Search - 三河市 市委书记 现任

IV tax under s. 186(1)(b) – a tax deferral. Suppose, instead, that on March 31, being a day that Opco and Bankco are not connected, a dividend is paid both by Opco to the trust, and by the trust to Bankco – but on September 30, a share ownership change results in Opco and Bankco now being connected, so that CRA’s position suggests that Pt. ...

", Canadian Tax Journal (2021) 69:2, 595- 627-- summary under Subparagraph 5901(2)(b)(i) Summary Under Tax Topics- Income Tax Regulations- Regulation 5901- Subsection 5901(2)- Paragraph 5901(2)(b)- Subparagraph 5901(2)(b)(i) Whether the holding of an interest in the FA by an LP with unrelated CRICs or their FAs as members precludes making the election (pp. 605-608) Interpreted literally, the Reg. 5901(2)(b)(ii) precludes the election- for a whole dividend paid by a foreign affiliate (FA) of a corporation resident in Canada (a “CRIC”) to come out of preacquisition surplus – if any other CRIC (or a foreign affiliate of any other CRIC) is a member of a partnership that is a shareholder of the FA, regardless whether the other CRIC is related to the particular CRIC, or the partnership is a recipient of any portion of the dividend. However, 2020 IFA Roundtable, Q.7 found that where Canco1 owned 100% of the Class A shares, and a limited partnership (LP) with partners (including Canco 2) at arm’s length with Canco1 owned 100% of the Class B shares, of a foreign affiliate (FA) respecting Canco1 and 2, and FA paid a dividend to Canco1 on the Class A shares, the Reg. 5901(2)(b)(ii)(A) requirement, that no member of LP (i.e., Canco 2) be a corporation that is otherwise eligible to elect under Reg. 5901(2)(b)(i), was only applicable where such LP in fact was receiving a dividend that otherwise could be elected upon to reduce the ACB of shares, so that Canco1 was not disqualified from making the election – but that the Reg. 5901(2)(b)(ii)(A) tainting of a dividend by FA to Canco1 (and Canco 2) would apply if FA had only one class of shares and a dividend was paid on a pro rata basis to both Canco1 and LP. ...

Uncertain reporting requirements for transactions with recurring benefits (pp. 15-16) It is unclear whether transactions need to be reported on a recurring basis and whether the sample list of notifiable transactions describes transactions that may provide tax benefits over a period of time – for example, would a transaction whereby CCPC status was lost before 2022 need to be reported because refundable taxes on investment income were avoided for subsequent years? ... Reporting obligations may arise before a series is completed (pp. 17-18) A series of transactions can encompass many years – much longer than the 45-day reporting window- and some of the examples (e.g., avoidance of deemed dispositions of trust property) deal with series where some steps may occur well into the future or not at all. ...

Need for monitoring and dealing with existing loans (p. 10) Where there is intended reliance on the moneylending business exception, there will need to be a calculation of the percentage representing the moneylending to entities within the group, during all of the time in which the loan is outstanding – which will create pressures given that loan balances may vary on a daily basis. This amendment applies not only to loans made after 2022, but also to any portion of a particular loan made before 2023 that remains outstanding on January 1, 2023 as if that portion were a separate loan that was made on January 1, 2023 – so that taxpayers may be required to take remedial action in respect of pre-existing upstream loans. ...

Nat Boidman, Eivan Sulaiman, "The EIFEL Proposals and Controlled Foreign Affiliates", Vol. 2, No. 1, February 2023, p. 5-- summary under Clause 95(2)(f.11)(ii)(D) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(2)- Paragraph 95(2)(f.11)- Subparagraph 95(2)(f.11)(ii)- Clause 95(2)(f.11)(ii)(D) Base example of consolidated percentage EIFEL denial to CFA and Canco (p. 6) Canco, which has business income of $1,100 after deducting interest expense of $1,400 also has a wholly-owned CFA that has income from property of $400 after deducting interest expense of $600, and pays no tax – so that Canco’s income including FAPI is $1,500. ... Inclusion of RAIFE even where FAPL (p. 7) If the CFA had incurred a foreign accrual property loss (FAPL) instead of FAPI, the RAIFE of the CFA would nonetheless be included in the IFE of Canco – even though that FAPL might never be deducted in computing Canco’s income. ...

-resident children and contributed an aggregate of $10 million to the trust over the following 10 years – but his brother, a U.S. citizen and Canadian resident, over the same 10-year period gave an aggregate of $100,000 cash to the trust to take advantage of his applicable credit (part of the $12.92 million amount) or his annual exclusion limit (currently, $18,000). The adverse consequences of s. 94 applying can be ameliorated by making a resident portion election under s. 94(3)(f) – but this election cannot be made if the trust has already filed a return for a year in which it was deemed resident pursuant to s. 94. ...

PWC, "Tax Insights: Canada Revenue Agency confirms that fair market value of newly constructed residential complexes includes GST/HST", Issue 2024-10, 22 March 2024-- summary under Subsection 191(3) Summary Under Tax Topics- Excise Tax Act- Section 191- Subsection 191(3) CRA states that GST/HST should be backed out of the appraised value of newly constructed residence for GST/HST self-assessment purposes A recently obtained internal communiqué [footnote 1: CRA internal communiqué dated May 17, 2023 “Updated guidance relating to embedded amount of GST or HST in Fair Market Value (FMV) under the Excise Tax Act (ETA) as it pertains to New Residential Housing”] issued by the Canada Revenue Agency (CRA) to its audit and appeals branches provides guidance on the determination of fair market value (FMV) for purposes of calculating the GST/HST on the deemed sale of new residential housing … [and] states that the appraised value of a newly constructed residential property includes GST/HST, and that this GST/HST should be subtracted from the appraised value before determining the amount of GST/HST that will be payable by a builder in respect of a deemed sale of a newly constructed rental property. … CRA position avoids double tax The CRA now accepts the builders’ position that the FMV (or appraised value) of a newly constructed rental property includes GST/HST, as confirmed in the recently obtained CRA internal communiqué, as follows: “In conclusion, all approaches to value used will have to state a conclusion of value as ‘Inclusive of GST/HST.’ ...

.-- summary under Subsection 248(10) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(10) A preliminary transaction will be assimilated to a subsequent series if the taxpayer intended to carry out such series, although identity of parties not yet known [A] preliminary transaction will form part of a series determined with reference to subsection 248(10) if, at the time the preliminary transaction is carried out, the taxpayer intends to implement the subsequent transactions constituting the series, and the subsequent transactions are eventually carried out Thus the preliminary and subsequent transactions will be part of a series even though at the time of the completion of the preliminary transaction the taxpayer either had not determined all the important elements of the subsequent transactions – including, possibly, the identity of other taxpayers involved – or had lacked the ability to implement the subsequent transactions. ...

[fn 6: This characterization has recently been confirmed in … 2003-0006645 …] However, an Extendible Step-Up Note should not be considered a prescribed debt obligation for these purposes, as a holder of an Extendible Step-Up Note has no present right, at the time that the note is acquired, to any interest beyond the initial maturity date or extended maturity date, as the case may be…. ...

Withholding and remitting requirements apply to contributions to the RCA trust – see paragraph 153(1)(p)] The RCA trust would then borrow from a third-party financial institution and in turn loan those funds to the sponsoring employer on terms that did not reflect "market" conditions in terms of interest rate, security and/or repayment terms. Resulting impoverishment of RCA (p. 1074) In some cases, the CRA believed the loan, in the future, could potentially impoverish the RCA in such a way that refundable tax paid by the RCA trust would be recoverable [fn 6: An election is available to permit refunds of the tax in specific situations – see subsection 207.5(2). ...