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Regulation 204.2(1) will require disclosure of any person who is a "beneficiary" of the trust …. Subsection 248(25) provides that certain persons are deemed to be "beneficially interested" in a trust, but it does not define "beneficiary" per se. … Propep … [stated] obiter, that a person should be regarded as a "beneficiary" throughout the Act if that person was "beneficially interested" in the trust. … For instance, the court says that "[a] person who has a contingent right to the capital or income of a trust is 'beneficially interested' for the purposes of the Act," …. The Propep interpretation has been adopted … [in] 2014-0538021C6 … with respect to the interpretation of subparagraph 55(5)(e)(ii) ...

. … [I]f the holding structure for a Canadian oil and gas company, such as in … Alta Energy … is migrated to Luxembourg at a time when there is neither an agreement nor a specific genuine intention to sell the shares of the Canadian company, no series should exist for the purposes of the application of the PPT. PPT broader than GAAR in using “one of the principal purposes” tests (p. 58) … Canada’s GAAR uses a principal purpose test, rather than a “one of the principal purposes” tests, to determine the presence of an avoidance transaction. ... This difference in standard can be illustrated by reference to … MIL Investments …. … [H]ad MIL Investments been decided under the PPT, [its factual] finding might mean that “one of the principal purposes” of the transactions was obtaining a treaty benefit, thereby triggering the application of the PPT. ...

Div.)and Kucor Construction & Developments & Associates v. Canada Life Assurance Co. (1998 CanI.II4236 (ONCA)] ...

Nakul Kohli, "Sharing COVID-19 Assistance with Foreign Entities Through Transfer Pricing", COVID-19 and Canadian Tax for the Owner-Manager/Canadian Tax Focus (Canadian Tax Foundation), July 2020, p. 5-- summary under Paragraph 247(2)(a) Summary Under Tax Topics- Income Tax Act- Section 247- New- Subsection 247(2)- Paragraph 247(2)(a) TPM-17 policy (p.4) … TPM-17... states that when a Canadian taxpayer receives government assistance and participates in a cross-border controlled transaction, it should not share all or part of that assistance with non-arm's-length non-resident persons. … Example of application of TPM-17 to COVID-19 assistance (p. 4) Consider a Canco that performs research and development (R & D) in Canada for its foreign parent. ... In that case, Canco's taxable income would be $30 ($100 × 1.1 + $20 − $100). ... In other words, it should have documentation that shows that the prices charged reflect arm's-length prices …. ...

Subsection 8(13) provides additional requirements. … 2000-0022015 …and 2011-0394321E5 … [indicate] that a work-from-home arrangement may be initially entered into voluntarily and formalized later …. ... Landry (p. 2) Subparagraph 8(13)(a)(ii) requires that the workspace be used exclusively for the purpose of earning employment income and used on a regular and continuous basis for meeting customers or other persons in the ordinary course of performing the employment duties. … "[M]eeting" means a physical encounter … [per] 2013-0481171E5 … [notwithstanding] Landry. ... This would imply … at least 6 months in order to meet the test. ...

. … [T]he majority of provinces have enacted legislation that aligns the federal and provincial foreign tax credits on US estate taxes. However, there is no specific provision in either the Ontario or British Columbia income tax act that allow for a provincial tax credit on US estate taxes (see … 2010-0379381E5 …) Absence of provincial relief re tax sparing (p. 8) Another mismatch situation can arise with respect to calculating the business-income and non-business-income tax credits when a Canadian tax treaty provides for tax sparing with a foreign country (such as Bangladesh, India. Brazil, Jamaica, Pakistan, and Nigeria). … 2016-0632711I7 … [indicates] that Ontario taxpayers are not entitled to a provincial foreign tax credit on amounts spared under the Canada-Brazil tax treaty, but the CRA has not provided commentary on the tax implications in regard to other provinces and/or other tax treaties. ...

The United States implemented broad-ranging tax reform, which included a "Transitional Tax" on most accumulated Earnings and Profits — essentially tax-based retained earnings — of many foreign corporations. [fn 2: US Internal Revenue Code ("IRC") § 965] … Canadian personal taxes and non-resident withholding tax are partially creditable against this Transitional Tax. [fn 3: IRC § 901, 965(g)] Americans who wish to generate Canadian tax to offset the Transitional Tax will need dividends paid in 2017. ...

. … … Mr. X and Opco are an affiliated group of eligible entities and they can jointly elect under paragraph 125.7(4)(b) to permit Opco to use the consolidated revenues of the group to determine its own revenue decline test. … Mr. ... Must consider qualifying revenue of all affiliated eligible entities (p. 4) [T]he affiliation election must take into consideration all affiliated eligible entities; an applicant cannot pick and choose which affiliated parties to consolidate with. …. ...

., standby charges) payable by a borrower as consideration for the lender agreeing to lend money or make money available (arguably, under the definition of “restrictive covenant” such an agreement “affects … the … provision of property … by the taxpayer” (i.e., of funds by the lender) or “affects … the acquisition of property … by the taxpayer” (i.e., the lender’s acquisition of the debt obligation) consent payments, i.e., payments made to creditors in consideration for consenting to an amendment to the debt terms, e.g., to permit a particular transaction or loosen a financial covenant (such “agreement could be viewed as affecting the (ongoing) provision of property by the taxpayer, being the loaned funds, especially if the consent relates to an amendment of a covenant that could otherwise have been breached and allowed the taxpayer to demand repayment under an acceleration clause (or, more generally, to the extent the amendments affect the ongoing terms under which the loan will continue to be provided).”) in the context of a distress restructuring, an additional payment made to a debt holder who agrees to exchange for the securities of the restructured debtor by a specified date, e.g., where the debtor proposal is that holders exchange each $100 of debt for shares with a fair market value of $40, an “early consenting” debenture holder might receive shares having a fair market value of $50 (“The additional $10 of value may properly be viewed as consideration for the debenture holder having agreed to consent to the restructuring plan by the specified date, rather than as consideration for the exchange itself, having regard to paragraph 68(c).”) ...

[F.n. 309 … 2001-0112945.] When the trust deed mandates that income be paid to two (or more) beneficiaries without indicating how the income is to be split, the CRA generally requires that each, source of income be distributed on a pro rata basis. [F.n. 310 … 901027.] Deemed receipt at year-end (p. 214) The CRA's view is that a beneficiary is deemed to receive a dividend from a trust that made a designation under subsection 104(19) at the end of the taxation year, and not when the distribution is in fact made. [F.n. 313 … 2013-0495741C6 … and … 2013-0495801C6.] The reason for this timing is that a trust may make a designation under subsection 104(19) only to the extent that it is a resident of Canada throughout its taxation year, and the trust cannot know if it is resident throughout the year until the year (or the deemed taxation year) ends. ...