shares (pp. 6:32-33) [I]t appears [having cited 2015-0610681C6] that the CRA would challenge a preliminary transaction segregating pre-existing ACB from shares to be subsequently redeemed …. [S]uppose that Holdco had pre-existing ACB of $100,000 and undertook a preliminary share-for-share exchange … under subsection 85(1). ...

. … To the contrary, in virtually every M & A transaction, the results of tax diligence are used primarily to inform the lawyers drafting the share purchase agreement as to what representations and warranties to demand, what covenants to seek, and the scope and structure of the indemnities required to adequately protect the buyer…This is the very core of the legal advice the buyer’s lawyers provide…. Commercial use of legal advice does not detract from it being legal advice (p. 3) [T]o some extent the court seems to conflate the separate questions of what constitutes the giving of legal advice and what the client does with that advice….Where a work product has been used by the buyer’s lawyers as an input to the legal advice they render, the client’s use of that legal advice to make a commercial decision should be irrelevant as to whether that legal advice (and the work product generated wholly or partially for that purpose) is protected from disclosure under solicitor-client privilege. … ...

If an s. 88(3.3) suppression election is not available or used, and an s. 93(1) election is made, then absent further planning, $5,000 (($350 − $300) × 100) is deemed to be a dividend, and there is an s. 113(1)(b) deduction of $3,000, for a resulting taxable income inclusion of $2,000. ... Thus, Canco would claim additional UFT of $667, resulting in an additional deduction of $2,000 ($667 × 3) under s. 113(1)(b), thereby completely eliminating the dividend income. ...

Kandev, "Foreign Affiliate Issues in Troubled Times", International Tax (Wolters Kluwer CCH), No. 112, June 2020, p. 1-- summary under Subsection 248(27) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(27) Potential application of s. 248(27) to debt put to two uses (p. 3) [R]espect[ing] debt partly used for the purposes of earning FAPI and partly used for the purposes of earning active business income … [2002-0165195] … took the position that the whole amount of such debt would constitute a "commercial debt obligation" …. ...

Joint Committee, "Employee Stock Option Amendments", 3 September 2019 Joint Committee Letter-- summary under Paragraph 110(1)(e) Summary Under Tax Topics- Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(e) effective date/different employer and issuer/successor rules Both (i) the denial of the s. 110(1)(d) deduction for benefits respecting “non-qualified securities” and (ii) the granting of a corresponding employer deduction under s. 110(1)(e) should apply respecting agreements to sell or issue securities entered into after 2019, rather than (i) coming into force on January 1, 2020 – and the continuity rule in s. 7(1.4) should apply for such purposes. The conditions for the s. 110(1)(e) deduction should be relaxed to permit the stock option issuer to differ from the deducting employer, to permit the employer not to be a specified person, and to require that the specified person status of the issuer be tested only at the time of grant – but s. 110(1)(e) should not permit multiple employers to each take the deduction. ...

. … One prescribed circumstance for the offset to be available is that "the person who may reduce or offset the tax that is remittable and any other person who may be entitled to a refund or rebate under the Act are corporations." Partnerships do not qualify. … ...

. … Subsection 104(7.1), although broadly drafted, was enacted as an anti-avoidance measure to prevent the streaming of income and capital to different beneficiaries depending on their taxable status. The legislative intent appears to be that subsection 104(7.1) should apply only in circumstances where the terms attaching to the units of a trust are tax-motivated. … In the context of RioCan's preferred unit issuance, the CRA appears to have interpreted subsection 104(7.1) in light of this legislative intent; clearly, the purpose of the preferred units is not to stream income and capital in a tax-motivated manner. ...

. … Subsection 12(9.1)…exclud[es] from the certificate holder's income the portion of the proceeds of disposition received by the certificate holder from the disposition of an interest in the mortgage loan that can reasonably be considered to represent a recovery by the certificate holder of the cost of acquiring the interest [see 9206645]. … Conversely… subsection 20(21)…should allow a deduction of the overaccrual on the disposition of the certificate for fair market value. ...