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S3-F4-C1- General Discussion of Capital Cost Allowance-- summary under Subsection 13(28) Summary Under Tax Topics- Income Tax Act- Section 13- Subsection 13(28) Example of two-year rolling start rule 1.33 … Example 1 Company A owns a Class 1 building that is used to earn business income. ... The long-term election under subsection 13(29) and discussed in ¶ 1.37 is not made. ...

S5-F4-C1- Income Tax Reporting Currency-- summary under Subsection 261(6.1) Summary Under Tax Topics- Income Tax Act- Section 261- Subsection 261(6.1) Staggered year ends / FAPI only 1.39 Note that, similar to where a functional currency taxpayer holds an interest in a partnership, it is possible for a taxpayer and its foreign affiliate to have different tax reporting currencies where they have different tax year-ends. ...

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Determination on net basis Double counting problem – cost of labour 1.28 A problem will occur in a group of associated corporations where one corporation acts as a paymaster for the others. ...

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S4-F14-C1- Artists and Writers-- summary under Subsection 118.1(7.1) Summary Under Tax Topics- Income Tax Act- Section 118.1- Subsection 118.1(7.1) Review of requirements for s. 118.1(7.1) deduction 1.88 As discussed in ¶ 1.82, an individual who is a visual artist carrying on an artistic business might make a gift of a work of art from their inventory. ... A designation under subsection 118.1(7.1) is of no effect to the extent that the designated amount: exceeds the FMV of the work of art otherwise determined; or is less than the greater of the amount of any advantage in respect of the gift and the cost amount to the individual of the work of art. 1.92 Subsection 118.1(7.1) also applies in respect of gifts of certified cultural property (see ¶ 1.84) where: the work of art is of the individual’s own creation the work of art is property in the individual’s inventory, and at the time of the gift, the FMV of the property is greater than its cost amount (in other words, its inventory value—see ¶ 1.32 to 1.36). ... Where an advantage is received or enjoyed in respect of the gift of certified cultural property, the individual would include in computing business income from the disposition of the work of art the amount, if any, by which the advantage exceeds the individual's cost of the work of art. 1.94 Even though subsection 118.1(7.1) will deem the proceeds of disposition to be less than the FMV of the work of art being gifted, subsections 118.1(3) and (10) will still allow the FMV of the work of art established by the CCPERB to be used in determining the eligible amount of the gift for purposes of the donation tax credit, provided the requirements set out in ¶ 1.85 and 1.86 are met. ...

Fundy Settlement …clarified that residence of a trust will be determined by … where its real business is carried on, which is where the central management and control of the trust actually takes place. … [and] affirmed the view that the residence of the trustee does not always determine the residence of a trust. 1.4 It is not uncommon for more than one trustee to be involved in exercising the central management and control over a trust. ... Regardless of any contrary provisions in the trust agreement, the actions of these other persons in respect of the trust must be considered. 1.6 …[R]elevant factor[s] … may include: the factual role of a trustee and other persons with respect to the trust property, including any decision-making limitations imposed thereon, either directly or indirectly, by any beneficiary, settlor or other relevant person; and the ability of a trustee and other persons to select and instruct trust advisors with respect to the overall management of the trust. ...

In order that the cost of an asset may fall within a specified class, the purchaser must have a current ownership right in the asset itself and not merely rights under a contract to acquire the asset in the future. 1.29 … The basic rule is that property is acquired by a purchaser at the time the parties to the contract intend it to be acquired. … 1.30 However, if the intention of the parties is not evidenced as discussed above, the following rules apply to determine when ownership of a property is acquired: Where there is an unconditional contract for the sale of a specific asset in a deliverable state, property will be acquired by the purchaser when the contract is made. … If there is a contract for the sale of a specific asset and the seller is bound to do something to the asset to put it into a deliverable state, then ownership of the property is not acquired until the seller has satisfied any outstanding conditions and the purchaser has been notified. ... Negotiated reduction in purchase price 1.59 Where a taxpayer acquires depreciable property and at a later date the vendor agrees to reduce the amount owing under a negotiated adjustment of the purchase price, the capital cost of the property is reduced by the amount of the reduction at the beginning of the tax year in which the price adjustment took place. … ...