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[fn 35: … 2005-0141181C6 …] However, the ruling in Greenberg Estate also indicates that when an income beneficiary repays an excessive annual income distribution from a trust, the repayment may not disqualify the trust as a testamentary trust…. ... [fn 37:… 2005-0132271C6 …]… ...

Novotny, "An Update on Flow-through Shares in the Energy Sector", 2016 Conference Report (Canadian Tax Foundation),12:1-39-- summary under Subparagraph 12(1)(x)(iv) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x)- Subparagraph 12(1)(x)(iv) Inclusion of flow-through share indemnity payment under s. 12(1)(x)(iv) and deduction under s. 12(2) as “outlay" (p.12:28-29)...The CRA's view [f.n. 97 … 1991-167 …] was that the amounts paid by the PBC to the partnership under a typical flowthrough indemnity would receive the same tax treatment (for the PBC and the FTS holder) regardless of whether they were (1) simply paid out under the indemnity, (2) paid by the PBC after it was sued but before a court order, and (3) paid pursuant to a court order. …...The interpretation goes on to state that the payments would be reimbursements of an outlay that would be included in the partners' income under … subparagraph 12(1)(x)(iv). …... ...

. … Where a blocker is in place, the applicable treaty should be reviewed to confirm the Aggregator LP does not interfere with any desired treaty benefits. ... In that regard, in one Technical Interpretation [fn 33: … 2014-0563781E5 …] the CRA considered a situation in which a general partner of a limited partnership held a general partnership interest representing 1% of the interests in the limited partnership and, under the terms of the partnership agreement, the general partner had sole authority to manage and control the management activities and affairs of the partnership. ...

Unfortunately, the process … likely require[s] a disposition of the income-producing property acquired with the loan. ... For this reason, amending the terms of an existing loan to reduce the interest rate to the new, lower prescribed rate does not comply …. ... According to … 9336625 … the new loan would not be used for an income-producing purpose, but rather for the purpose of extinguishing the original loan. … However, it may be worth considering whether the CRA’s position that a refinancing strategy is ineffective is correct, since it does not reference subsection 20(3). ...

[fn 70: … 2012-0462941C6 …. This circularity problem was identified by Nick Moraitis and Manu Kakkar, in "Potential Circularity Problem with Estate Loss Carryback" (2006) 6:3 Tax far the Owner-Manager 6-7.] ...

[F.n. 275 … IT-286R2.] … The CRA accepts that an amount may be deductible to the trust when the amount is determined by a formula and is not calculated until the preparation of the trust's tax return after the end of the applicable year. ...

See … 2006-0196031C6 ….] ...

[fn 47: … 2015-062451117 … [and] 2012-0444091C6] The result may be different if a partnership’s partners made loans to Projectco directly (or through a parallel structure) rather than through the non-Canadian partnership being tested. ...

" There should be a specific tax debt that is being avoided (pp. 4-6) The reference in s. 160(5)(a)(ii) to a test of it being reasonable to consider that one of the purposes of the transaction or series was “to avoid … liability … for an amount payable under this Act” also sets too low a threshold and should be re-framed to refer to a demonstrable current or future anticipated tax debt of the transferor that would otherwise be avoided, determined at the beginning of the applicable series of transactions. ...

" … In Royal Oak Mines [[1996] 1 S.C.R. 369], the Supreme Court of Canada concluded that "reasonable effort" is an objective standard that can be assessed by reference to "comparable standards and practices within the particular industry." … Rossiter v. Chiasson, [1950] OWN 265 (HCJ)…[stated] the party need not "go to absurd, whimsical or unwarranted lengths" since "reasonable" means " 'logical,' 'sensible' and 'fair.' " … Crown Employees [1997 CarswellOnt 6197] explicitly held that reasonable efforts does not mean "all efforts. ... Appropriateness of avoiding penalties where reliance on expert reports (p. 32:18) [In DHL Corporation and Subsidiaries v CIR, 285 F. 3d 1210 (9th Cir. 2002); aff'g, in part, rev'g, in part, and remanding 76 TCM 1122 (1998)] the taxpayer ("DHL") hired Bain & Co., Inc. ...