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Topic Descriptor 7 October 2022 APFF Roundtable Q. 1, 2022-0942081C6 F- Safe Income Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) contingent liabilities that reduce shares’ FMV should also reduce safe income on hand 7 October 2022 APFF Roundtable Q. 2, 2022-0942091C6 F- Taxable preferred shares and shareholders’ agreement Income Tax Act- Section 248- Subsection 248(1)- Taxable Preferred Share- Paragraph (f)- Subparagraph (f)(ii) whether a right to a top-up in the event of an IPO is inconsistent with receiving FMV proceeds 7 October 2022 APFF Roundtable Q. 3, 2022-0942121C6 F- THRP- PRTA – Versement de dividendes imposables Income Tax Act- Section 125.7- Subsection 125.7(2.01) parent could pay a dividend in, say, Period 27, without adverse CEWS impact on Canadian sub Income Tax Act- Section 125.7- Subsection 125.7(14.1) there is no adverse CEWS impact of a non-resident parent paying dividends to individuals 7 October 2022 APFF Roundtable Q. 4, 2022-0942131C6 F Income Tax Regulations- Regulation 1101- Subsection 1101(5b.1) CRA is willing to adapt a prescribed requirement, that an election be made by letter attached to the return, to internet filings 7 October 2022 APFF Roundtable Q. 5, 2022-0947611C6 F- Limited Partnership and Loans Income Tax Act- Section 53- Subsection 53(2)- Paragraph 53(2)(c)- Subparagraph 53(2)(c)(v) guarded acceptance of distributions of LP profits as loans, followed by set-off against draws in January Income Tax Act- Section 40- Subsection 40(3.1) loans made only to avoid s. 40(3.1) gains due to income gains not being added to ACB until next year, may be acceptable 7 October 2022 APFF Roundtable Q. 6, 2022-0942141C6 F- Rollover under 70(6) and gifts to charities Income Tax Act- Section 70- Subsection 70(6)- Paragraph 70(6)(b)- Subparagraph 70(6)(b)(ii) charitable gifts by a spousal trust will disqualify it 7 October 2022 APFF Roundtable Q. 7, 2022-0942731C6 F- Permanent establishment and teleworking Treaties- Income Tax Conventions- Article 5 having an employee, with general authority to contract, telework from his cottage in another province does not necessarily create an employer PE there Income Tax Regulations- Regulation 102- Subsection 102(1) Reg. 400(2)(b) PE is not necessarily an employer establishment to which the employee reports to work Income Tax Regulations- Regulation 400- Subsection 400(2)- Paragraph 400(2)(b) employer is required to be carrying on business through an employee’s cottage to be considered to have a PE there under Reg. 400(2)(b) 7 October 2022 APFF Roundtable Q. 8, 2022-0942151C6 F- Surplus stripping Income Tax Act- Section 245- Subsection 245(2) permissible use of sale through subsidiary to avoid s. 84.1 Income Tax Act- Section 256- Subsection 256(5.11) range of factors considered Income Tax Act- Section 84.1- Subsection 84.1(1) incorporating a sub through which a share sale will occur so as to avoid s. 84.1 is not per se GAARable 7 October 2022 APFF Roundtable Q. 9, 2022-0942281C6 F- Section 80- proposals under BIA Income Tax Act- Section 80- Subsection 80(2)- Paragraph 80(2)(a) forgiveness under a Bankruptcy proposal occurred when it was court-approved Income Tax Act- Section 80- Subsection 80(13) s. 80(13) tax liability does not arise until the forgiveness 7 October 2022 APFF Roundtable Q. 10, 2022-0942161C6 F- Règles particulières sur les changements d’usage Income Tax Act- Section 45- Subsection 45(2) where s. 45(2) election is made on change to rental use, no change of use when the property changes back to actual personal use Income Tax Act- Section 45- Subsection 45(1)- Paragraph 45(1)(c) no change in the regular use under s. 45(1)(c) where a property regularly alternates between personal and rental use 7 October 2022 APFF Roundtable Q. 11, 2022-0942751C6 F- Changement de fin d'exercice et opposition Income Tax Act- Section 165- Subsection 165(3) CRA will not vacate an assessment that was not invalid or unfounded Income Tax Act- Section 249.1- Subsection 249.1(7) a corporation cannot change its year end by objecting to the 1st year’s initial assessment 7 October 2022 APFF Roundtable Q. 12, 2022-0950691C6 F- Revenu de location- DPE Income Tax Act- Section 248- Subsection 248(1)- Property building treated as a single property for purposes of principal use test Income Tax Act- Section 129- Subsection 129(4)- Income or Loss rental income from the smaller portion of a building not used in manufacturing could be assimilated to active business income 7 October 2022 APFF Roundtable Q. 13, 2022-0942181C6 F- Transfer of an RRSP at death Income Tax Act- Section 248- Subsection 248(23.1)- Paragraph 248(23.1)(a) s. 248(23.1)(a) does not deem the amount paid to be received as beneficiary of the estate as per s. 146(8.1) Income Tax Act- Section 146- Subsection 146(8.1) an amount paid by an estate of the deceased’s RRSP to satisfy the claim of his separated surviving spouse did not qualify as a refund of premiums 7 October 2022 APFF Roundtable Q. 14, 2022-0942191C6 F- Safe-income determination time Income Tax Act- Section 248- Subsection 248(10) safe income arising on a sale and after the safe-income determination time could be used for subsequent dividends not paid as part of the same series Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) no need for CRA flexibility regarding safe income issues arising from early formation of a Buyco Income Tax Act- Section 55- Subsection 55(1)- Safe Income Determination Time incorporation of Buyco may trigger safe-income determination time 7 October 2022 APFF Roundtable Q. 15, 2022-0942241C6 F- Safe income inclusion of dividend tax refund Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) taxes reduce safe income attributable to realized taxable capital gain net of the refundable tax generated from dividend Neal Armstrong. 7 October 2022 APFF Roundtable. ...