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Ownership requirement 1.21 CCA may be claimed only for property: owned by the taxpayer; deemed to be owned by the taxpayer; or in which the taxpayer has a leasehold interest. 1.22 … CCA may be claimed by the beneficial owner of a property if that person has all the incidents of title, such as possession, use and risk. … 1.23 … [W]here a taxpayer's asset is incorporated as an integral part into a property owned by another person. ... [W]here the building is used to earn income for only a short time prior to demolition, it is likely that the building will not be regarded as depreciable property unless the taxpayer can clearly establish that the prime intention on acquiring the building was for the purpose of gaining or producing income. … ...

Repairs or Running Expense Incidental capital expenditure 1.3 … Where only a minor part of the expenditure is of a capital nature, the CRA's practice is to treat the whole expenditure as a current expense. ... Restoration to original condition 1.5 Where an expenditure made in respect of a property serves only to restore it to its original condition, that fact is one indication that the expenditure is of a current nature. … Technological improvements 1.6 A repair often involves some degree of improvement in technology, materials or workmanship. ... For example, the cost of replacing the rudder or propeller of a ship is typically regarded as a current expense. … Relative value 1.9 … [W]here the engine in an automobile is replaced, it is not only likely that such a replacement will substantially improve or prolong the useful life of the automobile, but the cost is also likely to be substantial in relation to the total value of the property of which the engine forms a part. ...

. … 1.12 A person who has accepted any funds from the trust in respect of an income interest in the trust, or who has executed a disclaimer in respect of an income interest in the trust in favour of another person, would be considered to have acquired the income interest and therefore would be unable to execute a valid disclaimer. … Meaning of release or surrender 1.13 A release or surrender is either an extinguishment or discharge of a legal right or claim, or a transfer of a legal right or claim to another person. ... The taxpayer must include that amount in income pursuant to subsection 106(2). … 1.14 … Pursuant to paragraph 248(8)(c), a release or surrender by a beneficiary with respect to any property that was property of a deceased individual immediately before death, is not considered to be a disposition of the property by the beneficiary. ... The result will be the same where the taxpayer designates or otherwise agrees which person or persons will benefit by reason of the release or surrender, if the same person or persons would be entitled to benefit in the same way under the trust without the taxpayer's designation or agreement. … ...

S4-F14-C1- Artists and Writers-- summary under Subsection 118.1(7.1) Summary Under Tax Topics- Income Tax Act- Section 118.1- Subsection 118.1(7.1) Review of requirements for s. 118.1(7.1) deduction 1.88 As discussed in ¶ 1.82, an individual who is a visual artist carrying on an artistic business might make a gift of a work of art from their inventory. ... A designation under subsection 118.1(7.1) is of no effect to the extent that the designated amount: exceeds the FMV of the work of art otherwise determined; or is less than the greater of the amount of any advantage in respect of the gift and the cost amount to the individual of the work of art. 1.92 Subsection 118.1(7.1) also applies in respect of gifts of certified cultural property (see ¶ 1.84) where: the work of art is of the individual’s own creation the work of art is property in the individual’s inventory, and at the time of the gift, the FMV of the property is greater than its cost amount (in other words, its inventory value—see ¶ 1.32 to 1.36). ... Where an advantage is received or enjoyed in respect of the gift of certified cultural property, the individual would include in computing business income from the disposition of the work of art the amount, if any, by which the advantage exceeds the individual's cost of the work of art. 1.94 Even though subsection 118.1(7.1) will deem the proceeds of disposition to be less than the FMV of the work of art being gifted, subsections 118.1(3) and (10) will still allow the FMV of the work of art established by the CCPERB to be used in determining the eligible amount of the gift for purposes of the donation tax credit, provided the requirements set out in ¶ 1.85 and 1.86 are met. ...

Fundy Settlement …clarified that residence of a trust will be determined by … where its real business is carried on, which is where the central management and control of the trust actually takes place. … [and] affirmed the view that the residence of the trustee does not always determine the residence of a trust. 1.4 It is not uncommon for more than one trustee to be involved in exercising the central management and control over a trust. ... Regardless of any contrary provisions in the trust agreement, the actions of these other persons in respect of the trust must be considered. 1.6 …[R]elevant factor[s] … may include: the factual role of a trustee and other persons with respect to the trust property, including any decision-making limitations imposed thereon, either directly or indirectly, by any beneficiary, settlor or other relevant person; and the ability of a trustee and other persons to select and instruct trust advisors with respect to the overall management of the trust. ...

S3-F4-C1- General Discussion of Capital Cost Allowance-- summary under Subsection 1100(2.2) Summary Under Tax Topics- Income Tax Regulations- Regulation 1100- Subsection 1100(2.2) Overview 1.41 … [S]ubsection 1100(2.2) … appl[ies] to a transferee only if: the property was depreciable property of the transferor, and was owned continuously by that person, either from November 12, 1981 or from a date that was at least 364 days before the end of the transferee's tax year in which they acquired the property, to the date of acquisition; or the property was previously exempted from the half-year rule because of the application of subsection 1100(2.1) or 1100(2.2) of the Regulations (at the time when the transferor originally acquired the property). Example: Double NAL transfer 1.41 … Scenario A Mr. C is the controlling shareholder of a corporation which has a tax year ending on December 31. ...

In order that the cost of an asset may fall within a specified class, the purchaser must have a current ownership right in the asset itself and not merely rights under a contract to acquire the asset in the future. 1.29 … The basic rule is that property is acquired by a purchaser at the time the parties to the contract intend it to be acquired. … 1.30 However, if the intention of the parties is not evidenced as discussed above, the following rules apply to determine when ownership of a property is acquired: Where there is an unconditional contract for the sale of a specific asset in a deliverable state, property will be acquired by the purchaser when the contract is made. … If there is a contract for the sale of a specific asset and the seller is bound to do something to the asset to put it into a deliverable state, then ownership of the property is not acquired until the seller has satisfied any outstanding conditions and the purchaser has been notified. ... Negotiated reduction in purchase price 1.59 Where a taxpayer acquires depreciable property and at a later date the vendor agrees to reduce the amount owing under a negotiated adjustment of the purchase price, the capital cost of the property is reduced by the amount of the reduction at the beginning of the tax year in which the price adjustment took place. … ...

The burden of demonstrating a sufficient connection between the taxpayer’s loan to (or the taxpayer’s guarantee of the debts of) the debtor and the potential for income will be much higher in situations where the taxpayer is not a direct shareholder of the debtor.... 1.48 For an example of a case where the taxpayer did not own shares directly in the debtor corporation but a sufficient connection was shown to exist for the exception described in ¶ 1.44(a) to apply, see Alessandro v The Queen, 2007 TCC 411 &d1=&d2=&su=0"> 2007 TCC 411; 2007 DTC 1373 (TCC). For an example of a case where the connection was found to be too remote, see Service v The Queen, 2004 TCC 592 &d1=&d2=&su=0"> 2004 TCC 592, 2004 DTC 3317, which was affirmed by the Federal Court of Appeal in Service v Canada 2005 FCA 163 "> 2005 FCA 163, 2005 DTC 5281). ...

. … However, this choice is not available if the total amount or value of any non-share consideration received exceeds $200. 1.72 The allocation of cost described in [s. 87(4)(b)] may cause a shift of adjusted cost base from one class of shares of a predecessor corporation to a different class of shares of the new corporation…. 1.73 However, the CRA will not apply paragraph 87(4)(b) to reallocate the adjusted cost base of the shares of the new corporation if: (a) the amalgamation agreement provides that the preferred and common shares of the predecessor corporation are to be converted into preferred and common shares, respectively, of the new corporation, or (b) for a short-form amalgamation, the issued shares of one of the predecessor corporations become shares of the new corporation under the relevant corporate legislation. … 1.75 In situations where an amalgamation is used to shift all or part of the value of a shareholder's predecessor corporation shares to a person related to the shareholder whose interest in the new corporation will be enhanced by the shift in value, the rollover provided in subsection 87(4) will be denied in respect of that shareholder. ...

S5-F4-C1- Income Tax Reporting Currency-- summary under Subsection 261(16) Summary Under Tax Topics- Income Tax Act- Section 261- Subsection 261(16) Summary of base cases 1.61 Where the subsidiary’s tax reporting currency is the Canadian dollar – either because it has never elected into the functional currency regime or it has reverted to Canadian currency – the subsidiary is deemed to be a functional currency tax reporter with the same elected functional currency as its parent. ...