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7 June 2019 STEP Roundtable Q. 4, 2019-0799911C6- TOSI & Meaning of Excluded Business-- summary under Excluded Business Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Business an excluded amount can exceed arm’s length remuneration for the services rendered The spouse of a professional works over 20 hours per week as a part-time receptionist in the professional practice of his corporation (XCo). ... CRA indicated since she satisfies the 20 hours per week test in s. 120.4(1.1)(a), her dividend income would be an excluded amount because it is derived from an excluded business – so that it would not be subject to the tax on split income. ...

28 September 2023 CLHIA Roundtable Q. 1, 2023-0971701C6- Life insurance – contractual changes-- summary under Disposition Summary Under Tax Topics- Income Tax Act- Section 148- Subsection 148(9)- Disposition a no-cost endorsement to a life insurance policy to add benefits could be a disposition Regarding whether an endorsement to provide a new benefit under an in-force exempt life insurance policy for no cost and without any underwriting requirement, to a defined set of policyholders, would constitute a disposition, CRA stated: [I]t is necessary to determine whether the changes that are made to the terms of the policy, including but not limited to endorsements providing additional benefits, are so fundamental as to go to the root of the policy. ... [This] is a mixed question of fact and law …. ...

7 May 2024 CALU Roundtable Q. 8, 2024-1007121C6- IPPs & Past Service Contributions-- summary under Subsection 8303(6) Summary Under Tax Topics- Income Tax Regulations- Regulation 8303- Subsection 8303(6) a RRIF may not make a Reg. 8303(6) qualifying transfer to a RPP in connection with a past service event Where an individual pension plan (IPP) as defined in Reg. 8300(1) is established and a plan member is age 71 in the effective year of the plan, would CRA allow the qualifying transfer which is required as part of a past service contribution (typically satisfied by a transfer of the required asset value from a registered retirement savings plan) to be satisfied by the transfer of the required asset value from a registered retirement income fund (RRIF)? ... A transfer of property from a RRIF to a defined benefit provision of a registered pension plan (including an IPP) is not a qualifying transfer for purposes of [Reg.] 8303(6) …. ...

14 September 2017 Roundtable, 2017-0703921C6- 2017 CPA Alberta Q25: Estates – Income Paid or Payable-- summary under Subsection 104(24) Summary Under Tax Topics- Income Tax Act- 101-110- Section 104- Subsection 104(24) IT-286R2 policy on executor’s year extends to a stub executor’s year An individual’s will simply provides for the executor to pay all debts, and distribute the estate in equal portions to the three adult children. ... [Here] the executor has chosen the initial taxation year end of the estate to be a date that is prior to the end of the executor’s year; as a result, the executor’s year would extend into the second taxation year of the estate … the comments in paragraph 6 of IT-286R2 would also apply to the initial taxation year of the estate. ... This ultimately relies on whether an amount is paid or whether the beneficiary is entitled to enforce payment of the amount …. ...

6 October 2017 APFF Financial Strategies and Instruments Roundtable Q. 5, 2017-0707801C6 F- RRIF transfers – partition of family patrimony-- summary under Designated Benefit Summary Under Tax Topics- Income Tax Act- Section 146.3- Subsection 146.3(1)- Designated Benefit payment from a deceased’s RRIF to the RRIF of the surviving spouse who was excluded under the will qualified as designated benefit A couple separated in 2010 without proceeding to an official division of their assets. ... CRA responded: [A]mounts paid out of the RRIF to the legal representative of the deceased annuitant, which the legal representative would like to transfer to the surviving spouse in settlement of her rights in the family patrimony, could qualify as a designated benefit, provided that these amounts are designated jointly by the legal representative and the surviving spouse on Form T1090 filed with the Minister …. ... However, where the conditions of paragraph 60(l) are met, the designated benefit included in computing the surviving spouse's income pursuant to subsection 146.3(5) and paragraph 56(1)(t) can be deducted from his or her income. … [T]he transfer of the designated benefit to the surviving spouse could possibly be tax-free, provided that the surviving spouse pays an amount equal to the eligible amount [defined in s. 146.3(6.11)] as a premium under an RRSP, or a PRPP contribution, to acquire a qualifying annuity that meets certain conditions, or in consideration for an RRIF, as the case may be, within the time period provided in paragraph 60(l). ...

15 September 2020 IFA Roundtable Q. 6, 2020-0853561C6- Subsection 212.3(9) & The GAAR-- summary under Subparagraph 212.3(9)(b)(ii) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(9)- Paragraph 212.3(9)(b)- Subparagraph 212.3(9)(b)(ii) reinstatement arguably occurs on distributing shares of sub capitalized with daylight loan After March 28, 2012, Canco (wholly-owned by NRco) acquires all the shares of a non-resident corporation (FA1) for $100, thereby effecting a reduction of the paid-up capital (PUC) on the common shares of Canco by $100. ... – and, if so, assuming that one or more of the steps was an avoidance transaction, would CRA apply s. 245(2)? After noting in its oral remarks that s. 212.3(9)(b)(i) essentially describes circumstances where there is an upstream distribution of the investment, and subpara (ii) describes other circumstances where distributions can be traced to the initial investment – in this case, the shares of FA1, CRA indicated that, in its view, the $100 return of capital in the form of the distribution of the shares of FA3 to Canco by FA1 would arguably result in a reinstatement of the $100 of PUC that was initially reduced when Canco invested in the shares of FA1. ...

26 May 2016 IFA Roundtable Q. 7, 2016-0642121C6- 93(2.01) & Capital Contribution-- summary under Subsection 93(2.01) Summary Under Tax Topics- Income Tax Act- Section 93- Subsection 93(2.01) contribution of shares to a subsidiary caused the subsidiary shares to be substituted property CRA considered that the s. 93(2.01) stop loss rule applied where Canco made a contribution of capital to a foreign subsidiary (FA2) of its shares of a non-resident Finco subsidiary (FA1) which had paid dividends out of its deemed active business income to Canco – so that s. 93(2.01) denied a subsequent capital loss realized on an arm’s length sale of the FA2 shares to the extent of such dividends. ...

3 May 2016 CALU Roundtable Q. 5, 2016-0632641C6- Clearance certificate & GRE rules-- summary under Subsection 159(2) Summary Under Tax Topics- Income Tax Act- Section 159- Subsection 159(2) CRA will issue a clearance certificate for a partial estate distribution While a graduated rate estate may allocate a charitable donation tax credit within 60 months from the individual’s date of death in cases where GRE status is lost solely because of the expiry of the 36-month period, the gift nonetheless may need to be made within 36 months of death. ... CRA responded: The overall process to receive a clearance certificate is currently under review. … One avenue that can be pursued by legal representatives is the request of a clearance certificate for partial distribution. ...

7 October 2016 APFF Roundtable Q. 9, 2016-0652921C6 F- Résidence- actif utilisé / Residence- asset used-- 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 farm house must be more than 50% used by farm employees to qualify Mr. ... [A] residence owned by a corporation will be regarded as used principally in the course of carrying on the business of farming if more than 50% of its use is as accommodation for persons who are actively employed in the farming business or their dependants. … Furthermore, the residence must be provided to the persons in their capacity as employees rather than as shareholders and the residence must be part of the business operation in that it provides accommodation for employees whose services may be required at virtually any time by virtue of the nature of the farming operations. ...

7 November 2002 CTF Roundtable Q. 1, 2002-0144140- CTF STEWART & WALLS-- summary under Business Source/Reasonable Expectation of Profit Summary Under Tax Topics- Income Tax Act- Section 3- Paragraph 3(a)- Business Source/Reasonable Expectation of Profit REOP test not applied if no personal element and only tax motivation In response to various questions on the impact of Stewart and Walls including its impact on CCRA’s use of the reasonable expectation of profit test,(“REOP”), CCRA stated inter alia: The REOP test, as it previously applied, will no longer be used to determine if there is a source of income under the Act. ... At this point, a taxpayer's venture will be reviewed and criteria, including those set down in Moldowan, will be considered in determining if the taxpayer intends to carry on an activity for profit and the overall evidence supports that intention. … If a taxpayer is motivated by tax considerations when he or she enters into a business or property venture, this will not detract from the venture's commercial nature or characterization as a source of income under the Act. ...