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-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt promissory note accepted as absolute payment for the transfer of s. 28 inventory In finding that a cash-basis farmer realized income on the transfer of inventory for a promissory note, CRA stated: Since the promissory note was accepted as consideration for the transfer of the inventory, and given that none of the documents provide any remedy for non-payment, it appears that payment could only be enforced under the terms of the promissory note. Therefore, on the basis of the documents submitted, it is our view that the promissory note constitutes absolute payment …. ...

5 October 2018 APFF Financial Strategies and Instruments Roundtable Q. 10, 2018-0761551C6 F- Attribution rules and promissory note-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt promissory note could not be issued as payment in context of income attribution rules Where a loan is made to a spouse at the prescribed interest rate, s. 74.5(2) requires that each year’s interest be “paid” by January 30 of the following year. ...

14 May 2019 CLHIA Roundtable Q. 3, 2019-0799111C6- 2019 CLHIA Q3- 3rd party RRSP contributions-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt payment at direction of annuitant is payment by annuitant CRA indicated that it is acceptable for an RRSP contribution to be received from a third party (i.e., drawn on a bank account other than the annuitant’s) “provided that the payment is made at the direction or with the concurrence of the annuitant of the RRSP,” so that the RRSP receipt should be issued by the financial institution to the annuitant. ...

7 October 2021 APFF Roundtable Q. 19, 2021-0901121C6 F- APFF – ITR Remissions-- summary under Audit and Assessment Procedure Summary Under Tax Topics- General Concepts- Audit, Filing and Assessment Procedure rate increase for rulings work Regarding its increases in the hourly rates for its rulings service, the Directorate stated: [T]he fee applicable to a File is currently $104.04 per hour for the first 10 hours and $161.26 per hour for each subsequent hour. … From April 1, 2022, the rate will be $221.24 per hour worked on a File and will increase to $281.22 per hour from April 1, 2023 [and thereafter] will … be increased annually in line with the CPI. ...

5 May 2021 IFA Roundtable Q. 7, 2021-0887521C6- Section 247, FAPI & Subsection 80.4(2)-- summary under Paragraph 214(3)(a) Summary Under Tax Topics- Income Tax Act- Section 214- Subsection 214(3)- Paragraph 214(3)(a) non-interest-bearing loan from a CFA to a NR sister of the Canadian taxpayer generates a deemed dividend to the sister under ss. 80.4(2) and 214(3)(a) – plus FAPI to CFA A wholly-owned foreign subsidiary (FS) of CanCo uses funds generated from its operations to make a non-interest bearing loan to a foreign borrower (FB), which is wholly owned by the foreign parent (FP) of CanCo. ... In the present case, subsection 80.4(2) would apply to deem FB to have received a benefit computed based on the prescribed rate under [Reg.] 4301(c) …. ... That shareholder benefit is then deemed to have been paid to FB as a dividend under paragraph 214(3)(a), which is subject to withholding tax under subsection 212(2) [which] FS would be required to withhold and remit …. ...

26 May 2016 IFA Roundtable Q. 2, 2016-0642061C6- AOA & Notional Expenses-- summary under Article 7 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 7 no deduction of notional expenses from the profits of PEs of (non-U.S.) non-residents Notwithstanding the new wording of Article 7 of the OECD Model Convention and the OECD commentary thereon, CRA continues to consider (in light of Cudd Pressure and s. 4(b) of the Income Tax Conventions Interpretations Act) that notional expenses are not deductible in computing the profits attributable to a Canadian permanent establishment for Treaty purposes – with the exception of PEs of qualifying U.S. residents, as to which there is an agreement with the U.S. competent authority which overrides s. 4(b) of the ITCIA. ... Summary of 26 May 2016 IFA Roundtable, Q. 2 under Treaties – Art. 7. ...

7 October 2016 APFF Roundtable Q. 11, 2016-0652941C6 F- Contrat de location / Capital lease-- summary under Qualified Small Business Corporation Share Summary Under Tax Topics- Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1)- Qualified Small Business Corporation Share stipulated rights of lessee should be valued for QSBCS purposes Although CRA considers it to be irrelevant whether, under GAAP, a lease is capitalized by a lessee as a capital lease, it considered that the rights of a lessee specified in its lease are property whose fair market value (if any) should be taken into account in determining whether the lessee is a small business corporation or whether its shares are qualified small business corporation shares – so that if the leased property is used principally in a Canadian active business, this will help towards satisfying those definitions – and, conversely, if it is not. ...

16 June 2014 STEP Roundtable, 2014-0522971C6- STEP CRA Roundtable – June 2014- Question 3-- summary under Subsection 93.2(2) Summary Under Tax Topics- Income Tax Act- Section 93.2- Subsection 93.2(2) deemed share classes of LLC with Manager carry The "formula" for the equity interests in a U.S. ... For example, if all of the equity interests of the non-resident corporation have identical rights and obligations, save for proportionate differences, the non-resident corporation would be deemed to have a single class of capital stock. …. ... Assuming that under the non-resident corporation's constituting documents, the relevant law, and any applicable agreements each of the four members has a single equity interest, … there would be deemed to be two classes…because the manager would have one equity interest [with] non-proportionate differences…. ...

5 December 2017 Roundtable, 2017-0734831C6- 2017 TEI – Question B5-- summary under Subsection 152(1) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(1) incomplete applications rejected/meeting within 4 weeks/90 business-day service standard made more flexible The Minister of National Revenue’s report to the Finance Committee dated May 29, 2017 indicated that a number of key changes would be implemented before the end of the year, being March 31, 2018, including the following: More frequent and better communications between the taxpayer and the CRA, including a meeting with taxpayers to be held no later than within four weeks of receipt of an ATR request. … Amend the current 90-day service standard for ATRs to address complex tax policy issues that cannot typically be completed within a 90-day period, namely, those that require a formal referral to the CRA’s General Anti-Avoidance Rule Committee, the Department of Finance or the Department of Justice. … Close an ATR file where the ATR request is not properly prepared or supported with adequate representations or where the taxpayer has not responded to a request for additional information within 30 calendar days. ...

3 December 2024 CTF Roundtable Q. 11, 2024-1038241C6- Global Minimum Tax Act – Interpretation and Application of OECD Agreed Administrative Guidance-- summary under Subsection 3(1) Summary Under Tax Topics- Other Legislation/Constitution- Federal- Global Minimum Tax Act- Section 3- Subsection 3(1) CRA will consult with Finance re potential amendments to catch up to OECD guidance in administering the GMTA How will the Global Minimum Tax Act (GMTA) be administered in circumstances where its enacted state does not reflect changes to the GloBE Model Rules, or to new GloBE Commentary or Administrative Guidance? CRA indicated that, to apply the GMTA as intended, as new administrative guidance is released, the DST and Global Tax Section of CRA will consult with the Department of Finance to determine, on a case-by-case basis, how such guidance should be handled – whether there is a potential legislative amendment or whether CRA will apply the new guidance to inform its interpretation of the GMTA. ... Therefore, CRA will administer the provisions of the GMTA to achieve what the administrative guidance clarifies should be the outcome – that is, the constituent entity covered taxes paid by the upper-tier entity being pushed down to the constituent entity. ...