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14 August 2014 Internal T.I. 2013-0506691I7- Capital Losses- Health & Welfare Trusts-- summary under Paragraph 111(1)(b) Summary Under Tax Topics- Income Tax Act- Section 111- Subsection 111(1)- Paragraph 111(1)(b) deduction by health trust of net capital losses Are health and welfare trusts ("HWTs") permitted to incur capital losses and deduct net capital losses when computing taxable income under Division C and/or adjusted taxable income under Division E.1? CRA stated: 2004-009364 concluded that where a HWT has expenses that were otherwise deductible and not allowed because of the limitation discussed in paragraph 12 of IT-85R2, it will be permitted to use those expenses to reduce its adjusted taxable income for purposes of AMT. … Consistent with section 3.., a HWT's gross trust income for a year includes its taxable capital gains realized in the year in excess of its allowable capital losses realized in the year. ...

23 January 2013 Internal T.I. 2012-0465081I7- Subsection 107(2) – a disposition by a NR Trust-- summary under Subsection 107(2) Summary Under Tax Topics- Income Tax Act- 101-110- Section 107- Subsection 107(2) Respecting a distribution of Canadian real property by a personal trust resulting in a disposition of the beneficiary's capital interest, CRA rejected a suggestion that s. 107(2)(a) deemed there to be a disposition of the property before its actual distribution, with the result that there was no disposition for purposes of the Act as at that time there was no change in the beneficial ownership of the property: The phrase "immediately before that time" as used in paragraph 107(2)(a) of the Act, qualifies only the words "... its cost amount to the trust... ...

16 March 2015 Internal T.I. 2013-0479861I7- Section 116 & forfeited deposits on real property-- summary under Subsection 116(5) Summary Under Tax Topics- Income Tax Act- Section 116- Subsection 116(5) forfeited sale deposit was proceeds of security interest rather than of tcp A non-resident vendor received a deposit under an agreement for sale of B.C. real property, which will be forfeited to it due to failure of the purchaser to close. ... CRA first stated (based on the s. 248(1) – "disposition" definition) that "there is a disposition of a right under a contract where an agreement of sale has been cancelled and the buyer's deposit is forfeited to the vendor," and noted that under s. 248(4) "where the property is a security interest derived by an agreement for sale, it is excluded from being an interest in real property and is thereby excluded from the definition of taxable Canadian property. ...

16 March 2015 Internal T.I. 2013-0479861I7- Section 116 & forfeited deposits on real property-- summary under Subsection 248(4) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(4) forfeited sale deposit was proceeds of security interest rather than of tcp A non-resident vendor received a deposit under an agreement for sale of B.C. real property, which will be forfeited to it due to failure of the purchaser to close. ... CRA first stated (based on the s. 248(1) – "disposition" definition) that "there is a disposition of a right under a contract where an agreement of sale has been cancelled and the buyer's deposit is forfeited to the vendor," and noted that under s. 248(4) "where the property is a security interest derived by an agreement for sale, it is excluded from being an interest in real property and is thereby excluded from the definition of taxable Canadian property. ...

26 May 2016 IFA Roundtable Q. 7, 2016-0642121C6- 93(2.01) & Capital Contribution-- summary under Subsection 93(2.01) Summary Under Tax Topics- Income Tax Act- Section 93- Subsection 93(2.01) contribution of shares to a subsidiary caused the subsidiary shares to be substituted property CRA considered that the s. 93(2.01) stop loss rule applied where Canco made a contribution of capital to a foreign subsidiary (FA2) of its shares of a non-resident Finco subsidiary (FA1) which had paid dividends out of its deemed active business income to Canco – so that s. 93(2.01) denied a subsequent capital loss realized on an arm’s length sale of the FA2 shares to the extent of such dividends. ...

3 May 2016 CALU Roundtable Q. 5, 2016-0632641C6- Clearance certificate & GRE rules-- summary under Subsection 159(2) Summary Under Tax Topics- Income Tax Act- Section 159- Subsection 159(2) CRA will issue a clearance certificate for a partial estate distribution While a graduated rate estate may allocate a charitable donation tax credit within 60 months from the individual’s date of death in cases where GRE status is lost solely because of the expiry of the 36-month period, the gift nonetheless may need to be made within 36 months of death. ... CRA responded: The overall process to receive a clearance certificate is currently under review. … One avenue that can be pursued by legal representatives is the request of a clearance certificate for partial distribution. ...

7 July 2016 External T.I. 2015-0595481E5- Ontario Corporate Minimum Tax – Forgiven Debt-- summary under Clause 54(2)(b) Summary Under Tax Topics- Other Legislation/Constitution- Ontario- Taxation Act 2007- Section 54- Subsection 54(2)- Clause 54(2)(b) forgiven amount included in adjusted net income A corporation has a forgiven amount which it applies federally under the s. 80 rules but results in net income for financial statement purposes, causing a Corporate Minimum Tax liability under the Taxation Act, 2007 (“TA”). ... Therefore, if GAAP determines that an economic gain arising on a forgiven amount is to be included in a corporation’s net income or net loss, then the forgiven amount will also be included in [adjusted net income or net loss] for purposes of subsection 54(2) of the TA. … Further additions or deductions (“adjustment(s)”) to ANI/ANL are permitted if prescribed in section 9 of Regulation 37/09 of the TA. ...

7 October 2016 APFF Roundtable Q. 9, 2016-0652921C6 F- Résidence- actif utilisé / Residence- asset used-- summary under Qualified Small Business Corporation Share Summary Under Tax Topics- Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1)- Qualified Small Business Corporation Share farm house must be more than 50% used by farm employees to qualify Mr. ... [A] residence owned by a corporation will be regarded as used principally in the course of carrying on the business of farming if more than 50% of its use is as accommodation for persons who are actively employed in the farming business or their dependants. … Furthermore, the residence must be provided to the persons in their capacity as employees rather than as shareholders and the residence must be part of the business operation in that it provides accommodation for employees whose services may be required at virtually any time by virtue of the nature of the farming operations. ...

11 May 2010 External T.I. 2009-0339151E5 F- Paragraphe 44.1- " actions de remplacement-- summary under Replacement Share Summary Under Tax Topics- Income Tax Act- Section 44.1- Subsection 44.1(1)- Replacement Share replacement share not required to continue to be of an eligible small business corporation after its issue Must a "replacement share" continue to be a share of an eligible small business corporation after its issue in order for the capital gain deferral under s. 44.1 to continue to apply? ... Therefore, regardless of whether a corporation's status changed after the time of issuance of the eligible small business corporation share, the effect of subsection 44.1 remains. … Thus, the deferred gain, which results in a reduction in the adjusted cost base, will be realized when the taxpayer sells the replacement shares, to the extent that the proceeds of disposition exceed the adjusted cost base. ...

1 February 2018 Internal T.I. 2016-0671921I7- R&D Services- 95(2)(b) vs 247(2) & 95(3)(b), (d)-- summary under Paragraph 95(3)(d) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(3)- Paragraph 95(3)(d) R&D services of CFAs not part of M&P process Four U.S. ... We note that for purposes of the manufacturing and processing profits deductions set out in subsection 125.1(1), the expression qualifying activities (as defined in section 5202 of the Regulations) includes scientific research and experimental development (as defined in section 2900 of the Regulations) carried on in Canada. … [N]o such extended meaning applies for the purposes of paragraph 95(3)(d). ...