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Summaries of 5 September 2024 External T.I. 2024-1022711E5 under s. 118.1(1) – total charitable gifts- (c)(i)(A) and s. 152(4.2). ...

Summary of 2024 Ruling 2024-1008821R3 F under s. 55(1) – distribution. ...

Regarding the payment of “interest” on any preferred shares held by members, this would constitute in substance a distribution of the cooperative’s profits to them and, thus, be offside – and indeed, the mere issuance by it of such shares would put it offside even if no such interest was paid. ...

Under s. 212.3(1)(b), the s. 212.3 rules apply to an investment made by the CRIC in a subject corporation if as part of the series of transactions that includes the making of the investment, Forco acquired control of the CRIC and at the time of the “investment”, the Forco shares represented 25% or more of the votes or value of the CRIC – with s. 251(5)(b) rights being taken into account for these purposes. ...

Summary of 2022 Ruling 2021-0911791R3 F under s. 55(1) – distribution. ...

Summary of 2024 Ruling 2023-0998291R3 F under s. 55(1) – distribution. ...

Topic Descriptor 21 November 2017 CTF Roundtable Q. 1, 2017-0724301C6- 21 year planning & NR beneficiary Income Tax Act- 101-110- Section 107- Subsection 107(5) GAAR very well may apply to s. 107(2) distribution to Canco owned by NR beneficiary 21 November 2017 CTF Roundtable Q. 2, 2017-0724121C6- Trusts and principal residence Income Tax Act- Section 54- Principal Residence- Paragraph (c.1) right to use property of life interest housing trust would not be a right to use the house as a residence 21 November 2017 CTF Roundtable Q. 3, 2017-0724021C6- Meaning of purpose Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) QSBC purification transaction must not have any bad purpose described in s. 55(2.1)(b), as determined objectively as per Ludco 21 November 2017 CTF Roundtable Q. 4, 2017-0724051C6- Timing of deemed gain under 55(2) Income Tax Act- Section 89- Subsection 89(1)- Capital Dividend Account- Paragraph (a) an immediate CDA addition for a non-redemption dividend subject to s. 55(2) Income Tax Act- Section 55- Subsection 55(2)- Paragraph 55(2)(c) immediate CDA addition for s. 55(2)(c) dividend 21 November 2017 CTF Roundtable Q. 5, 2017-0726381C6- 55(5)(f) and 55(2.3) with 55(2.1) Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) notwithstanding dividend bifurcation under s. 55(5)(f) (or 55(2.3), the s. 55(2.1)(b) purpose test is to be applied to the whole dividend Income Tax Act- Section 55- Subsection 55(5)- Paragraph 55(5)(f) bifurcated dividends are one dividend for s. 55(2.1)(b) purpose test but not under s. 55(2.1)(c) Income Tax Act- Section 55- Subsection 55(2.3) dividend bifurcation under s. 55(2.3) does not detract from s. 55(2.1) purpose tests being applied to whole dividend 21 November 2017 CTF Roundtable Q. 6, 2017-0724071C6- Circular calculations Part IV tax Income Tax Act- Section 186- Subsection 186(1)- Paragraph 186(1)(b) refunded Pt IV tax payable not reduced by application of s. 55(2) Income Tax Act- Section 55- Subsection 55(2) where Holdco receives a dividend subject to refundable Pt IV tax and to s. 55(2), two different dividends should be reported for Pt IV and s. 55(2) purposes 21 November 2017 CTF Roundtable Q. 7, 2017-0724261C6- CRA Update Statutory Interpretation- Interpretation Bulletins, etc. 265 IT Bulletins are being replaced by Folios 21 November 2017 CTF Roundtable Q. 8, 2017-0724151C6- Principal Purpose Test Treaties- Multilateral Instrument- Article 7- Paragraph 7(1) central CRA committee may review PPT assessments/rulings available/uncertain relevance of GAAR jurisprudence 21 November 2017 CTF Roundtable Q. 9, 2017-0724191C6- Stock Option Deduction Income Tax Act- 101-110- Section 110- Subsection 110(1.1) s. 110(1.1) mechanism is available where employer is exempt employer deduction denied under s. 18(1)(b) or 7(3)(b) 21 November 2017 CTF Roundtable Q. 10, 2017-0724291C6- Tax Shelters Income Tax Act- Section 96- Subsection 96(2.2) no rulings on at risk rules’ application to tax shelter LPs 21 November 2017 CTF Roundtable Q. 11, 2017-0724081C6- ULC-LLC structures & Treaty Treaties- Articles of Treaties- Article 4 Treaty anti-hybrid rule (Art. 7(b)) rule applies to dividends paid by a ULC to two LLCs held by U.S. ...

These are additions to our set of 1,041 full-text translations of French-language Roundtable items and Technical Interpretations of the Income Tax Rulings Directorate, which covers all of the last 8 ¾ years of releases of Interpretations by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2019-12-18 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 2, 2019-0811881C6 F- HBP/HBTC- Death of a spouse Income Tax Act- Section 146.01- Subsection 146.01(1)- Regular Eligible Amount- Paragraph (f) widow who had resided in the home of her deceased husband could access the HBP program to purchase a condo or acquire his home from estate Income Tax Act- Section 118.05- Subsection 118.05(1)- Qualifying Home- Paragraph (a) widow who had resided in the home of her deceased husband could access the first-time home buyer’s credit 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F- TFSA- Survivor Payment- Decrease in FMV Income Tax Act- Section 207.01- Subsection 207.01(1)- Exempt Contribution- Paragraph (b) survivor payment equals amounts paid under the TFSA to the estate provided the survivor receives at least that amount as TFSA beneficiary Income Tax Act- Section 207.01- Subsection 207.01(1)- Unused TFSA Contribution Room- Paragraph (b)- Element D diminution in TFSA property in executors' hands reduces exempt contribution 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 5, 2019-0820901C6 F- TFSA Exempt Contribution- Timing of contribution Income Tax Act- Section 207.01- Subsection 207.01(1)- Exempt Contribution- Paragraph (c) an exempt contribution to a TFSA can only be made as of right no more than 30 days before the survivor payment was received from an estate 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F- TFSA- Bequest and disclaimer Income Tax Act- Section 207.01- Subsection 207.01(1)- Exempt Contribution- Paragraph (b) transfer of TFSA to surviving spouse because of daughter’s renunciation occurred as a consequence of the deceased’s death Income Tax Act- Section 248- Subsection 248(8)- Paragraph 248(8)(b) transfer of TFSA to survivor on renunciation of bequest thereof occurred as a consequence of death 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 7, 2019-0821701C6 F- TFSA Exempt Contribution- Survivor payment Income Tax Act- Section 207.01- Subsection 207.01(1)- Exempt Contribution- Paragraph (b) extension of rollover deadline through Ministerial discretion 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F- RRIF – Minimum amount after death Income Tax Act- Section 146.3- Subsection 146.3(1)- Minimum Amount required recognition of RRIF minimum amount in post-terminal year of transfer of RRIF to surviving spouse Income Tax Act- Section 146.3- Subsection 146.3(6.11) deduction of RRIF minimum amount in post-terminal year of transfer out of deceased's RRIF to surviving spouse 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 9, 2019-0813281C6 F- Pension splitting- RRIF deemed benefit Income Tax Act- Section 118- Subsection 118(7)- Pension Income- Paragraph (a)- Subparagraph (a)(iii) deemed payment on death of last RRIF annuitant is not pension income Income Tax Act- Section 146.3- Subsection 146.3(6) s. 166.3(6) language does not go on to deem there to be payment by RRIF issuer 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 10, 2019-0812841C6 F- RESP- Change of subscriber Income Tax Act- Section 146.1- Subsection 146.1(6.1) amounts can be transferred from one RESP to another Income Tax Act- Section 204.9- Subsection 204.9(5)- Paragraph 204.9(5)(e) RESP transferor could be liable under s. 204.91(1) 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 11, 2019-0812971C6 F Income Tax Act- Section 2- Subsection 2(1) CRA uses information collected on an NR73 as its principal tool in assessing individuals’ residency 11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 12, 2019-0815181C6 F- RRSP on death and refund of premiums Income Tax Act- Section 146- Subsection 146(8.1) post-death appreciation in an RRSP could qualify for a s. 146(8.1) rollover Income Tax Act- Section 146.3- Subsection 146.3(6.1) rollover of post-death RRIF income under s. 146.3(6.1) 2011-03-25 8 October 2010 Roundtable, 2010-0371901C6 F- avantage à l'actionnaire, assurance-vie Income Tax Act- Section 246- Subsection 246(1) CRA will examine if there is a s. 246(1) benefit where subsidiary is beneficiary of life insurance policy held and paid for by parent Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x) reimbursement by sub of premiums potentially includible under s. s. 12(1)(x) where it is the beneficiary of life insurance policy held by parent 8 October 2010 Roundtable, 2010-0378521C6 F- Déduction des primes d'assurance frais généraux Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Income-Producing Purpose pro rata deduction of premiums for overhead expense insurance policy where other risks are also covered ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2021-03-31 7 October 2020 APFF Roundtable Q. 1, 2020-0852761C6 F- Taxable capital gain designation substantially the same as 2019-0818301I7 F 7 October 2020 APFF Roundtable Q. 3, 2020-0848761C6 F- Réorganisations de sociétés étrangères avec dérivation admissibles Income Tax Act- Section 86.1- Subsection 86.1(2)- Paragraph 86.1(2)(f) CRA is now disclosing the transaction date for eligible distributions Income Tax Act- Section 220- Subsection 220(3.1) CRA may consider the delays until its approval of a s. 86.1 spin-off re s. 220(3.5) penalties 7 October 2020 APFF Roundtable Q. 3, 2020-0851991C6 F- Shares Donation to a tax exempt entity & dividend Income Tax Act- Section 129- Subsection 129(1.2) on an excepted gift of 10% of the shares of a CCPC to a public foundation and the shares’ redemption, s. 129(1.2) could deny the CCPC’s dividend refund 7 October 2020 APFF Roundtable Q. 4, 2020-0851621C6 F- RRSP or RRIF on death – Joint election Income Tax Act- Section 146- Subsection 146(8.1) a specific bequest of a RRSP proceeds to a surviving spouse cannot be treated as a refund of premiums Income Tax Act- Section 146.3- Subsection 146.3(6.1) specific bequest of RRIF is treated as passing through the estate’s hands, so that a s. 146.3(6.1) election is necessary 7 October 2020 APFF Roundtable Q. 5, 2020-0851601C6 F- TFSA Exempt Contribution- Spousal Trust Income Tax Act- Section 207.01- Subsection 207.01(1)- Exempt Contribution- Paragraph (b) bequest of TFSA to spousal trust which, in turn, distributed the TFSA proceeds per the will to the surviving spouse would qualify as an indirect transfer as a consequence of death 7 October 2020 APFF Roundtable Q. 6, 2020-0851631C6 F- Options d’achat d’actions- disposition au décès Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(d.01) s. 110(1)(d.01) deduction is unavailable for a s. 7(1)(e) benefit 7 October 2020 APFF Roundtable Q. 7, 2020-0864341C6 F- SDA and Formula-Based Plans substantially the same as 2020-0861061C6 7 October 2020 APFF Roundtable Q. 8, 2020-0851641C6 F- Availability of tax information Income Tax Act- Section 45- Subsection 45(3) record of prior CCA claims might possibly be included in the taxpayer’s Proof of Income going back to 1988, which is available on My Account for Individuals 2021-03-17 23 June 2020 External T.I. 2020-0849761E5 F- SSUC- Entité déterminée et institution publique substantially the same as 2020-0848721E5 F 2008-10-24 6 October 2008 External T.I. 2008-0271421E5 F- Terres à bois-plan d'aménagement forestier Québec Income Tax Act- Section 70- Subsection 70(9)- Paragraph 70(9)(a) “engaged” requirement in s. 70(9)(a) is satisfied to extent the forest management plan requires no action Income Tax Act- Section 248- Subsection 248(1)- Farming woodlot, to be a farm, must focus on the fostering of the stand Income Tax Act- Section 73- Subsection 73(3)- Paragraph 73(3)(c) Quebec regional agencies’ plans for forest management plans would generally satisfy s. 73(3)(c), whose “engaged” requirement would be met if such plans did not require work 2008-10-03 24 September 2008 External T.I. 2008-0268511E5 F- Déductibilité des intérêts Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(i) partial loss of interest deduction on MFT investment loan on capital distributions even where capital distribution allocated solely to interest payment 25 September 2008 Internal T.I. 2008-0292531I7 F- Frais de scolarité-Programme suivi par internet Income Tax Act- Section 118.5- Subsection 118.5(1)- Paragraph 118.5(1)(b) full-time attendance can occur via the internet 2008-09-26 12 September 2008 External T.I. 2008-0275041E5 F- Don de bien écosensible Income Tax Act- 101-110- Section 110.1- Subsection 110.1(1)- Paragraph 110.1(1)(d) donated ecologically sensitive land can be inventory 18 September 2008 External T.I. 2008-0264381E5 F- Résidence d'une fiducie Income Tax Act- 101-110- Section 104- Subsection 104(1) securities depositary and custodian did not hold assets under a trust Income Tax Act- Section 2- Subsection 2(1) holding of assets by Canadian securities depositary and custodian would not be relevant to trust residence 17 September 2008 External T.I. 2008-0279101E5 F- Pension alimentaire- enfant majeur Income Tax Act- Section 56.1- Subsection 56.1(1) s. 56.1(1) deemed amounts paid directly to adult child pursuant to court-ordered support obligation to have been received by the other spouse Income Tax Act- Section 60.1- Subsection 60.1(1) s. 60.1(1) deemed amounts paid directly to adult child pursuant to court-ordered support obligation to have been paid to the other spouse 2008-09-05 29 August 2008 External T.I. 2007-0257661E5 F- Allocation pour frais de déplacement Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b)- Subparagraph 6(1)(b)(vii.1) travel between the employer’s place of business (even where a home office) and another business location is not personal 21 August 2008 External T.I. 2008-0272241E5 F- Régime compl. d'assurance de soins médicaux Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a)- Subparagraph 6(1)(a)(i) a decrease in salary and increase in HCSA flex credits on renegotiation of employment contract does not result in an income inclusion 2008-08-29 25 August 2008 External T.I. 2005-0139191E5 F- Paiement forfaitaire- pension alimentaire Income Tax Act- Section 60- Paragraph 60(b) Tsiaprailis does not affect CRA position that lump-sum settlement of support obligations are not deductible and taxable 21 August 2008 External T.I. 2008-0286051E5 F- Revenu de location Income Tax Act- Section 3- Paragraph 3(a) where one of the two co-owners of a duplex occupies and pays rent for one of the units, she is a source of income to the other co-owner, but not herself ...

These are additions to our set of 1,662 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 14 ¼ years of releases of such items by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2007-06-15 29 May 2007 Internal T.I. 2006-0217401I7 F- 110(1)d): Moment de la conclusion de la convention Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(d)- Subparagraph 110(1)(d)(ii)- Clause 110(1)(d)(ii)(A) where options previously granted were not exercisable until an employer “Exercise Notice,” the stock option agreement was made at such notice time Income Tax Act- Section 7- Subsection 7(5) not giving exercise notice to employees who are not shareholders (so that they cannot exercise their options) may engage s. 7(5) 2007-06-08 30 May 2007 External T.I. 2006-0218101E5 F- Interaction entre 125.4(1) et 256(1.2)c) Income Tax Act- Section 256- Subsection 256(1.2)- Paragraph 256(1.2)(c) s. 256(1.2)(c) does not affect the determination of de facto control Income Tax Regulations- Regulation 1106- Subsection 1106(2) s. 256(1.2)(c) does not inform the definition of prescribed taxable Canadian corporation 28 May 2007 External T.I. 2007-0219801E5 F- Paiement de soutien aux enfants Income Tax Act- Section 74.1- Subsection 74.1(2) child assistance payment is transferred to a minor child is subject to s. 74.1(2) attribution 4 June 2007 Internal T.I. 2007-0229251I7 F- Montants reçus pour aide personnelle à domicile Income Tax Act- Section 3- Paragraph 3(a)- Business Source/Reasonable Expectation of Profit no income to parental caregiver in situations similar to Pellerin 9 May 2007 External T.I. 2006-0189931E5 F- Renonciation à une fiducie par un conjoint Income Tax Act- Section 69- Subsection 69(1)- Paragraph 69(1)(b) renunciation of interest in spousal trust not a disposition to the family beneficiaries Income Tax Act- Section 248- Subsection 248(1)- Disposition extinguishment of trust interests on their renunciation is a disposition of the renounced interest, but resulting variation of trust to accelerate distribution entitlements is not Income Tax Act- 101-110- Section 104- Subsection 104(4)- Paragraph 104(4)(a) variation of spousal trust, following renunciation by spouse, to accelerate distribution entitlement of residuary beneficiaries would not engage s. 104(4) until distribution Income Tax Act- Section 70- Subsection 70(6) variation of spousal trust, following renunciation by spouse, to accelerate distribution entitlement of residuary beneficiaries would not deny s. 70(6) rollover 5 June 2007 Internal T.I. 2007-0237291I7 F- Disposition d'une police d'assurance-vie Income Tax Act- Section 148- Subsection 148(7) s. 148(7) applicable to gift of policies by partners to a limited partnership 30 May 2007 External T.I. 2006-0200271E5 F- Bien agricole et résidence principale Income Tax Act- Section 40- Subsection 40(4) s. 45(3) election did not extend time that farm house was a principal residence, once the occupant went to nursing home Income Tax Act- Section 45- Subsection 45(3) no change of use when occupant of residence moved into a nursing home Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1.3)- Paragraph 110.6(1.3)(c) principally references over 50% of use 11 May 2007 External T.I. 2006-0214351E5 F- Transfert d'un droit de propriété Income Tax Act- Section 40- Subsection 40(2)- Paragraph 40(2)(b) where duplex co-owned by husband and wife, the one unit occupied by them can be designated as a principal residence – but this changes when daughter moves into the 2nd unit Income Tax Act- Section 248- Subsection 248(1)- Property an occupied unit in a co-owned duplex can be designated as a principal residence 2007-06-01 24 May 2007 External T.I. 2006-0209081E5 F- Withholding Source Deductions- Trustee Fees Income Tax Act- Section 248- Subsection 248(1)- Office fees if trustees of REIT based partly on the number of meetings they attended were from an office Income Tax Regulations- Regulation 100- Subsection 100(1)- Remuneration fees received by REIT trustees including per-meeting fees were salary and wages subject to source deductions and T4 reporting 2007-05-25 22 May 2007 External T.I. 2007-0228611E5 F- Crédit pour la création d'emplois pour apprentis Income Tax Act- Section 127- Subsection 127(9)- Eligible Apprentice year means 12 months/”contract” for apprentice can be the collective agreement ...