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Moreover, it is unclear whether under s. 247(2), the taxpayer would be deemed to receive additional boot, then it would appear to have additional consideration even in circumstances where the exceptions to s. 85(1)(e.2) would have applied – whereas if the transfer pricing adjustment was additional shares, then there would be no gain under s. 85(1)(e.2). ... As suggested by Example 2 in the Explanatory Notes, s. 17(1) would be rendered redundant as between non-arm’s length parties even though such non-arm’s length circumstances were “front and centre” in the design of the s. 17(1) rules – and any “safe harbour” contained in s. 17 or other specific rules may be rendered moot by the prior application of s. 247(2). ...

CRA “Canada – US Tax Convention – Agreement between Competent Authorities on the Interpretation of Article V11 (Business Profits)”, (June 26, 2012). ...

As the integration tables show, this should not arise with most outbound structures … because the CFA earning the FAPI will have sufficient FAT to eliminate the income inclusion. ... That said … a CCPC could be stuck having to pay noneligible dividends in order to claim a refund of NERDTOH generated as a result of a FAPI inclusion. ...

. … Nonetheless, the "acting in concert without separate interests" test described by the Exchequer Court has been adopted and applied in numerous subsequent decisions considering factual non-arm's length relationships. Significance of reference in English Act to arm’s length dealings (pp. 5-7) The wording of the factual NAL test in the Act is not whether two persons are arm's length with one another, but rather whether they deal at arm's length with one another. … The upshot of the above jurisprudence is that there appears to be an avenue still open to argue that while the relationship between the parties may not be an arm's length one, it is possible that they could deal at arm's length. ...

The IBT requirement that all shares (other than specified class shares) be divested within 36 months limits the time within which discretionary dividends can be paid to create income for AMT recovery purposes – and, furthermore, removing the gross-up and the dividend tax credit for AMT purposes makes dividends a less efficient means of recovering AMT. If the IBT sale occurs for deferred purchase price (debt), the 10-year reserve proposed by s. 40(1.2) may allow the parent to avoid AMT entirely if the gain is small enough – but for larger sales, utilizing the 10-year reserve may trigger AMT in multiple years, reducing the parent’s ability to recover AMT. ...

[T]he CRA stated in a technical interpretation issued in March 2014 [fn 10: … 2012-0471021E5 …] that the amount of partnership safe income attributable to shares of a corporate partner to which the rules in section 34.2 apply should be the adjusted stub period accrual for the year. ... [fn 11: … 2007-0243151C6 …] While some may question whether this former position is supported by case law, [fn 12: See, for example, Canada v. ... [I]n VIH Logging … Woods J recognized that permitting the inclusion of stub period income is an unusual interpretation of paragraph 55(3)(c), which deems income earned and realized for a period to be the taxpayer's income as determined under the Act for the period; however, it was seen as "the only reasonable interpretation. ...

(a)) can be impracticable – at least 30 days should be allowed. Re para. ...

.$1,000, being the amount for which the common shares were issued (p. 5) [t]he Court found that "[t]he Indenture and the Prospectus [for the Debentures] clearly contemplate that the Common Shares are to be issued for US$14.00 per Common Share, which is equal to US$1,000 on a per Convertible Debenture basis …" And, further, "... in accordance with Teleglobe, this is the amount paid by Agnico for the extinguishment of the Convertible Debentures on the conversions. ... Ferran and Ho, in the same passage quoted above, add that "Cozens-Hardy [one of the judges on the Court of Appeal panel who concurred with Vaughan-Williams LJ. in separate reasons] expressly left open the question of a debenture issued at a discount to its par value which conferred a right at some future date to demand a fully paid share in exchange for the par value of the debenture. [... ...

. … [A]s administered by CRA, an upstream loan must actually be repaid in order for Canco to claim a terminal subsection 90(14) deduction. ... The $100 loan receivable of FA1 would be distributed to FA2 on the year 3 liquidation. … [W]hile Canco has sold the FA1 shares and no longer has the $100 adjusted cost base attribute available, the subsection 90(9) deduction is based on the attributes available to Canco at the "lending time" in year 1. ... That $100 adjusted cost base has been relevant in determining Canco's capital gain or loss from its disposition of the FA1 shares, but that is appropriately not offside paragraph 90(9)(c). … Avoidance of double taxation (p. 5) [C]anco would be required by subsection 90(12) to include in income in year 3 its prior year 2 reserve claimed under subsection 90(9). ...

The beneficiary is deemed to have disposed of the capital interest for proceeds of $40 ($100 — $60). ... Consequently, the capital gain from the disposition of the capital interest is $20 ($40 — $20). 6. ... Consequently, the capital gain from the disposition of the capital interest is $80 ($100 — $20). ...