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Somewhat curiously, the Target structure was acquired by a Bidco owned exclusively by the Taxpayer but funded in significant part (perhaps as to ½) by Pubco. Shortly after the acquisition by Bidco, there was a transfer of most of the Target holdings to a “JV Co” initially owned by the Taxpayer but with Pubco being transferred ½ of the shares of JV Co in consideration for the Bidco cash funding it had earlier provided. ...

This share sale avoided the imposition of property transfer tax (“PTT”) under the Property Transfer Tax Act (B.C.) thereby enhancing the value of the estate to be distributed to the secured creditors – and the judge below had found that this was the purpose for structuring the transaction as a share sale. ... In rejecting this submission, Harris JA stated: [S]tructuring a transaction to avoid the transfer of title and thereby PTT is a legitimate commercial practice outside the insolvency context. … I can see no reason why that which is legitimate and proper outside the insolvency context should be viewed differently within it. ...

. … The CRA does not consider that the use of post mortem transactions to eliminate the capital gain arising on the death of the beneficiary spouse in order to limit double taxation at the trust level results in a situation of [GAAR] abuse …. ...

These are additions to our set of 3,047 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 23 ¾ years of releases of such items by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2001-03-30 9 January 2001 Internal T.I. 2000-0058047 F- FRAIS JURIDIQUES Income Tax Act- Section 40- Subsection 40(2)- Paragraph 40(2)(g)- Subparagraph 40(2)(g)(ii) debt of corporation to a director arising from his discharge of joint and several liability for unpaid taxes was not a debt acquired for income-producing purpose Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Legal and other Professional Fees director’s legal fees incurred re his liability for unpaid corporate GST were non-deductible 2 March 2001 External T.I. 2001-0069555 F- Dividendes- (U.S. spin-off) Income Tax Regulations- Regulation 201- Subsection 201(2) T5 reporting obligation of broker also applies to s. 86.1 spin-off Income Tax Act- Section 86.1- Subsection 86.1(2) detailed review of proposed s. 86.1 19 March 2001 External T.I. 2001-0063345 F- RS & DE- MANDATAIRE Income Tax Act- Section 37- Subsection 37(1)- Paragraph 37(1)(a)- Subparagraph 37(1)(a)(ii)- Clause 37(1)(a)(ii)(E) organization did not qualify under s. 37(1)(a)(ii)(E) because it made disbursements only as agent 23 February 2001 External T.I. 2001-0066265 F- Salaire différé français Income Tax Act- Section 3- Paragraph 3(a) receipt of “deferred salary,” pursuant to a right established by French legislation, as compensation for contribution to the family farm was not income Income Tax Act- Section 248- Subsection 248(1)- Disposition- Paragraph (b)- Subparagraph (b)(ii) receipt of “deferred salary,” pursuant to a right established by French legislation, was not a pension given no previous employer-employee relationship Income Tax Act- Section 248- Subsection 248(1)- Property “deferred salary” right of farmer descendant was a debt Treaties- Income Tax Conventions- Article 18 receipt of “deferred salary,” pursuant to a right established by French legislation, was not a pension given no previous employer-employee relationship 11 January 2001 Internal T.I. 2000-0037167 F- CLAUSE D'AJUSTEMENT DE PRIX Income Tax Act- Section 54- Adjusted Cost Base post-closing indemnity payments received by purchaser reduced the ACB of its purchased shares Income Tax Act- Section 40- Subsection 40(1)- Paragraph 40(1)(a)- Subparagraph 40(1)(a)(i) damages received by share purchaser reduced the ACB of its shares and were not a taxable capital gain 8 March 2001 External T.I. 2000-0048405 F- Usufruit sur immeuble en France Income Tax Act- Section 248- Subsection 248(3) s. 248(3) and 75(2) subject bare owner to tax on rental income under Quebec usufruct/ the converse if a French usufruct ...

However, s. 272.1(2)(b) provides that where a partner that is not an individual acquires property or a service for consumption, use or supply in the course of activities of the partnership, but not on the account of the partnership, for purposes of determining an ITC of the member, s. 272.1(1) does not apply to deem the partner not to have acquired the property or service and the partner is deemed to be engaged in those activities of the partnership – so that it may be able to claim an ITC. CRA provided the following (restrictive) interpretation of the scope of s. 272.1(2)(b) before finding that expenses incurred by a limited partner of a type that were not contemplated under LPA as being ones that were to be incurred by any partner were not eligible for ITCs: In order to satisfy the requirement in s. 272.1(2), the property or service must be intended to be consumed, used or supplied in the course of the activities of the partnership – and, given that the s. 272.1(2) rule is an exception to the general rule in s. 272.1(1), this will generally be the case where the acquisition, importation or bringing in of such property or service by the partner “is a usual act undertaken in the ordinary course of the partnership business such that subsection 272.1(1) would otherwise apply to that partner’s action.” ...

These are additions to our set of 3,059 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 23 ¾ years of releases of such items by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2001-03-16 28 February 2001 External T.I. 2000-0016765 F- All or substantially all Income Tax Act- Section 54.2 CRA is prepared to issue rulings on the application of the all or substantially all test in s. 54.2, which is not necessarily a 90% of FMV test Income Tax Act- 101-110- Section 110.6- Subsection 110.6(14)- Paragraph 110.6(14)(f)- Subparagraph 110.6(14)(f)(ii)- Clause 110.6(14)(f)(ii)(A) all or substantially all test in s. 110.6(14)(f)(ii)(A) is generally but not always a 90% of FMV test 5 March 2001 Internal T.I. 2000-0040357 F- Déductibilité- utilisation inadmissable Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(i) proration method applied to determine what portion of sold MFT units reduced the acquisition loan rather than equity 15 February 2001 External T.I. 1999-0008405 F- Lien de dépendance confirmed in 2004-0092871E5 F Income Tax Act- Section 84.1- Subsection 84.1(1) secured promissory note potentially could give rise to de facto control Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) holding of secured note for 80% of purchaser’s assets potentially could give rise to de facto control 2001-03-02 26 February 2001 External T.I. 2000-0017635 F- choix modifié et PBR rajusté Income Tax Act- Section 85- Subsection 85(1)- Paragraph 85(1)(c.1) where expenses reducing ACB of transferred partnership interest were denied, automatic increase in agreed amount in statute-barred year of transfer under s. 85(1)(c.1) 22 February 2001 External T.I. 2000-0042795 F- Epargne indiciellle et JVM Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(c) no requirement to recognize interest on disposition of stock-index-linked term deposit 1 March 2001 External T.I. 2000-0050275 F- Remboursement de prime / enfant infirme Income Tax Act- Section 146- Subsection 146(8.1) overview of rules for transfer of taxpayer’s RRSP on death to financially dependent child ...

Summaries of GST/HST Memorandum 3-3-5 “Place of Supply in a Province – General Rules for Intangible Personal Property” January 2025 under New Harmonized Value-Added Tax System Regulations, s. 2 – Canadian rights, s. 6(1), s. 6(2)(a), s. 6(2)(b)(i)(A), s. 6(2)(b)(i)(B), s. 6(2)(b)(i)(C), s. 6(2)(c), s. 8(b)(i)(A), s. 8(b)(i)(B) and s. 11. ...

These are additions to our set of 3,090 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 23 ¾ years of releases of such items by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2025-01-22 7 January 2025 External T.I. 2022-0945291E5 F- Intérêts versés sur des obligations communautaires d’une coopérative Income Tax Act- Section 149- Subsection 149(1)- Paragraph 149(1)(l) members providing legitimate debt financing of an NPO can be consistent with the s. 149(1)(l) conditions/ preferred shares that can bear “interest” cannot be issued 2001-02-16 1 February 2001 External T.I. 2000-0008675 F- Avantage-société devenue imposable Income Tax Act- Section 15- Subsection 15(1) inevitable s. 15(1) benefit when not-for-profit with surplus is converted to a share corporation and the members subscribe for shares 1 February 2001 External T.I. 2000-0049655 F- Transfert entre conjoints de crédit d'impôt Income Tax Act- Section 118.1- Subsection 118.1(1)- Total Cultural Gifts credits from gifts of cultural property can be reallocated between spouses, but s. 69 gains cannot be reallocated 6 February 2001 External T.I. 2000-0060435 F- Exclusion des frais d'exploration Income Tax Act- Section 66.1- Subsection 66.1(6)- Canadian exploration expense- Paragraph (k.1) ATV was excluded 29 January 2001 Internal T.I. 2000-0062827 F- Placement admissible- conjoint de fait Income Tax Regulations- Regulation 4901- Subsection 4901(2)- Connected Shareholder RRSPs of two individuals prior to their marriage were not necessarily not dealing at arm’s length 2001-02-02 1 February 2001 External T.I. 2000-0041535 F- Actionnaire rattaché / droit de 1er refus Income Tax Regulations- Regulation 4901- Subsection 4901(2.2)- Paragraph 4901(2.2)(b) comments in IT-419R, para. 13 re shotgun clauses etc. are applicable to Reg. 4901(2.2)(b) 31 January 2001 External T.I. 2000-0050465 F- TRANSFERT D'UN BIEN AGRICOLE Income Tax Act- Section 73- Subsection 73(3) immediately “before the transfer” referenced a period of less than three years ...

Summary of 13 October 2020 External T.I. 2020-0860081E5 under Treaties – Income Tax Conventions- Art. 18. ...

Topic Descriptor 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 1, 2023-0976911C6 F- CELIAPP- Changement d'usage / FHSA- Change in use Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal- Paragraph (d) a recent change of a home from rental to principal-residence use cannot ground an FHSA withdrawal 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 2, 2023-0978631C6 F- CELIAPP- Autoconstruction d'une habitation- FHSA- Self-construction Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal- Paragraph (c) written agreement for construction before October 1 could be satisfied with agreements with trades by self-constructing individual Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal- Paragraph (a) acquisition of home is when it becomes habitable 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 3, 2023-0976921C6 F- CELIAPP- Acquisition d'une quote-part d'une habitation admissible / FHSA- Acquisition of a share of a qualifying home General Concepts- Ownership reference to acquiring a qualifying home includes acquiring a co-ownership interest Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal a qualifying withdrawal from an FHSA can fund the purchase of a co-ownership interest in a qualifying home 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 4, 2023-0990531C6 F- Life insurance policy transfer Income Tax Act- 101-110- Section 106- Subsection 106(3) s. 106(3) could apply to a distribution of a dividend in kind Income Tax Act- 101-110- Section 107- Subsection 107(2) s. 107(2) inapplicable to distribution in satisfaction of a trust debt owing to the beneficiary Income Tax Act- Section 148- Subsection 148(7) a trust distribution of a life insurance policy to a beneficiary was made for FMV consideration equal to the part of the beneficiary’s capital or income interest that is satisfied 2 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 5, 2023-0978561C6 F- Partnership – distribution of a life insurance police Income Tax Act- Section 248- Subsection 248(35) holding of policy by partnership prior to its distribution to partner does not count towards the latter’s holding period Income Tax Act- Section 148- Subsection 148(7) s. 98(2) generally prevails over s. 148(7) Income Tax Act- Section 98- Subsection 98(2) disposition of distributed life insurance policy at FMV pursuant to s. 98(2), rather than s. 148(7) applying 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 6, 2023-0994241C6 F- Consequences of Transfer of DSUs to a corporation Income Tax Act- Section 54- Capital Property deferred share units were not capital property Income Tax Act- Section 85- Subsection 85(1.1) DSU rights are not eligible property and not capital property Income Tax Act- Section 248- Subsection 248(1)- Salary Deferral Arrangement transfer of DSU to corporation would cause it to cease to qualify, perhaps retroactively 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 7, 2023-0994231C6 F- Additional reporting- trusts subject to exception Income Tax Regulations- Regulation 204.2- Subsection 204.2(1) trusts not coming within the preamble to ITA s. 150(1.2) must still provide the additional Reg. 204.2(1) information if not excepted under ss. 150(1.2)(a) to (o) 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 8, 2023-0976901C6 F- RPP survivor benefit flowing through a GRE Income Tax Act- Section 60- Paragraph 60(j) flow-through of pension benefit by estate to surviving spouse through cash and note issuance/ no FHSA deduction for s. 104(27) amount Income Tax Act- 101-110- Section 104- Subsection 104(24) income can be distributed to estate beneficiary by issuing a demand note to her Income Tax Act- 101-110- Section 104- Subsection 104(27) full flow-through of a pension benefit received by the estate to the surviving spouse for s. 60(j) purposes by the estate issuing her a note 3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 9, 2023-0976941C6- Withholding on registered plans Treaties- Income Tax Conventions- Article 18 RRSP/ RRIF payments are “pensions” under Art. ...