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Profit- Swaps all amounts payable or receivable under a swap are on income account 7 October 2020 APFF Roundtable Q. 17, 2020-0845821C6 F- Part IV tax and trust Income Tax Act- 101-110- Section 104- Subsection 104(19) various applications of proposition that an s. 104(19) designation is not effective until the trust’s year end Income Tax Act- Section 186- Subsection 186(2) s. 104(13), unlike s. 104(19), can apply contemporaneously with a trust dividend distribution, and ss. 186(2) and 251(1)(b) can apply synergistically Income Tax Act- 101-110- Section 104- Subsection 104(24) under the ordinary meaning of payable, an amount is payable at a time if it is paid then 2009-01-16 7 January 2009 External T.I. 2008-0286111E5 F- 88(1)d) and 87(11)-Late-filed designation Income Tax Act- Section 88- Subsection 88(1)- Paragraph 88(1)(d) late designation generally permitted where pro rata bump and no retroactive tax planning 8 January 2009 Internal T.I. 2008-0299371I7 F- Montant pour enfant Income Tax Act- Section 118- Subsection 118(1)- Paragraph 118(1)(b.1) separated spouse with joint custody not able to claim under s. 118(1)(b.1) because in a new common-law relationship – other spouse could 2008-10-10 26 September 2008 Internal T.I. 2008-0281111I7 F- Salaires admissibles- CICEA Income Tax Act- Section 127- Subsection 127(9)- Eligible Apprentice wages of apprentice carpenter ineligible to the extent related to renovation rather than new construction 2008-08-22 12 August 2008 External T.I. 2008-0278401E5 F- Pension alimentaire Income Tax Act- Section 60- Paragraph 60(b) support payments to fiancée living abroad with her children were not deductible 13 August 2008 External T.I. 2008-0286341E5 F- Pension d'invalidité reçue de la GRC Income Tax Act- Section 81- Subsection 81(1)- Paragraph 81(1)(i) pension under s. 11(2) of the RCMP Superannuation Act would not be exempt Income Tax Act- Section 81- Subsection 81(1)- Paragraph 81(1)(d) RCMP disability pension would not fall within s. 81(1)(d) 2008-08-01 25 July 2008 External T.I. 2008-0284861E5 F- Bourse post-doctorale Income Tax Act- Section 56- Subsection 56(1)- Paragraph 56(1)(n) post-doctoral fellowship recognized under s. 56(1)(n) rather than (o), as the research was merely a means to furtherance of academic career 2008-07-25 18 July 2008 External T.I. 2008-0271211E5 F- Fiducie de santé et de bien-être Income Tax Act- Section 248- Subsection 248(1)- Private Health Services Plan PHSP can include a self-insured plan 15 July 2008 External T.I. 2008-0275471E5 F- Société de personnes/Ajustement au PBR Income Tax Act- Section 99- Subsection 99(1) CRA was prepared to rule to avoid double taxation problem prior to the s. 99(1) amendment Income Tax Act- Section 53- Subsection 53(1)- Paragraph 53(1)(e)- Subparagraph 53(1)(e)(i) CRA intent to avoid double taxation from untimely basis adjustment for earned income 15 July 2008 External T.I. 2008-0278971E5 F- Feuillet T1204 Income Tax Regulations- Regulation 237- Subsection 237(2) no T2014 slips required where the recipients did not have a contract with the federal government 15 July 2008 External T.I. 2008-0279271E5 F- Frais de déménagement en cas de faillite Income Tax Act- Section 128- Subsection 128(2) as s. 128 is a complete code not covering moving expenses, an individual could deduct moving expenses incurred in the stub pre-bankruptcy year from bankruptcy year income ...

These are additions to our set of 1,591 full-text translations of French-language severed letters (mostly, Roundtable items and Technical Interpretations) of the Income Tax Rulings Directorate, which covers all of the last 13 ½ years of releases of Interpretations by the Directorate. ...

These are additions to our set of 2,014 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 17 ¼ years of releases of such items by the Directorate. ...

Topic Descriptor 15 June 2022 STEP Roundtable Q. 1, 2021-0922021C6- 104(21.2) Designation Income Tax Act- 101-110- Section 104- Subsection 104(21.2) formula in s. 104(21.2) requires a pro rata allocation of the QSBC portion of trust capital gains to the beneficiaries to whom capital gains are allocated 15 June 2022 STEP Roundtable Q. 2, 2022-0926761C6- 104(4)(a)(ii.1) Election Income Tax Act- 101-110- Section 104- Subsection 104(4)- Paragraph 104(4)(a)- Subparagraph 104(4)(a)(ii.1) CRA will accept that an election is filed with a return even if the return is filed late 15 June 2022 STEP Roundtable Q. 3, 2022-0924801C6- Electing Contributor and Electing Trust Income Tax Act- Section 94- Subsection 94(1)- Electing Trust election can be filed with a late-filed return Income Tax Act- Section 94- Subsection 94(1)- Electing Contributor election must be filed by filing-due date even if return itself is filed late 15 June 2022 STEP Roundtable Q. 4, 2022-0929911C6- Death and Tax Payment over 10 Years Income Tax Act- Section 159- Subsection 159(5) CRA does not have rigid guidelines as to what is “acceptable security” 15 June 2022 STEP Roundtable Q. 5, 2022-0928231C6- Trust and Debt Forgiveness Income Tax Act- Section 80- Subsection 80(1)- Forgiven Amount- Element B- Paragraph B(a) s. 80 may not apply where a trust distributes a debt, owing by a beneficiary, to the beneficiary 15 June 2022 STEP Roundtable Q. 6, 2022-0928191C6- Acquisition of control Income Tax Act- Section 256- Subsection 256(7)- Paragraph 256(7)(a)- Subparagraph 256(7)(a)(i)- Clause 256(7)(a)(i)(A) application of s. 256(7)(a)(i)(A) where trustee is replaced by related trustee Income Tax Act- Section 251.2- Subsection 251.2(2)- Paragraph 251.2(2)(a) rebuttable presumption that all the trustees of a trust form a control group 15 June 2022 STEP Roundtable Q. 7, 2022-0928291C6- paragraph 88(1)(d.3) Income Tax Act- 101-110- Section 104- Subsection 104(4)- Paragraph 104(4)(a.4) deemed disposition under s. 104(4)(a.4) is not itself sufficient to access s. 88(1)(d.3) regarding a subsidiary of the trust Income Tax Act- Section 88- Subsection 88(1)- Paragraph 88(1)(d.3) alter ego trust could use s. 88(1)(d.3) for post-mortem bump if trust deed directed the post-mortem transfer of subsidiary’s shares to new parent 15 June 2022 STEP Roundtable Q. 8, 2022-0928251C6- TOSI and multiple businesses Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Business individual’s contributions to a business are considered substantial if they are integral to its success Income Tax Act- Section 120.4- Subsection 120.4(1.1)- Paragraph 120.4(1.1)(a) splitting long hours between many companies may oust s. 120.4(1.1)(a) 15 June 2022 STEP Roundtable Q. 9, 2022-0929391C6- Section 43.1- Life Estate Income Tax Act- Section 43.1 application of s. 43.1 where a remainder realty interest is transferred to personal trust and there is a subsequent life interest surrender 15 June 2022 STEP Roundtable Q. 10, 2022-0929361C6- Taxation Year-end of a GRE Income Tax Act- Section 249- Subsection 249(1)- Paragraph 249(1)(b) GRE's taxation year ends when it is wound up 15 June 2022 STEP Roundtable Q. 11, 2022-0929331C6- Joint Spousal or Common-law Partner Trust Income Tax Act- Section 75- Subsection 75(2) s. 75(2) does not apply to 2nd-generation income Income Tax Act- Section 73- Subsection 73(1.01)- Paragraph 73(1.01)(c)- Subparagraph 73(1.01)(c)(iii) once a joint spousal etc. trust is established, the s. 73(1) rollover applies to non-jointly contributed property of a spouse 15 June 2022 STEP Roundtable Q. 12, 2022-0929321C6- Sale to Alter Ego Trust Income Tax Act- Section 73- Subsection 73(1) the s. 73(1) rollover can apply to a sale for cash proceeds at a gain over ACB 15 June 2022 STEP Roundtable Q. 13, 2022-0929381C6- 164(6) – Amending Deceased’s Final T1 Return Income Tax Act- Section 164- Subsection 164(3) commencement of refund interest where loss transferred from GRE to terminal return Income Tax Act- Section 164- Subsection 164(6)- Paragraph 164(6)(e) s. 164(6) amendment must be made through filing an amended return, not a T1 Adjustment Request 15 June 2022 STEP Roundtable Q. 14, 2022-0930221C6- Info on new T3 EFILE process Income Tax Act- Section 150- Subsection 150(1)- Paragraph 150(1)(c) now efiling T3 returns 15 June 2022 STEP Roundtable Q. 15, 2022-0927531C6- Meaning of Habitual Abode in Canadian Tax Treaties 15 June 2022 STEP Roundtable Q. 16, 2022-0927601C6- Foreign Entity Classification of a Foundation Income Tax Act- 101-110- Section 104- Subsection 104(1) the classification of civil law foundation is determined on a case-by-case basis 15 June 2022 STEP Roundtable Q. 17, 2022-0929511C6- Deceased Taxpayer and Stock Options Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(d) s. 110(1)(d) deduction can now apply to stock option benefits realized on death 15 June 2022 STEP Roundtable Q. 18, 2022-0924791C6- McNeeley et al v. ...

Topic Descriptor 7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 1, 2022-0936241C6 F- T1135 and situs of cryptocurrencies Income Tax Act- Section 233.3- Subsection 233.3(1)- Specified Foreign Property- Paragraph (a) expanded crypto disclosure may be required 7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F- police d'assurance-vie & avantage Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(b)- Capital Expenditure v. ...

(b)(v) or (k) of that definition applying Income Tax Act- Section 150- Subsection 150(1.1)- Paragraph 150(1.1)(b)- Subparagraph 150(1.1)(b)(ii) a disposition by a bare trust, or the trust’s winding-up, generally is not a disposition under the ITA 4 June 2024 STEP Roundtable Q. 9, 2024-1020351C6- Paragraph 150(1.2)(b) and GICs Income Tax Act- Section 150- Subsection 150(1.2)- Paragraph 150(1.2)(b) holding any GIC would preclude a trust from qualifying under s. 150(1.2)(b) 4 June 2024 STEP Roundtable Q. 10, 2024-1010241C6- Update on trust / estate issues Income Tax Act- 101-110- Section 104- Subsection 104(6)- Paragraph 104(6)(b) an amount paid by a trust to a beneficiary is not deductible under s. 104(6) if it was not payable under the trust deed 4 June 2024 STEP Roundtable Q. 11, 2024-1003491C6- Foreign Tax Credit for US Estate Tax Treaties- Income Tax Conventions- Article 29B application of Art XXIX-B(6)(a) of the Canada-US treaty where s. 70(5) gain realized on US public company shares and US realty 4 June 2024 STEP Roundtable Q. 12, 2024-1003521C6- Gift from NR Relative Income Tax Act- Section 13- Subsection 13(7)- Paragraph 13(7)(e)- Subparagraph 13(7)(e)(ii) s. 13(7)(e)(ii) applies to a cross-border non-arm’s length gift of a foreign building 4 June 2024 STEP Roundtable Q. 13, 2024-1007851C6- DRT and Section 216 Income Tax Act- Section 94- Subsection 94(3)- Paragraph 94(3)(g) although resident tenant required to withhold on rent to s. 94(3), s. 94(3)(g) applies to such withholding Income Tax Act- Section 94- Subsection 94(3)- Paragraph 94(3)(a)- Subparagraph 94(3)(a)(viii) a Canadian payer must withhold on rent paid to a s. 94 deemed resident trust Income Tax Act- Section 94- Subsection 94(3)- Paragraph 94(3)(a)- Subparagraph 94(3)(a)(ii) s. 94(3)(a) trust computes its income from a Canadian rental property under normal Part I rules, but must observe s. 104(7.01) 4 June 2024 STEP Roundtable Q. 14, 2024-1011571C6- T3 Trust Instalments Income Tax Act- Section 156- Subsection 156(1) no change to administrative practice of not charging interest or penalties for insufficient instalment payments by trusts 4 June 2024 STEP Roundtable Q. 15, 2024-1007831C6- Online Access- Trust Compliance General Concepts- Audit, Filing and Assessment Procedure documents which may be submitted to My Trust Account ...

Topic Descriptor 3 December 2024 CTF Roundtable Q. 1, 2024-1038181C6- Safe Income and Preferred Shares Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) safe income of preferred shares issued on a s. 85 share-for-share exchange matches the safe income of the exchanged shares, and subsequently participates based on its dividend rate 3 December 2024 CTF Roundtable Q. 2, 2024-1038191C6- Subsection 55(2) and Intra-Corporate Dividends Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) CRA continues to be prepared to issue rulings dealing with the s. 55(2.1)(b) purpose tests 3 December 2024 CTF Roundtable Q. 3, 2024-1038151C6- Notifiable Transactions Income Tax Act- Section 212- Subsection 212(3.1) s. 212(3.1) generally inapplicable where immediate funder receives only common shares financing from ultimate funder Income Tax Act- Section 237.4- Subsection 237.4(4)- Paragraph 237.4(4)(b) B2B reporting engaged where loan from immediate NR parent (funded in turn in part with debt from ultimate parent) bears reduced (10%) withholding 3 December 2024 CTF Roundtable Q. 4, 2024-1038161C6- EIFEL and the Excluded Entity Exception Income Tax Act- Section 18.2- Subsection 18.2(1)- Excluded Entity- Paragraph (c)- Subparagraph (c)(i) 90% not applied as a strict threshold for determining “substantially all” 3 December 2024 CTF Roundtable Q. 5, 2024-1038171C6- EIFEL and ATI Calculation where Taxpayer has Non-Capital Losses Income Tax Act- Section 18.2- Subsection 18.2(1)- Adjusted Taxable Income- A- D- Paragraph D(b) not permitting taxable income to be negative in the ATI formula is producing anomalous results 3 December 2024 CTF Roundtable Q. 6, 2024-1038251C6- EIFEL- Pre-Regime Election and Amalgamations and Liquidations Income Tax Act- Section 87- Subsection 87(2.1)- Paragraph 87(2.1)(a.1) continuity treatment extends to the use of pre-regime capacity 3 December 2024 CTF Roundtable Q. 7, 2024-1038221C6- Post-Mortem Pipeline Bump Planning Income Tax Act- Section 88- Subsection 88(1)- Paragraph 88(1)(c)- Subparagraph 88(1)(c)(vi)- Clause 88(1)(c)(vi)(B)- Subclause 88(1)(c)(vi)(B)(I) estate beneficiary not considered to acquire 10% interest in estate company prior to deemed s. 88(1)(d.2) and (d.3) acquisition Income Tax Act- Section 88- Subsection 88(1)- Paragraph 88(1)(d.2) an 11% estate beneficiary becomes a specified shareholder of the deceased’s corp. concurrently with its deemed acquisition under ss. 88(1)(d.2) and (d.3) 3 December 2024 CTF Roundtable Q. 8, 2024-1038201C6- Application of paragraph 55(2)(b) Income Tax Act- Section 55- Subsection 55(2)- Paragraph 55(2)(b) s. 55(2)(b) interpreted so as to avoid circularity 3 December 2024 CTF Roundtable Q. 9, 2024-1038271C6- Regulation 105 Income Tax Regulations- Regulation 105- Subsection 105(1) Reg. 105 applies amounts paid to a non-resident for services rendered in Canada even where those services have been subcontracted to a Canadian resident 3 December 2024 CTF Roundtable Q. 10, 2024-1038231C6- Intergenerational Business Transfers Income Tax Act- Section 84.1- Subsection 84.1(2.31)- Paragraph 84.1(2.31)(a) the prohibition against multiple use of the intergenerational transfer rules does not apply to simultaneous transfers 3 December 2024 CTF Roundtable Q. 11, 2024-1038241C6- Global Minimum Tax Act – Interpretation and Application of OECD Agreed Administrative Guidance Other Legislation/Constitution- Federal- Global Minimum Tax Act- Section 17- Subsection 17(6) CRA will administer s. 17(6) to push down taxes paid by indirect owner of reverse hybrid CE on income of the CE allocated to it, to the CE Other Legislation/Constitution- Federal- Global Minimum Tax Act- Section 3- Subsection 3(1) CRA will consult with Finance re potential amendments to catch up to OECD guidance in administering the GMTA 3 December 2024 CTF Roundtable Q. 12, 2024-1037751C6- Property flipping rules and corporate property transfers Income Tax Act- Section 12- Subsection 12(13)- Paragraph 12(13)(b) s. 12(13)(b) has no continuity rules for common reorganization transactions 3 December 2024 CTF Roundtable Q. 13, 2024-1038261C6- Standard Convertible Debentures and Part XIII Tax Income Tax Act- Section 212- Subsection 212(3)- Participating debt interest s. 214(7) excess received on the conversion of a standard convertible debenture generally is not participating interest Income Tax Act- Section 214- Subsection 214(7) FMV excess on conversion of a convertible debenture is deemed interest under s. 214(7) 3 December 2024 CTF Roundtable Q. 14, 2024-1037761C6- Availability of the Small Business Deduction Income Tax Act- Section 129- Subsection 129(4)- Income or Loss active business income includes income from property that (having regard to Ensite) is held principally for the purpose of producing active business income 3 December 2024 CTF Roundtable Q. 15, 2024-1030561C6- The Foix decision and hybrid sales Income Tax Act- Section 84- Subsection 84(2) Foix overruled a more restrictive approach to s. 84(2) in some earlier cases (and restricts Geransky) 3 December 2024 CTF Roundtable Q. 16, 2024-1038281C6- Indian Act Tax Exemption for Employment Income and Employees of a Limited Partnership Other Legislation/Constitution- Federal- Indian Act- Section 87 a partly owned LP of a 1st Nations band did not generate significant economic benefits to the reserve, its Indian employees were not exempted on off-reserve income ...

Topic Descriptor 7 October 2022 APFF Roundtable Q. 1, 2022-0942081C6 F- Safe Income Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) contingent liabilities that reduce shares’ FMV should also reduce safe income on hand 7 October 2022 APFF Roundtable Q. 2, 2022-0942091C6 F- Taxable preferred shares and shareholders’ agreement Income Tax Act- Section 248- Subsection 248(1)- Taxable Preferred Share- Paragraph (f)- Subparagraph (f)(ii) whether a right to a top-up in the event of an IPO is inconsistent with receiving FMV proceeds 7 October 2022 APFF Roundtable Q. 3, 2022-0942121C6 F- THRP- PRTA – Versement de dividendes imposables Income Tax Act- Section 125.7- Subsection 125.7(2.01) parent could pay a dividend in, say, Period 27, without adverse CEWS impact on Canadian sub Income Tax Act- Section 125.7- Subsection 125.7(14.1) there is no adverse CEWS impact of a non-resident parent paying dividends to individuals 7 October 2022 APFF Roundtable Q. 4, 2022-0942131C6 F Income Tax Regulations- Regulation 1101- Subsection 1101(5b.1) CRA is willing to adapt a prescribed requirement, that an election be made by letter attached to the return, to internet filings 7 October 2022 APFF Roundtable Q. 5, 2022-0947611C6 F- Limited Partnership and Loans Income Tax Act- Section 53- Subsection 53(2)- Paragraph 53(2)(c)- Subparagraph 53(2)(c)(v) guarded acceptance of distributions of LP profits as loans, followed by set-off against draws in January Income Tax Act- Section 40- Subsection 40(3.1) loans made only to avoid s. 40(3.1) gains due to income gains not being added to ACB until next year, may be acceptable 7 October 2022 APFF Roundtable Q. 6, 2022-0942141C6 F- Rollover under 70(6) and gifts to charities Income Tax Act- Section 70- Subsection 70(6)- Paragraph 70(6)(b)- Subparagraph 70(6)(b)(ii) charitable gifts by a spousal trust will disqualify it 7 October 2022 APFF Roundtable Q. 7, 2022-0942731C6 F- Permanent establishment and teleworking Treaties- Income Tax Conventions- Article 5 having an employee, with general authority to contract, telework from his cottage in another province does not necessarily create an employer PE there Income Tax Regulations- Regulation 102- Subsection 102(1) Reg. 400(2)(b) PE is not necessarily an employer establishment to which the employee reports to work Income Tax Regulations- Regulation 400- Subsection 400(2)- Paragraph 400(2)(b) employer is required to be carrying on business through an employee’s cottage to be considered to have a PE there under Reg. 400(2)(b) 7 October 2022 APFF Roundtable Q. 8, 2022-0942151C6 F- Surplus stripping Income Tax Act- Section 245- Subsection 245(2) permissible use of sale through subsidiary to avoid s. 84.1 Income Tax Act- Section 256- Subsection 256(5.11) range of factors considered Income Tax Act- Section 84.1- Subsection 84.1(1) incorporating a sub through which a share sale will occur so as to avoid s. 84.1 is not per se GAARable 7 October 2022 APFF Roundtable Q. 9, 2022-0942281C6 F- Section 80- proposals under BIA Income Tax Act- Section 80- Subsection 80(2)- Paragraph 80(2)(a) forgiveness under a Bankruptcy proposal occurred when it was court-approved Income Tax Act- Section 80- Subsection 80(13) s. 80(13) tax liability does not arise until the forgiveness 7 October 2022 APFF Roundtable Q. 10, 2022-0942161C6 F- Règles particulières sur les changements d’usage Income Tax Act- Section 45- Subsection 45(2) where s. 45(2) election is made on change to rental use, no change of use when the property changes back to actual personal use Income Tax Act- Section 45- Subsection 45(1)- Paragraph 45(1)(c) no change in the regular use under s. 45(1)(c) where a property regularly alternates between personal and rental use 7 October 2022 APFF Roundtable Q. 11, 2022-0942751C6 F- Changement de fin d'exercice et opposition Income Tax Act- Section 165- Subsection 165(3) CRA will not vacate an assessment that was not invalid or unfounded Income Tax Act- Section 249.1- Subsection 249.1(7) a corporation cannot change its year end by objecting to the 1st year’s initial assessment 7 October 2022 APFF Roundtable Q. 12, 2022-0950691C6 F- Revenu de location- DPE Income Tax Act- Section 248- Subsection 248(1)- Property building treated as a single property for purposes of principal use test Income Tax Act- Section 129- Subsection 129(4)- Income or Loss rental income from the smaller portion of a building not used in manufacturing could be assimilated to active business income 7 October 2022 APFF Roundtable Q. 13, 2022-0942181C6 F- Transfer of an RRSP at death Income Tax Act- Section 248- Subsection 248(23.1)- Paragraph 248(23.1)(a) s. 248(23.1)(a) does not deem the amount paid to be received as beneficiary of the estate as per s. 146(8.1) Income Tax Act- Section 146- Subsection 146(8.1) an amount paid by an estate of the deceased’s RRSP to satisfy the claim of his separated surviving spouse did not qualify as a refund of premiums 7 October 2022 APFF Roundtable Q. 14, 2022-0942191C6 F- Safe-income determination time Income Tax Act- Section 248- Subsection 248(10) safe income arising on a sale and after the safe-income determination time could be used for subsequent dividends not paid as part of the same series Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) no need for CRA flexibility regarding safe income issues arising from early formation of a Buyco Income Tax Act- Section 55- Subsection 55(1)- Safe Income Determination Time incorporation of Buyco may trigger safe-income determination time 7 October 2022 APFF Roundtable Q. 15, 2022-0942241C6 F- Safe income inclusion of dividend tax refund Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) taxes reduce safe income attributable to realized taxable capital gain net of the refundable tax generated from dividend Neal Armstrong. 7 October 2022 APFF Roundtable. ...