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CRA noted that s. 161(7) – which contemplates that where there is a carryback of a loss to eliminate a tax payable balance for a taxation year, interest generally will accrue on that balance until a specified effective date of the carryback – does not apply to a low carryforward. ...

31 July 2000 Internal T.I. 2000-0017597 F- COMMISSION-POLICES D'ASSURANCE-VIE-- summary under Business Source/Reasonable Expectation of Profit Summary Under Tax Topics- Income Tax Act- Section 3- Paragraph 3(a)- Business Source/Reasonable Expectation of Profit commissions of a life insurance salesperson on acquiring an annuity contract or segregated fund policy are not exempted under IT-470R, para. 27 Regarding a life insurance salesman who acquired a segregated fund policy or an annuity contract and received commissions that he did not include in his income in reliance on IT-470R, para. 27, the Directorate stated: The tax treatment of commissions received on the purchase of segregated fund policies or annuity contracts should … be the same as that accorded to commissions received by securities brokers who purchase shares on the stock exchange or mutual funds as a personal investment. … Consequently, the commissions received by a life insurance salesperson as a result of the acquisition of an annuity contract or a segregated fund policy as an investment are taxable to the salesperson. ...

. … [If] the expenses [were] incurred voluntarily or with the intention of discharging a legal obligation made to restore a site or repair environmental damage that was caused directly by the company's operations … [then] those expenses would generally be considered a cost of doing business. ...

As the exchange rate was $1US = $1 Canadian, the shares had a cost of $200M. ... (footnote 1: If such deemed gain arose in a taxation year of Canco that began on or before August 19, 2011, and was wholly attributable to fluctuation in the value of the US currency relative to Canadian currency it would be a subsection 39(2) capital gain. …) Alternatively…subsection 40(1) provides for the computation of a gain or loss based on the ACB to Canco of the shares of Foreignco...when the shares are disposed of by Canco. ... An argument could be made that for the purposes of subsection 39(2), Canco "made a gain" because of a fluctuation in the value of US currency relative to Canadian currency in the same way that a lender might make a gain on the repayment of a portion of a foreign currency denominated loan. … If subsection 39(2) were also applicable, the accretion in the value of the share investment attributable to foreign currency fluctuation would be duplicated in the gain computed under subsection 39(2) and any potential gain calculated in respect of the shares under section 40. ...

After noting that the Mining Properties appeared to be property described in (f) of the Canadian resource property definition, that their disposition date was “the effective date and the date on which the conditions … were satisfied,” that the sale agreement did not specify a sale price, and that in F of the CCDE definition the “the expression ‘became receivable’ should have the same meaning as for the purposes of paragraph 12(1)(b),” the Directorate first turned to the cash component of the deferred consideration and stated that, having regard to jurisprudence indicating that where proceeds included note receivable, the value of such notes was not to be discounted: this is even more the case when it comes to monetary consideration. ... Turning to the deferred share issuance consideration portion of the sale consideration, the Directorate noted that over the four-year deferred payment period, the shares’ market price could “fluctuate greatly,” and stated that the TSO accordingly might: conclude that such portion of the proceeds of disposition for the Mining Properties by the Vendor is not determinable prior to the date of issuance of the shares by the Purchaser and that such portion of the proceeds of disposition would be recognized for tax purposes at the times of their issuance …. The Directorate also stated that it was prepared to extend the position in IT-125R4, para. 14 respecting farmouts to this situation, so that: an amount equal to the exploration expenses [required to be incurred by the Purchaser] would not result in proceeds of disposition to the Vendor for purposes of element F …. ...

13 February 2017 Internal T.I. 2015-0587691I7- Classification of a Delaware LLLP-- summary under Section 96 Summary Under Tax Topics- Income Tax Act- Section 96 Delaware LLLP that was wound up before 2016 treated as partnership for capital loss purposes Two related taxable Canadian corporations (CanGP and CanLP) were the general and limited partner, respectively, of a Limited Liability Limited Partnership (“Delaware-LLLP “) that had been constituted by filing a certificate with the Delaware Secretary of State. ... The Directorate indicated that, consistently with 2016-0642051C6, a Delaware LLLP generally should be considered as a corporation given “the existence of a separate legal personality that is recognized under the DRULPA – meaning the full legal capacity to acquire and own property, to sue and be sued, to carry on their own activities and to incur liabilities of their own – and the limitation of liability afforded to all of its members.” ...

The Directorate responded: … Mr. X's application of the forgiven amount in respect of the X Debt against the ACB of the capital assets he held immediately after the time of settlement of the X Debt is consistent with the Act. … Mr. X could have applied the forgiven amount in respect of the X Debt against a non-capital loss for a taxation year ending before the particular year pursuant to subsection 80(3) if he had had such a loss, even if that loss had not been a loss from the business carried on by LP. … [S]ubparagraph 80(15)(c)(v) does not prevent Mr. ...

Canco2 transferred NR1 to the non-resident subsidiary (NR3) of its Canadian sister (Canco1 – which, like Canco2, was wholly-owned by the Canadian parent of this multinational group). ... However … the deeming rule does not permit the use of a FAPL of a dissolved subsidiary for a pre-dissolution taxation year to reduce the FAPI of a parent for one of its pre-dissolution years …. ...

In 2017-0735771I7, Headquarters considered that such loss was suspended on the basis that, for purposes of s. 40(3.5)(c)(i), Bco was a corporation “formed” on the “merger” of CCo with BCo – with the result that BCo was deemed to continue to own the shares of CCo with which it was affiliated, notwithstanding that CCo had, in fact, ceased to exist. ... Headquarters has now realized that such winding-up of BCo could be a “designated liquidation and dissolution” described in s. 95(2)(e) (perhaps depending on the size of the direct interest of DCo in BCo)– in which event, s. 95(2)(e)(v)(A)(III) would deem DCo to be a continuation of BCo for s. 40(3.5)(c) purposes respecting shares that were deemed under that paragraph to be owned by BCo before the DLAD (i.e., respecting its deemed continued ownership of the CCo shares) – so that the suspended loss was deemed to be a capital loss of ACo immediately after the completion of the liquidation of BCo. In now modifying this latter view, Headquarters stated: [T[he conclusion noted in 2019-0793481I7 would only be applicable to the extent that subparagraph 95(2)(e)(v) of the Act does not otherwise apply to a liquidation of BCo. … [U]nder [s. 95(2)(e)(v)(A)(III)] DCo will be deemed to be the same corporation as, and a continuation of, BCo for the purposes of applying paragraph 40(3.5)(c) in respect of any share that was deemed under that paragraph to be owned, at any time before the liquidation and dissolution, by BCo. ...

. … The CRA cannot comment on the possible application of subparagraph 20(1)(p)(ii) without details of all loans or advances (nature of loan, amount, duration, identification of borrower). Because of this lack of information … we cannot conclude that Mr. A's ordinary business was the lending of money. ...