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Tina Korovilas, Drew Morier, "Non-Corporate Vehicles in the Foreign Affiliate Context", 2018 Conference Report (Canadian Tax Foundation), 20:1 – 114-- summary under Paragraph (e) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(1)- Excluded Property- Paragraph (e) Narrowness of the postamble to the excluded property (EP) definition (p. 20:53) [A]lthough the partnership postamble applies for the purposes of the FA definition as it does for the purposes of the EP definition, it must be recalled that it deems only shares of the deemed non-resident corporation to be owned by a member of the partnership that is an FA of any taxpayer. ...

Raj Juneja, Pierre Bourgeois, "International Tax Issues That Get in the Way of Doing Business", 2019 Conference Report (Canadian Tax Foundation), 36:1 – 42-- summary under Subsection 212.3(16) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(16) Exception unavailable where CRIC has no Cdn business It is unclear why it is necessary to meet all of the requirements of the s. 212.3(16) “closely connected business exception” where there is no debt dumping or surplus stripping. ...

Raj Juneja, Pierre Bourgeois, "International Tax Issues That Get in the Way of Doing Business", 2019 Conference Report (Canadian Tax Foundation), 36:1 – 42-- summary under Paragraph 212.3(10)(f) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(10)- Paragraph 212.3(10)(f) S. 212.3(10)(f) can encourage bump and run transactions The structure resulting where a Canadian public corporation, that has no operations in Canada, is acquired by a Canadian Acquisitionco as described in s. 212.3(10)(f), is undesirable since the PUC of the shares of Canadian Acquisitionco is reduced to nil pursuant to ss. 212.3(2) and (7), so that any investment (other than by way of PLOI) made in a foreign Opco by Canadian Public Corporation or Canadian Acquisitionco would result in a deemed dividend by Canadian Acquisitionco to the foreign multinational. ...

Raj Juneja, Pierre Bourgeois, "International Tax Issues That Get in the Way of Doing Business", 2019 Conference Report (Canadian Tax Foundation), 36:1 – 42-- summary under Clause 95(2)(a)(ii)(D) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(2)- Paragraph 95(2)(a)- Subparagraph 95(2)(a)(ii)- Clause 95(2)(a)(ii)(D) CRA current use test In 2002-0013899, concerning a taxpayer which carried on transactions to ensure that the conditions under s. 95(2)(a)(ii)(D) applied on an ongoing basis, CRA stated that “[a]s in the case of paragraph 20(1)(c), our position is that the current eligible use of the funds is the key, not the former in-eligible use.” ...

Raj Juneja, Pierre Bourgeois, "International Tax Issues That Get in the Way of Doing Business", 2019 Conference Report (Canadian Tax Foundation), 36:1 – 42-- summary under Paragraph (b) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(1)- Excluded Property- Paragraph (b) Circularity element in determining excluded property status where material upstream loans Where an acquisition target is a holding company that has numerous operating subsidiaries that have made substantial upstream loans to it, an element of circularity can arise in determining whether the shares of such operating subsidiaries and, thus, the shares of the holding company, are excluded property. ...

Raj Juneja, Pierre Bourgeois, "International Tax Issues That Get in the Way of Doing Business", 2019 Conference Report (Canadian Tax Foundation), 36:1 – 42-- summary under Subsection 5907(2.01) Summary Under Tax Topics- Income Tax Regulations- Regulation 5907- Subsection 5907(2.01) Need to avoid assumption of liabilities on the drop-down transaction in a “pack and sale” transaction Reg. 5907(2.01) to some extent accommodates “pack and sale” transactions (respecting a drop down of a business unit to a foreign Newco followed by an arm’s length sale of the Newco) by rendering Reg. 5907(5.1) inoperative to transactions occurring on a rollover basis under the foreign tax law (so that exempt surplus may be generated) if certain conditions are met, one of which is that the only consideration received in respect of the particular disposition is shares of the capital stock of another FA of the taxpayer. ...

Tim Barrett, Andrew Morreale, "Foreign Affiliate Update", 2019 Conference Report (Canadian Tax Foundation), 35: 1 – 53-- summary under Paragraph 212.3(26)(b) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(26)- Paragraph 212.3(26)(b) Quaere whether discretionary trust interests have a nil FMV For the purposes of determining the ownership of shares of a corporation resident in Canada (CRIC), the shares owned by a Canadian-resident trust are deemed by draft s. 212.3(26)(b) (in the absence of the anti-avoidance rule in draft s. 212.3(26)(c) applying) to be owned by the trust’s beneficiaries in accordance with their pro rata FMV interests. ...

Tim Barrett, Andrew Morreale, "Foreign Affiliate Update", 2019 Conference Report (Canadian Tax Foundation), 35: 1 – 53-- summary under Paragraph 212.3(16)(b) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(16)- Paragraph 212.3(16)(b) Inapplicability of s. 212.3(16) safe harbor for CRIC wholly-owned by individual entrepreneur Since “parent” under the expanded FAD rules can now include an individual or a trust, the FAD rules could apply, for example, where an owner-manager who controls a CRIC with a foreign affiliate emigrates abroad, or who dies and whose shares pass to a non-resident estate. ...

PWC, "Tax Insights: The underused housing tax – A new compliance requirement for many owners of Canadian residential property", Issue 2023-06R, 5 April 2023-- summary under Taxable Value Summary Under Tax Topics- Other Legislation/Constitution- Federal- Underused Housing Tax Act- Section 2- Taxable Value no need to indicate assessed value on a timely-filed return if an exemption is available The GST/HST Rulings Directorate is described as indicating in a technical interpretation issued on March 10, 2023 that “a property’s assessed value and most recent sale price do not have to be reported on a UHT return (“$0” can be entered on lines 280 and 285) if: (i) no tax is payable in respect of the property, due to an available exemption; and (ii) the UHT return is filed by December 31 of the following calendar year.” ...

EY, "Concessional loans – Claimants may amend prior SR&ED claims for taxation years that are not statute-barred", Tax Alert 2024 No. 54, 15 November 2024-- summary under Government Assistance Summary Under Tax Topics- Income Tax Act- Section 127- Subsection 127(9)- Government Assistance prior SR&ED claims for non-statute-barred years can be amended to reflect excluded loans CRA representatives confirmed that taxpayers impacted by the change in the definition of government assistance to carve out excluded loans may submit amended tax returns with their revised SR&ED forms for the years affected even where their SR&ED reporting deadline has passed, provided that the taxation year is not statute-barred. ...