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The Directorate stated: Taking into account, among other things, the letter of intent and considering the final agreement as a whole, that there would be good arguments for concluding that a portion of the … expenses incurred by the Purchaser constituted consideration given by the taxpayer for a right in respect of a share of the Vendor... [T]hat consideration should be deducted by virtue of paragraph (j) … from Canadian exploration expenses otherwise computed. That portion of the costs incurred by the Purchaser would, however, be the cost to the Purchaser of the warrants …. ...

14 September 2016 Internal T.I. 2016-0631631I7- Transfer pricing capital adjustment-- summary under Subsection 247(11) Summary Under Tax Topics- Income Tax Act- Section 247- New- Subsection 247(11) s. 152(4) limits apply to additional s. 247(3) assessments In the situation where Canco acquired a non-depreciable capital property in Year X from an affiliate at a price that was substantially in excess of an arm’s length price, and then disposed of the property at a gain in Year X + 7 to a third party, the Directorate considered that a transfer pricing capital adjustment could be made to boost the adjusted cost base of the property in Year X even though that year was now statute-barred re Part I reassessments – and that, as “an initial assessment under subsection 247(3) can be made at any time,” a s. 247(3) penalty could be imposed respecting this Year X TPCA in the absence of reasonable efforts etc. The Directorate went on to state: However, pursuant to subsection 247(11), any additional assessment under subsection 247(3) for the year of the TPCA (Year X) would be subject to restriction based on an application of subsection 152(4) with respect to Year X and Part XVI.1. … ...

CRA generally will consider the expenses of the following types of environmental studies, community consultations and feasibility studies incurred by mining companies at the exploration stage for the purpose of determining the existence, location, extent or quality of a mineral resource in Canada, to qualify as Canadian exploration expenses (“CEE”), subject to a review of the particular facts: Environmental assessments or community consultations undertaken to meet a legal or informal requirement to obtain a permit or to meet a requirement thereunder – but not (e.g., for community consultations) where undertaken prior to a decision to explore.) Environmental sampling/monitoring in relation to an exploration activity or targeted environmental assessments (e.g., vegetation, fisheries and water assessments) conducted in conjunction with a specific exploration activity – but not general baseline environmental assessments undertaken prior to carrying out a specific exploration activity. ... Planning for, and studies relating to, the conduct of the exploration; or physical and chemical assessments related to a deposit re deciding to continue the exploration at the site or to assessing the potential for a commercial deposit – but not preliminary planning prior to a decision to explore, or assessments of mine development options or profitability of developing the deposit into a mine. ...

After finding that Non-Resident Corporation did not have a fixed place of business at the various arenas where the shows were mounted, the Directorate then considered whether this result was altered by Reg. 400(2)(e), stating: [I]n order to deem a permanent establishment in a province or jurisdiction for the purposes of paragraph 400(2)(e) …, generally the equipment or machinery must be used either for a period of more than 30 consecutive days per site or project or for a period of more than 90 cumulative days within a 12-month period for all projects. Since … the Non-Resident Corporation used the concert equipment in each of the provinces where performances were produced for a period of less than 30 consecutive days and throughout Canada for a period of less than 90 cumulative days, we are of the view that it is not deemed to have a permanent establishment in any of the provinces …. ...

21 April 2008 Internal T.I. 2007-0251761I7 F- Billet à payer-- summary under Paragraph 20(1)(d) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(d) addition of unpaid interest to principal did not establish a loan of that interest or a novation of the debt – so that interest on such capitalized interest non-deductible until paid Debt owing to the taxpayer following an asset sale provided that interest may be added to the principal of the debt, which is what occurred. ... Before concluding that the interest payable at the end of the second year on the interest that was not paid to the creditor in the first year would not be deductible under s. 20(1)(c) and would only be deducible under s. 20(1)(d) when paid, CRA found that: The facts submitted did not show that there was an actual transfer of money, and that the “mere statement that an amount of interest was added to the principal of the original debt does not seem to us sufficient to conclude that there was a … [fresh] loan between the parties.” It was not established that there was a novation of the existing debt – there was no evidence of intention to novate, and “the mere addition of unpaid interest to an existing debt does not have the effect of terminating the existing obligation and creating a new one.” ...

18 July 2006 Internal T.I. 2006-0184431I7 F- Prêt d'un gouvernement-- summary under Subparagraph 12(1)(x)(iii) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x)- Subparagraph 12(1)(x)(iii) ultimate obligation to repay all the amount advanced rendered a loan an unconditional loan rather than a forgivable loan In finding that a participating loan to the taxpayer (Xco) was not a forgivable loan, the Directorate stated: [T]he [Loan] Agreement states that Xco shall repay the principal of the Loan in full and the capitalized interest in annual repayments … [and] specif[ies] that repayments will be based on the income generated but that any amount still owing on the date of the XXXXXXXXXX anniversary of the first disbursement of the Loan will then become due. ... Consequently … the $XXXXXXXXXX received by Xco under the Agreement is considered a loan for the purposes of the Act and is not taxable. … In general, if paragraph 12(1)(x) is not applied at the time a loan was made, the loan would come within section 80 at the time it is settled or extinguished. ...

. … As a result, the rules in section 402.1 will apply such that the salary or wages earned by an employee of a partnership for the performance of services in a particular province for a benefiting corporation are deemed to be salary or wages paid by the benefiting corporation to an employee of its permanent establishments in the province if the benefiting corporation and the partnership do not deal at arm’s length and the benefiting corporation has a permanent establishment in the province. In addition, under subsection 402.1(3) … the amount of salaries and wages paid in a taxation year by the partnership employer that is deemed to be paid by the benefiting corporation is deducted from the partnership employer’s salaries and wages paid in the taxation year. … As a result, for the purposes of subsection 402(6), the salaries and wages paid that are allocated to the members of the partnership (Corp 1 and Corp 2) would not include the salaries and wages paid that are deemed by subsection 402.1(3) to be paid by the benefiting corporation. ...

28 April 2004 Internal T.I. 2004-0066991I7 F- Paiement incitatif-- summary under Paragraph 12(1)(x) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x) incentive payments received from broker to purchase an exempt life insurance policy were received “in the course of earning income from … property” (the policy) As an incentive for the sale of exempt life insurance policies (having a savings and investment component) a life insurance brokers would pay to clients purchasing the policies an amount equal to the first-year’s commission earned by the broker from the life insurance company. The Directorate indicated that the incentive payments were includable in the income of such clients under s. 12(1)(x) (absent any election made under s, 12(2.2) respecting the premiums paid) given inter alia that they were received by such clients “in the course of earning income from … property,” noting in this regard that the expression “in the course of” had been interpreted expansively in Wisener (73 DTC 5065) and in Yonge- Eglinton, and further stating: [A] life insurance policy is a source of income, that is, property acquired for the purpose of earning income from property, whether or not the life insurance policy is an exempt policy. Words and Phrases in the course of in the course of earning income from … property ...

. … [I]nterest on money borrowed and used to acquire common shares may not be deductible where there is no expectation of profit from the investment. For example, in a situation where a corporation has not paid a dividend since incorporation and the facts clearly indicate that it has no intention of doing so, there may be a good argument for concluding that there is no expectation of profit …. ... However, where the dividend rate is lower than the cost of borrowing, the Agency allows the interest paid on money borrowed to acquire these shares to be deductible to the extent of the dividends included in the borrower's income from the shares in the year, grossed up in the case of an individual …. ...

In responding “no,” CRA stated Under paragraph 149.1(4)(b) of the Act, a private foundation’s registered status can be revoked if it “fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it to qualified donees, amounts the total of which is at least equal to the foundation's disbursement quota for that year;” …. ... [P]roposed paragraph 149.1(4)(b.1) … suggests that the making of gifts by a foundation in the course of charitable activities carried on by it, and the making of gifts to qualified donees are two activities that are mutually exclusive. As such … it is not possible for a foundation to make a gift to a qualified donee in the course of carrying on of its own charitable activities. ...