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IV and safe income exclusions under s. 55(2) can be doubled up 7 October 2021 APFF Roundtable Q. 6, 2021-0900961C6- APFF Q.6- Minimum Tax Carryover and TOSI General Concepts- Transitional Provisions and Policies CRA will honour incorrect AMT carryforward balances that arose due to an error in the CRA form Income Tax Act- Section 120.2- Subsection 120.2(3)- Paragraph 120.2(3)(b) CRA will not retroactively adjust returns that relied on a form error permitting TOSI to increase additional tax carryforwards 7 October 2021 APFF Roundtable Q. 7, 2021-0900971C6 F- Economic dependence Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) financial dependence as described in the jurisprudence is indicative but not dispositive of a non-arm’s length relationship 7 October 2021 APFF Roundtable Q. 8, 2021-0900981C6 F- Cost Recovery Method in IT-426R (Archived) Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(g) a limited partnership cannot use a cost recovery earnout 7 October 2021 APFF Roundtable Q. 9, 2021-0901101C6 F- Part IV tax exception vs eligible and non-eligible Income Tax Act- Section 55- Subsection 55(2) payment of non-eligible dividend by an Opco with both NERDTOH and ERDTOH to Holdco avoids s. 55(2) if the resulting s. 186(1)(b) tax is not refunded as part of the same series 7 October 2021 APFF Roundtable Q. 10, 2021-0901001C6- Application of subsection 184(3) and 185.1(3) Income Tax Act- Section 185.1- Subsection 185.1(3) concurrence can be given to the election in a share sale agreement before the excessive eligible dividend designation is identified Income Tax Act- Section 184- Subsection 184(3) CRA generally will accept the concurrence by a share vendor to an s. 184(3) election in advance of the excessive eligible dividend being identified 7 October 2021 APFF Roundtable Q. 11, 2021-0901011C6 F- Application of subsection 98(3) Income Tax Act- Section 98- Subsection 98(3) s. 98(3) could apply to wind-up of partnership with substantial goodwill Income Tax Act- Section 98- Subsection 98(5) a post-wind up drop down transaction would preclude the application of s. 98(5) 7 October 2021 APFF Roundtable Q. 14, 2021-0901041C6 F- Meaning of Any consideration received by Donee Income Tax Act- Section 118.1- Subsection 118.1(13)- Paragraph 118.1(13)(c) “consideration … received” in s. 118.1(13)(c) includes a s. 84(3) deemed dividend 7 October 2021 APFF Roundtable Q. 15, 2021-0901051C6 F- Exemption pour résidence principale Income Tax Act- Section 40- Subsection 40(2)- Paragraph 40(2)(g) the s. 40(2)(g) formula can be prejudicial where there is delayed home construction on vacant land 7 October 2021 APFF Roundtable Q. 16, 2021-0901061C6 F- 2021 APFF Q.16- Disclosure of a counter letter Income Tax Act- Section 152- Subsection 152(4)- Paragraph 152(4)(a)- Subparagraph 152(4)(a)(i) failure to disclose a counter agreement is neglect or carelessness Income Tax Act- Section 116- Subsection 116(3) CRA may be willing to issue a letter confirming that no s. 116 certificate is required because the true vendor is a resident 7 October 2021 APFF Roundtable Q. 17, 2021-0901071C6- Application of section 120.4 Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Amount- Paragraph (e)- Subparagraph (e)(i) exclusion where business from which the dividend was derived had ceased in a prior year Income Tax Act- Section 120.4- Subsection 120.4(1)- Arm's Length Capital- Paragraph (c) a capital dividend from a related business was not a source of arm’s length capital 7 October 2021 APFF Roundtable Q. 18, 2021-0901091C6- TOSI continuity rule for inherited property Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Amount- Paragraph (e)- Subparagraph (e)(ii) s. 120.4(1.1)(b)(ii) can apply to shares distributed by inter vivos trust but as directed in will, so that (e)(ii) exclusion can apply Income Tax Act- Section 120.4- Subsection 120.4(1.1)- Paragraph 120.4(1.1)(b)- Subparagraph 120.4(1.1)(b)(ii) a dividend on shares that were distributed by an inter vivos trust, as directed in a will 15 years previously, can be excluded by s. 120.4(1.1)(b)(ii) 7 October 2021 APFF Roundtable Q. 19, 2021-0901121C6 F- APFF – ITR Remissions Income Tax Act- Section 152- Subsection 152(1) rate increase for rulings work 7 October 2021 APFF Roundtable Q. 20, 2021-0910491C6 F- ITRD internal evaluation process ...

Topic Descriptor 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 1, 2024-1023641C6- Intercompany loans and taxable benefits Income Tax Act- Section 15- Subsection 15(1) inter-corporate bona fide non-interest bearing loan does not engage s. 15 Income Tax Act- Section 246- Subsection 246(1) s. 246(1) not engaged by no-interest loan between corporations with distinct ownership 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 2, 2024-1023251C6 F- Use of an average rate for coupons Income Tax Act- Section 261- Subsection 261(2)- Paragraph 261(2)(b) four conditions for the use of an average exchange rate in the example of a stripped coupon 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 3, 2024-1027801C6 F- Revente précipitée et auto-construction Income Tax Act- Section 12- Subsection 12(13) the holding period for a housing unit under the flipped property rules commences when it becomes habitable 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 4, 2024-1027831C6 F- Revente précipitée et changement d'usage Income Tax Act- Section 12- Subsection 12(13) a s. 45 change of use does not restart the 365-day period under the flipped property rules Income Tax Act- Section 45- Subsection 45(1)- Paragraph 45(1)(a)- Subparagraph 45(1)(a)(i) s. 45 rules apply only for capital gains purposes 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 5, 2024-1023291C6 F- Paiements rétroactifs- Droits ou biens / Retroact Income Tax Act- Section 70- Subsection 70(2) s. 70(2) return can be filed before the filing deadline with an estimated amount if precise amount is not yet known due to administrative delay 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 6, 2024-1023301C6 F- CELIAPP- Séparation / FHSA- Separation Income Tax Act- Section 146.6- Subsection 146.6(7) s. 146.6(7) does not override the requirement for the transferee (ex-)spouse to be a “qualifying individual” 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 7, 2024-1024211C6 F- CELIAPP et transfert via la succession Income Tax Act- Section 146.6- Subsection 146.6(15)- Paragraph 146.6(15)(a) a deceased’s FHSA can be rolled into the surviving spouse’s FHSA, RRSP or RRIF even if the proceeds go first to the estate (albeit, subject to s. 153(1)(v)(i) withholding) 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 8, 2024-1023591C6 F- NERDTOH and foreign investment income Income Tax Act- Section 129- Subsection 129(4)- Non-Eligible Refundable Dividend Tax on Hand- Paragraph (a)- Subparagraph (a)(i)- Variable B explanation of 8% adjustment to the FTC deduction under the NERDTOH computation for foreign investment income 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 9, 2024-1015481C6 F- Crédit d'impôt pour la rénovation d'habitations multigénérationnelles et exemption pour résidence principale Income Tax Act- Section 252- Subsection 252(2)- Paragraph 252(2)(g) s. 252(2)(g) does not extend to the spouse or common-law partner of a niece or nephew Income Tax Act- Section 122.92- Subsection 122.92(1)- Qualifying Relation qualifying relation does not extend to the spouse of a nephew or niece Income Tax Act- Section 54- Principal Residence renovation to create a secondary unit for s. 122.92 credit purposes generally means that the whole building no longer can be designated as the taxpayer’s principal residence Income Tax Act- Section 122.92- Subsection 122.92(1)- Eligible Individual credit is not lost if secondary unit is then sold to its qualifying occupants 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 10, 2024-1027331C6 F- Distribution of life insurance- 107(2) and 148(7) Income Tax Act- 101-110- Section 107- Subsection 107(2) s. 107(2) prevails over s. 148(7) re a life insurance policy distribution in satisfaction of a capital interest Income Tax Act- Section 148- Subsection 148(7) where both ss. 107(2) and 148(7) apply to a personal trust’s distribution of a life insurance policy in satisfaction of capital interest, s. 107(2) prevails over s. 148(7) 10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 11, 2024-1031061C6 F- Remboursement dans le cadre du RAP- Repayment und Income Tax Act- Section 146.01- Subsection 146.01(3) HBP balance not reduced to nil be earlier repayment until related designation made in the return for the year u Income Tax Act- Section 146.01- Subsection 146.01(1)- HBP Balance where opening HBP balance is repaid in Year 1 with RRSP contribution, the HBP balance is not reduced until the Sched. 7 is filed in March of Year 2 ...

. … [I]t appears to us, based in particular on the conflict of law rules, that the provincial and territorial laws of property and civil rights in Canada provide for mutual recognition of different types of entities or arrangements established under the respective jurisdictions of the various provinces and territories, thus providing an expanded base for analysis that is uniform across Canada for the purposes of applying the two-step approach. ...

Summary of Lightstream Circular under Other – Recapitalizations or note exchanges. ...

Summaries of S4-F8-C1 ”Business Investment Losses” under s. 50(1), s. 248(1) – small business corporation, s. 50(1.1), s. 50(1)(a), s. 40(2)(g)(ii), s. 39(9) and s. 164(6). ...

A third example (similar to the second) is where a trust is established by the employer to acquire and hold shares of the employer for employees, but allocations among the employees are entirely at the discretion of the trustees – so that CRA would consider that there is no agreement to acquire the shares until such discretion is exercised. ...

In this type of arrangement (or one where the employee only receives advances during the leave – in which case, it is not within the DSLP rules), the employee is entitled to a s. 8(1)(n) deduction as the advances are “repaid” (i.e., out of reduced pay cheques following the return to work). ...

In the course of discussing this broader issue, they noted that around 90% of treaties have an authentic English or French version – and respecting the countries which have concluded tax treaties in neither English nor French, “there are some pointers to the likely result” that they should largely be content to have the MLI be implemented in English and French only. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2015-08-05 5 February 2015 External T.I. 2014-0526991E5 F- Émission d'un T2202A Income Tax Act- Section 118.6- Subsection 118.6(1)- Specified Educational Program determination of duration of enrolment Income Tax Act- Section 118.5- Subsection 118.5(1)- Paragraph 118.5(1)(a) tuition fees determined on accrual basis 3 March 2015 External T.I. 2014-0519981E5 F- Donation avec charge / Gift with a charge Income Tax Act- Section 248- Subsection 248(1)- Property real estate property is one property Income Tax Act- Section 69- Subsection 69(1)- Paragraph 69(1)(b) gift of encumbered property 12 February 2015 External T.I. 2014-0560491E5 F- Article 22 Income Tax Act- Section 22- Subsection 22(1) election not restricted to Canadian business 2 March 2015 External T.I. 2014-0527281E5 F- Tenir un établissement domestique autonome Income Tax Act- Section 118- Subsection 118(1)- Paragraph 118(1)(b) non-owner/tenant to qualify must pay expenses on regular basis 4 February 2015 External T.I. 2014-0551931E5 F- Crédit d'impôt pour études- résidents en médecine Income Tax Act- Section 118.6- Subsection 118.6(1)- Qualifying Educational Program Kandasam (re medical residents’ entitlement to education tax credits etc.) will be followed on similar facts 2015-07-29 18 December 2014 External T.I. 2014-0523711E5 F- Allocation pour déménagement- achat de meubles Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b) favourable policy on relocation allowances does not extend to costs of new goods Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) allowance that is capped at documented expenses might not be an allowance/reimbursing new furniture might be taxable benefit ...

Summaries of 31 March 2017 External T.I. 2016-0630351E5 under s. 118(26) and s. 149.1(1) – charitable foundation. ...