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Email this Content Finance Comfort Letters 2019 Link Affected legislation Principal topics Dec 2 Cross-Border Surplus Stripping & Graduated Rate Estates s. 212.1(6)(b) exception to s. 212.1(6)(b) look-through rule for graduated rate estates Sept 4 Principal Residence Exemption for Trusts s. 54 – principal residence – (c.1)(iii.1)(B) extend “principal residence” status for QDTs where an inter vivos trust Sept 3 Deductibility of Mining Taxes s. 20(1)(v), Reg. 3900(2), s. 152(4) removal of statute-barring where increase in mining taxes Aug 26 “Advantage”: Exclusion for Investment Management Fees “Advantage”: Exclusion for Investment Management Fees s. 207.01(1) definition of "advantage" and investment management fees of registered plans July 29 Eligible Capital Property (ECP) Transitional Issue s. 14(1) eligible capital amount recognition grandfathering of deferred proceeds from ECP disposition July 29 Functional currency tax reporting- currency of Japan s. 261(1) definition of ‘qualifying currency” designation of yen as qualifying currency 2018 Link Affected legislation Principal topics May 11 Saskatchewan Pension Plan- Tax Treatment of Variable Benefit Portion s. 146(21) et seq. variable benefits paid out of specified pension plan to qualify re pension income credits and income splitting and subject to Reg. 8506 May 1 repayment of back-to-back loans under the upstream loan rules s. 90(14) deemed B2B loan repayment deemed repayment of deemed loan under s. 90(7) similarly to ss. 15(2.18) and (2.19) 2016 Link Affected legislation Principal topics Dec 3 Foreign accrual property income resulting from the application of paragraph 95(2)(b) of the Income Tax Act to inter-affiliate payments for services s. 95(2)(b)(i)(B)(I) base erosion rule proposed extension of s. 95(2)(a)(ii)(D) safe harbor to inter-FA fees that are deemed FAPI under s. 95(2)(b)(i)(B)(I) 2015 Link Affected legislation Principal topics Nov 16 Spousal, alter ego and similar trusts s. 104(13.4) beneficiary income inclusion s. 104(13.4)(b) not to apply unless joint election joint election by trust and graduated rate estate and deceased died before 2017 – trust allocation of post death donations to s. 104(13.4)(a) year 2014 Link Affected legislation Principal topics Dec 23 The recent LRE amendments s. 251.2 loss restriction events s. 251.2(3)(f) safe harbour for unit redemptions – due date extensions for trust short year- loss restriction event only where actual beneficiary change [see also 2014-0534841C6 F]- application dates ...

Subsection 74.4(4) – Exception to the Purpose Test Subsection 74.4(4), which provides an exception to the Purpose Test in subsection 74.4(2), does not apply in this situation for the reasons set out below. ... The service standard for a Ruling is 90 business days commencing with the receipt of all information required from the client as outlined in Appendix A – Ruling Request Checklist of Information Circular IC 70-6R11, Advance Income Tax Rulings and Technical Interpretations[FN3: IC 70-6R11 Advance Income Tax Rulings and Technical Interpretations was published April 1, 2021.] ... Remission of the service fee will be granted when the Ruling is issued, or the Pre-ruling Consultation is completed, subsequent to its service target date, as set out in Appendix H – Remissions of IC 70-6. ...

Brief summary of oral response No – it’s applied on the property ensemble. ... For details on this subject, please see “Estate Donations- Deaths after 2015", Questions / Answers [http://www.cra-arc.gc.ca/gncy/bdgt/2014/qa14-eng.html] and "Estate Donations by Former Graduated Rate Estates", Questions / Answers, that are available on the website of the CRA. ... If the CRA considered that the dividend of $35,000 declared on the Class "A" shares in the capital stock of Opco was part of the FMV of the Class "A shares immediately before the dividend payment, the hypothetical FMV of the Class "A" shares held by HA is $80,100 ([($170,300- $35,000) / 3] + $35,000). ...

The Directorate worked closely with Rulings to put together some of those examples that were posted in July, and will continue working with them – practitioners have raised areas where further examples are needed. ... Scenario 6- Landscaping business sells sod Example 4 on CRA’s webpage entitled “ Tax on split income – Excluded shares ” holds that a cleaning business that spends 15% of its revenue on cleaning products is nevertheless engaged only in cleaning services, because the supply of cleaning products is incidental to the services. ... Consider a landscaping business, which generates income from cutting grass, fertilizing, and sodding – which entails buying grass. ...

Since then, in addition to holding that this structure is primarily entered into to obtain a tax benefit and would not be undertaken by persons dealing at arm’s length, CRA also uses a new term — “commercial irrationality” — which is also well known in transfer pricing circles. ... Notices are not limited to a bad news – they’re a useful way for those of us in the Compliance Programs Branch to communicate directly with tax professionals as opposed to the general public, so we can be a bit more technical sometimes and just talk about administrative positions that we are taking. ...

CRA has applied the following formula in determining the amount of a superficial loss, or a suspended loss under s. 40(3.4): Deemed nil loss = (the lesser of S, P and B) / S x L where S = number of shares disposed of at that time P = number of shares acquired in the period from 30 days before to 30 days after the disposition B = number of shares remaining at the end of that period L = loss on disposition otherwise determined Consider the following examples: Hypothetical Situation 1 On March 15, 2022, an individual disposes of all of his shares (being 2,000) of ABC Pubco, and realizes a capital loss of $10,000. ... (" Audet ").] where the Federal Court concluded that the amount received for the endorsement of a note was received for a service. ... Would this satisfy the condition in s. 146.01(1) – regular eligible amount- para. ...

If you use the OECD principal amount to determine the rate, what principal amount do you use – the thin cap, or the OECD amount – to calculate the total interest deduction under s. 20(1)(c)? ... In general, though, I am a fan of APAs – get the facts on the table, and arrive at certainty, in a bilateral or even multilateral APA. ... MacLean: I think it is clear that, under the Income Tax Act, a non-resident is a “taxpayer” – although admittedly that is often irrelevant. ...

Trevor McGowan – The idea is that the hallmarks in s. 237.3 would be essentially unchanged – confidentiality, premium or contingent fees, and contractual protections. ... Tax loss consolidation Shawn Porter – Moving then to tax loss consolidation. ... Group Ratio Shawn Porter – Not every country has adopted a group ratio. ...

However, we identified a number of issues – some of which were not borne out by the data and have been dropped. ... As noted in the paper, the intention was not do all of the proposals – indeed, some of them were mutually exclusive. ... The Greenhouse Gas Pollution Pricing Act – famously “not a tax” – has a preamble. ...

If you are still unhappy, that would be where Headquarters gets involved – you contact the relevant director – the Director of International Tax Division, Large Business Audit Division, or Abusive Tax Avoidance Division (i.e., the GAAR division), or me. ... Cameco Cameco, is under appeal – CRA is still running its transfer pricing audit program. ... It’s a challenge – when you are auditing, you don’t know what you don’t know. ...