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2 February 2017 Quebec CPA Individual Taxation Roundtable Q. 1.7, 2016-0674811C6 F- Allocations automobiles & dépenses afférentes-- summary under Paragraph 8(1)(h.1) Summary Under Tax Topics- Income Tax Act- Section 8- Subsection 8(1)- Paragraph 8(1)(h.1) if vehicle allowance is too low, employee can include the allowance and deduct the vehicle expenses/T2200 production expected In discussing the situation where an employer limits the number of kilometers travelled by an employee in the course of employment for which it will pay a per-kilometer allowance, e.g., where the employer will stop paying once 10,000 kilometers have been driven in any year, or it does not pay for the first 20 km travelled in each employment-related trip, CRA stated: In such cases, an allowance may not be high enough in relation to expenses that an employee is expected to incur in a specific situation, and thus not be reasonable. ... An employee may, however, if all of the requirements are met, claim the deductions provided in paragraphs 8(1)(h), (h.1) or (j). … In addition, the CRA has stated…that where an employee elects to include in income the amount of a non-taxable motor vehicle allowance, the taxpayer can deduct the expenses for that vehicle which were actually incurred and which are otherwise deductible on condition that the taxpayer can demonstrate that such expenses are in excess of the allowance in question. ...

16 January 2017 Internal T.I. 2016-0651411I7- Reassessment period – transfer pricing-- summary under Subparagraph 152(4)(b)(iii) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(4)- Paragraph 152(4)(b)- Subparagraph 152(4)(b)(iii) s. 152(4)(b)(iii) permits a reallocation of taxable income among provinces where a taxpayer’s sales revenue has been increased under s. 247(2) Two years after the normal reassessment period, a transfer-pricing adjustment (“TPA”) is made under s. 247(2) respecting sales of goods to a non-resident affiliate at an undervalue, with the TPA increasing the “gross revenue” of the corporate taxpayer. ... [T]he CRA administers the tax legislation for several provinces. … Accordingly… the Minister may assess or reassess a taxpayer within 3 years after the normal reassessment period in respect of the computation of taxable income earned in the year in a province… to the extent of any transaction involving the taxpayer and a non-arm’s length non-resident person. ...

16 June 2017 External T.I. 2017-0698181E5- New principal residence rules & trusts-- summary under Subsection 40(6.1) Summary Under Tax Topics- Income Tax Act- Section 40- Subsection 40(6.1) s. 40(6.1) protected trust gain that accrued up to December 31, 2016 The estate of Deceased Parent, that qualified as a graduated rate estate (GRE) with a fiscal period of July 1, 2016 to June 30, 2017, sold the principal residence of the Deceased Parent in 2017 during that fiscal period at a gain. ... …[T]he transitional relief offered by proposed subsection 40(6.1) would be applicable in the scenario presented to any portion of the … gain that accrued up to December 31, 2016. ...

6 October 2017 APFF Roundtable Q. 14, 2017-0720321C6 F- GAAR & 21-year rule planning-- summary under Paragraph 104(4)(a) Summary Under Tax Topics- Income Tax Act- 101-110- Section 104- Subsection 104(4)- Paragraph 104(4)(a) Act does not contemplate any deferral beyond 21 years while property is directly in a discretionary trust or through a Canco If the terms of a discretionary family trust (“Old Trust”) so permit, the trustees (as the 21 st anniversary approaches) could choose to distribute the trust property to a corporate beneficiary (“Canco”), whose shares are held by a new discretionary trust (“New Trust”). ... CRA then stated: Our response would not be different even if the transactions put in place ensured that the realization of the capital gain inherent in the transferred property could not be postponed beyond the lifetime of the Old Trust's discretionary beneficiaries, who could have received property directly before the 21st anniversary. … [T]he Act does not contemplate any deferral beyond a 21-year period while property is directly or indirectly held in a discretionary trust and therefore, this situation raises the same policy concerns as in the situation described above. ...

5 May 2021 IFA Roundtable Q. 3, 2021-0888281C6- IFA 2021 Q.3: 247(3)- C$5 M Threshold & 261(5)-- summary under Paragraph 261(5)(b) Summary Under Tax Topics- Income Tax Act- Section 261- Subsection 261(5)- Paragraph 261(5)(b) the C$5M threshold in s. 247(3)(b)(ii) is to be translated into a functional currency on the basis that it is not “in respect of a penalty” Where a Canadian corporation (“Canco”) with an “elected functional currency” is subject to “transfer pricing income adjustments” respecting a “functional currency year” (as defined in ss. 261(1), 247(1) and 261(1), respectively),what relevant spot rate would be used to convert the C$5,000,000 threshold stated in s. 247(3)(b)(ii) into the elected functional currency, having regard to the statement in s. 261(5)(b) that, unless the context otherwise requires, each collar amount reference in the Act “other than in respect of a penalty or fine” is to be expressed in the taxpayer’s elected functional currency using the relevant spot rate for the first day of the particular taxation year in issue. ... The amount of the penalty itself is equal to 10% of the amount determined under paragraph 247(3)(a) and does not take into account paragraph 247(3)(b). … [P]redictability should prevail in applying subsection 247(3), and the application of paragraph 261(5)(b) to identify the “relevant spot rate” as the relevant spot rate for the first day of the particular taxation year when converting the C$ 5,000,000 threshold under subparagraph 247(3)(b)(ii) is consistent with that goal. ...

25 November 2021 CTF Roundtable Q. 4, 2021-0912111C6- Liable To Tax & Territorial Taxation-- summary under Article 4 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 4 a Singapore corporation was a resident there for Treaty purposes – even though it was subject to tax on a territorial basis- provided its CMC was there Generally, a person must be “liable to tax” in a contracting state to be a resident there for treaty purposes. ...

18 May 2022 Internal T.I. 2018-0788761I7 F- Amortissement – Travaux sur un bien loué et F&T-- summary under Subparagraph 1102(5)(a)(iii) Summary Under Tax Topics- Income Tax Regulations- Regulation 1102- Subsection 1102(5)- Paragraph 1102(5)(a)- Subparagraph 1102(5)(a)(iii) rendering of an empty shell suitable for manufacturing constituted substantially changing its nature The taxpayer, which subleased premises containing “Shells” consisting essentially of foundations, walls and roofs, installed wall and floor coverings and performed electrical, ventilation and plumbing work to make the premises suitable for use in its manufacturing and processing (“M&P”) operations. ... Although the Directorate agreed with the taxpayer that a property which otherwise was a Class 13 (leasehold) property (because at common law the improvements became part of the property of the landlord) could qualify as a Class 8 property (before then being potentially assimilated to Class 29), the Directorate went on to indicate that the above alterations to the Shells would be sufficient to deem the taxpayer’s leasehold interests to be a building or other structure, stating: Generally, alterations to a property do not materially change the nature of the property if, after the alterations, the use and size of the property remain the same. … Similarly, we are of the view that alterations to a property materially change its nature where the property has no particular purpose before the work is carried out but does have a particular purpose after the work is carried out. ...

5 December 2022 External T.I. 2021-0915921E5- ELHT – Class of beneficiaries-- summary under Subparagraph 144.1(2)(e)(i) Summary Under Tax Topics- Income Tax Act- Section 144.1- Subsection 144.1(2)- Subparagraph 144.1(2)(e)(i) employee beneficiaries of a mooted EHLT form a single class if their benefit entitlements are reasonably similar A corporation (“Corporation”) operating a Canadian retail chain, and the over-1,000 stores that owned it settled a health and welfare trust (the “Trust”) providing health benefits to employees ol the Corporation (representing 22% of all employees under the Trust) and employees of Member stores and affiliates as to the balance. ... CRA responded: The term “class of beneficiaries” is defined in subsection 144.1(1) of the Act (for purposes of section 144.1 of the Act) as a group of beneficiaries with identical rights or interests under the trust. … [A] “right”, as it pertains to an ELHT, includes an entitlement to designated employee benefits (“DEBs”). ...

6 September 2023 Internal T.I. 2019-0805481I7- Interaction of 17.1(1) & 247(2)-- summary under Subsection 17.1(1) Summary Under Tax Topics- Income Tax Act- Section 17.1- Subsection 17.1(1) interest can be imputed under s. 247(2) to a PLOI which already is subject to s. 17.1 imputed interest A corporation resident in Canada (“CRIC”) made various loans to an indirect wholly-owning parent which bore interest, payable at least annually, at a floating rate equal to the prescribed rate under Reg. 4301(b.1), with a timely joint election under s. 15(2.11) being made by them for each of those loans to qualify as a “pertinent loan or indebtedness” for the purposes of ss. 15(2) and 17.1(1). ... In short … subsection 247(2), which was broadly worded to embody the arm’s length principle, was meant to apply to all cross-border transactions, arrangements or events, including financial transactions, between non-arm’s length persons or partnerships, unless a specific exclusion applies. ...

2018 Ruling 2018-0740931R3 F- deductibility of interest – convertible debentures-- summary under Subparagraph 20(1)(c)(i) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(i) interest on borrowed money used to pay a premium on the cash redemption of convertible debentures is deductible Proposed transactions ACo, a listed Canadian public company, whose outstanding convertible debentures (the “Debentures”) are about to mature, will borrow from a lender (BCo) under “Loan 3.” ... However, upon receiving the notices of redemption for the Debentures, ACo will have the right to redeem such Debentures for an amount corresponding to the market value of the ACo shares into which they are convertible – which it will do, using proceeds of Loan 3 and thereby paying a “Conversion Premium C” over the redeemed Debentures’ principal amount. ...