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Technical Interpretation - External summary
29 September 2020 External T.I. 2018-0757501E5 F - Crédit pour intérêts sur les prêts étudiants -- summary under Payment & Receipt
29 September 2020 External T.I. 2018-0757501E5 F- Crédit pour intérêts sur les prêts étudiants-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt capitalization of interest on a novation under Quebec law would constitute its payment A Quebec post-secondary student loan program provided for an initial 12-month “full exemption period” (in which the Quebec government paid the interest charged on the loan by the lender) and a subsequent six-month “partial exemption period” (during which the student borrower was required to pay interest on the loan balance). ... In addressing whether such capitalized interest qualified as being “paid” under a “loan made” under the Quebec financial assistance program so as to generate a credit under s. 118.62, CRA stated: By virtue of the Civil Code of Quebec, there can be payment where there is a handing over of money [(“tradition d’argent”)] between the debtor and the creditor or where there is novation by change of debt. … The mere addition of accrued interest to the principal amount of an original debt is generally not sufficient in itself to constitute a payment of such interest. If … the addition of interest to the principal … qualifies as a novation … the amount of interest will be considered paid when the novation occurs and will be eligible for the credit by virtue of section 118.62, if all the conditions set out in that section are otherwise satisfied. ...
Decision summary
Cussens & Ors v Brosnan, ECLI:EU:C:2017:881:Case C-251/16, [2017] BVC 61 -- summary under Subsection 274(4)
The Court stated (at paras 53, 60- 61): …[T]he case-law stemming from the judgment in Halifax does not require it to be established that the accrual of a tax advantage is the only objective of the transactions at issue. … In order to determine the substance and real significance of the leases at issue in the main proceedings, the referring court may, in particular, take account of the purely artificial nature of those transactions and the links of a legal, economic and/or personal nature between the operators at issue …. Such aspects are capable of demonstrating that the accrual of a tax advantage constitutes the essential aim pursued, notwithstanding the possible existence, in addition, of economic objectives …. …[T]he leases … had no commercial reality and were entered into … with the aim of reducing the VAT liability on the sales of immovable property … which they envisaged carrying out subsequently. ...
Decision summary
Non Corp Holdings Corp. v. Canada (Attorney General), 2016 ONSC 2737 -- summary under Rectification & Rescission
Canada (Attorney General), 2016 ONSC 2737-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission date of capital dividend declaration rectified to eliminate Part III tax The corporate applicant intended to distribute the applicable portion of a “capital gain” (likely, goodwill proceeds) from a business sale as a capital dividend. ... Before amending the directors’ resolution nunc pro tunc to change its date to November 1, 2012, Dunphy J stated (at paras. 7, 9): This case is quite unlike… Birch Hill … decided by me…[where] [t]he rectification sought would have materially re-ordered the transaction in ways that nobody had considered at the relevant time. There was a specific intention to allocate specific proceeds of a specific transaction to a specific tax account – the capital dividend account – to achieve a specific tax goal. ...
Decision summary
Felty v. Ernst & Young LLP, 2015 BCCA 445 -- summary under Agency
Ernst & Young LLP, 2015 BCCA 445-- summary under Agency Summary Under Tax Topics- General Concepts- Agency presumption that law firm agreement binds client The appellant’s B.C. law firm retained Ernst & Young to provide her with U.S. tax advice in connection with negotiating a separation agreement with her husband. ... In finding that the appellant was bound by the engagement agreement, Newbury JA applied (at para. 38) the principle in Shaw, Salter & Plommer v. Phipps & Cosgrove (1926) 37 B.C.R. 184 “that as a general rule, solicitors will be taken to be contracting on behalf of their clients in the course of their practice.” ...
Administrative Policy summary
CBAO National Commodity Tax, Customs and Trade Section – 2013 GST/HST Questions for Revenue Canada, Q. 33. ("Application of S. 10.1, Sch. VI, P. V – Service Related to Intangible Personal Property") -- summary under Section 10.1
CBAO National Commodity Tax, Customs and Trade Section – 2013 GST/HST Questions for Revenue Canada, Q. 33. ... V – Service Related to Intangible Personal Property")-- summary under Section 10.1 Summary Under Tax Topics- Excise Tax Act- Schedules- Schedule VI- Part V- Section 10.1 A Canadian GST-registered supplier sells custom software that it has been using to perform a service electronically, with such supplies being made in Canada. ...
Decision summary
Canada (Attorney-General) v. Brogan Family Trust, 2014 ONSC 6354 -- summary under Rectification & Rescission
Brogan Family Trust, 2014 ONSC 6354-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission no obligation to notify Crown if tax liability which was relieved has not been assessed The respondent family trust obtained a rectification order, to permit trust distributions to minor grandchildren beneficiaries, on 26 November 2010, which was shortly after a sale of a business by the trust. ... In dismissing this motion, Ray J stated (at para. 13): I am not persuaded that… CCRA [sic] was affected by the order of McLean, J. … [After citing Canada v. ... Richter & Associates, [2000] OJ No. 2073 (Ont SC) aff'd [2001] OJ No. 1087 (Ont CA)]. ...
TCC (summary)
Mold Leaders Inc. v. The King, 2023 TCC 127 -- summary under Scientific Research & Experimental Development
The King, 2023 TCC 127-- summary under Scientific Research & Experimental Development Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Scientific Research & Experimental Development challenging engineering involving standard procedures was not SR&ED The taxpayer (ML), carried on a business of the custom designing and making of injection molding including for the automotive industry. ... [His] …answers did not reveal or identify technological uncertainties being addressed in a scientific manner. … ML’s favoured approach … was to basically try various options, anticipating that one likely would work. For me that is indicative of routine engineering or standard procedures. … ...
Conference summary
11 October 2013 Roundtable, 2013-0499671C6 F - Actif d'impôts futurs / Future income tax assets -- summary under Small Business Corporation
11 October 2013 Roundtable, 2013-0499671C6 F- Actif d'impôts futurs / Future income tax assets-- summary under Small Business Corporation Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Small Business Corporation future income tax asset is not an asset – tax receivable is, but is an active business asset if it arose from active business Is a future income tax asset an asset used in an active business for the purposes of the definition of qualified small business corporation share in s. 110.6(1) and of small business corporation in s. 248(1)? ... The tax receivable may be an asset used in the active carrying on of a business for [such] purposes …. For example … tax receivable due to the carryback of a loss from an active business is an asset used primarily in the business that the corporation is actively carrying on for purposes of both definitions. … The same interpretation applies to deferred tax assets. ...
TCC (summary)
Oroville Reman & Reload Inc. v. Canada, 2016 TCC 75 -- summary under Territorial Limits
Oroville Reman & Reload Inc. v. Canada, 2016 TCC 75-- summary under Territorial Limits Summary Under Tax Topics- Statutory Interpretation- Territorial Limits an assessment of a U.S. softwood importer who did not carry on business in Canada was an unauthorized extraterritorial exercise of enforcement jurisdiction The taxpayer was a U.S. subsidiary of a Canadian lumber producer. ... Although a few – including Oroville – were U.S. companies, the vast majority of the importers of record who paid the duties were Canadian lumber producers. ... This can only be so if the application of the SLPECA to the Appellant is justified on the ground of territoriality. … Translated to the case at bar, the question is whether there is a "real and substantial link" between Canada and the activities giving rise Canada's claim for tax. ...
Decision summary
Livent Inc. v. Deloitte & Touche, 128 OR (3d) 225, 2016 ONCA 11, rev'd in part 2017 SCC 63 -- summary under Negligence, Fiduciary Duty and Fault
Deloitte & Touche, 128 OR (3d) 225, 2016 ONCA 11, rev'd in part 2017 SCC 63-- summary under Negligence, Fiduciary Duty and Fault Summary Under Tax Topics- General Concepts- Negligence, Fiduciary Duty and Fault auditors liable for failure to detect the company’s own fraud effected through its senior management A negligent audit by an auditing firm (“Deloitte”) of a Canadian public corporation (“Livent”), in which Deloitte failed to discover that senior management was fraudulently misstating the financial statements, was found by the trial judge to have resulted in damages to Livent, so that Deloittte was liable to the receiver-manager for Livent. ... In rejecting this submission, Blair JA noted (at para. 113) that the rationale for such an illegality (or “ ex turpi causa ”) defence “was to avoid “damage to the integrity of the legal system,” whereas this concern did not arise here as “the actual fraudsters will not profit from their wrongdoing and have not evaded criminal sanction…[n]or will Livent profit from the wrongdoing” (para. 156). ...