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27 November 2018 CTF Roundtable Q. 10, 2018-0780081C6- TOSI – Excluded Shares & Related Business-- summary under Excluded Shares Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Shares exclusion for investment business or passive amounts not derived from a related business 29 May 2018 STEP Roundtable Q.7, 2018-0744031C6 indicated that the shares of a corporation that did not generate business income (e.g., a corporation that generated rents that, given the level of activity, constituted income from property) cannot qualify as excluded shares, whereas in Examples 8 and 12 of the Guidance on the Application of the Split Income Rules for Adults (December 13, 2017), shares of a corporation earning income from passive investment assets qualified as excluded shares. ...

10 June 2019 Internal T.I. 2019-0796221I7 F- Qualification d’un véhicule à titre de « voiture de tourisme »-- summary under Paragraph 13(7)(b) Summary Under Tax Topics- Income Tax Act- Section 13- Subsection 13(7)- Paragraph 13(7)(b) s. 13(7)(b) applies when passenger vehicle converted to taxi use A "passenger vehicle” initially acquired for personal use and subsequently converted to taxi use will at that time be considered by virtue of s. 13(7)(b) to have been “acquired primarily for use as a taxi,” so that such quoted exclusion from the s. 248(1) definition of “passenger vehicle” would thereafter apply. ...

15 November 2006 External T.I. 2006-0190041E5 F- Biogas / Codigestion Process / Produced for Sale-- summary under Class 43.1 Summary Under Tax Topics- Income Tax Regulations- Schedules- Schedule II- Class 43.1 supplementation of manure with organic waste in input to anaerobic digester would disqualify it as Class 43.1 property, as would the sale of more than 50% of the biogas produced Opco, which utilizes biomass through anaerobic digestion processes in order to produce biogas (containing significant methane) will install a "digester" which, in order to increase its performance, will use a "co-digestion" process, i.e. a process that provides for the addition of, for example, organic waste to the manure, to increase biogas equivalent. ... Regarding the methane sales it stated: [T]he sale of methane is not in itself an eligible use of biogas for the purpose of determining whether property that is part of a biogas production system can be included in Class 43.1 …. ...

6 February 2014 External T.I. 2013-0512191E5- Mining Activities and SR & ED-- summary under Scientific Research & Experimental Development Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Scientific Research & Experimental Development CEE excluded even if renounced An expenditure incurred by a resource corporation which qualifies as Canadian exploration expense cannot be a qualified expenditure in respect of SR&ED by virtue of para. ...

10 June 2019 Internal T.I. 2019-0796221I7 F- Qualification d’un véhicule à titre de « voiture de tourisme »-- summary under Automobile Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Automobile a passenger vehicle ceases to qualify as such when it commences to be used as a taxi given the s. 13(7)(b) deemed acquisition When asked as to the qualification of a vehicle as a "passenger vehicle” where it initially was acquired for personal use and subsequently began to be used primarily as a taxi, CRA noted that this definition turned on that of "automobile," which excluded a motor vehicle acquired primarily for use as a taxi and that, by virtue of a deemed acquisition under the change of use rules in s. 13(7), the “acquired primarily for use as a taxi” condition is satisfied on the change of use. ...

23 January 2023 External T.I. 2020-0865161E5 F- SSUC/CEWS – Sous-alinéa 125.7(4)e)(i) et personne-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt a cash-basis taxpayer can receive an amount when it is received through a third party When is an amount regarded as received by an eligible entity which has made an election under s. 125.7(4)(e)(i) to use the cash method in determining its qualifying revenues for CEWS purposes, where the amount is received by a third party before being paid to the eligible entity? CRA indicated that in this regard it would apply the principle in IT-433R, subpara. 3(a) that the meaning of the term "received" is broad enough to consider a taxpayer to have received an amount where it “was received by a person authorized to receive it on behalf of the taxpayer” – and further stated that “a person entitled to receive an amount on behalf of a taxpayer for CEWS purposes may include a person who is entitled to receive the amount for a taxpayer by inter alia an agreement or by statute.” ...

25 November 2012 Roundtable, 2013-0479401C6 F- Employés et Achat Ltée – commentaires panel ARC-- summary under Paragraph 251(1)(c) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) Buyco that is formed by employer to purchases departing employees’ shares is NAL In order to facilitate the disposition of shares of departing employees who had purchased their shares under an employee share ownership plan (ESOP), Opco forms and injects funds into a new company (Buyco), which uses those funds to purchase the employee’s Opco shares. ... This … is consistent with … 2007-0243171C6, 2002-0166655 and 2004-0103061E5 … Petro-Canada and … RMM …. ...

6 October 2017 APFF Roundtable Q. 1, 2017-0708971C6 F- Inactive Corporations & subs. 162(7) ITA-- summary under Subsection 162(7) Summary Under Tax Topics- Income Tax Act- Section 162- Subsection 162(7) no penalty imposed where failure to file a nil T2 return At the 2016 APFF Conference, CRA indicated that an inactive corporation must file an income tax return, but could file a letter explaining the non-filing, and that a penalty would not be automatically imposed. ... After noting that such filing was required by s. 150(1)(a)(i)(A), CRA stated: … Exida.com … stated that the general penalty in subsection 162(7) was applicable … where a person fails to comply with an obligation imposed on the person … unless another provision of the Income Tax Act provides for a penalty for such default. … However … the CRA [considers] that since this decision is based on a rather narrow interpretation of the relevant statutory provisions, the penalty under subsection 162(7) will generally not be imposed on resident corporations that failed to file their tax returns where they either had no taxable income or had incurred a loss for the year. ...

14 June 2007 Internal T.I. 2007-0229311I7 F- Capital Dividend Account-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt making accounting entries does not constitute payment of a dividend After noting that payment of two back-to-back capital dividends (from “Subco” to “Parentco,” and form it to its individual shareholder) had been accomplished only by accounting entries, the Directorate found that this was insufficient to give rise to a capital dividend “received” by Parentco, so that there had been no addition to its capital dividend account. In this regard, it stated: [T]he mere making of the accounting entries … does not in itself constitute the payment of a dividend … by either Subco or Parentco. … [H]owever … a dividend can be paid by a corporation and received by its recipient without any monetary movement, for example, by the issuance of a demand note that is accepted as an absolute payment by the recipient. ...

10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F- 2014 APFF Roundtable, Q. 15- Section 143.4 & Reverse Earn-out-- summary under Subsection 143.4(2) Summary Under Tax Topics- Income Tax Act- Section 143.4- Subsection 143.4(2) reverse earnout obligation of Buyco re Target shares A newly formed corporation ("Newco") purchases the shares of a target corporation ("Target") for consideration that includes an earn-out clause (resulting in a debt which is subsequently forgiven). ... However we can offer the following general comments which nonetheless, in some circumstances, would not apply in a particular situation. … … (a) …[A] reduction in the cost of the shares in the capital stock of Target through the application of subsection 143.4(2) prior to the amalgamation would in general permit the debt to qualify as "excluded obligation" as defined in subsection 80(1), by reason of the application of paragraph (a) of that definition. ...