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., the deemed $80,000 proceeds of disposition of the capital interest under s. 107(2)(c), being the excess of the $100,000 cost amount of the distributed property, being their deemed cost to the beneficiary, over the $20,000 eligible offset amount) – whereas, for capital loss purposes, the ACB of the capital loss was determined as nil on ordinary principles, so that there also was no loss. ...

. … Any proposed changes to tax policy or amendments to legislation, such as that suggested in the Joint Committee submission, are the purview of the Tax Policy Branch at Finance. ...

CRA indicated that the two options are mutually exclusive and exhaustive – either the French Treaty applies to the full amount of the dividend, or the US Treaty applies pro-rata to the US partners. ...

Before going on to note that, in order to meet the conditions of s. 73(1.01)(c), an alter ego trust must be a trust under which no person except the settlor may receive or otherwise obtain the use of any of the income or capital of the trust before the settlor’s death – and similarly, for a joint spousal trust or a common-law spousal trust, CRA first stated: [W]here, pursuant to the terms of the trust indenture or will, a trust owns personal-use property for the benefit or enjoyment or personal use of a beneficiary, our position is that a taxable benefit under s. 105(1) will not be assessed to that beneficiary for the rent-free use of such property. ...

Confirming the first point, CRA indicated that if an estate freeze is subject to s. 74.4(2), the deemed interest benefit is computed based on the outstanding amount determined under s. 74.4(3), and the shares received on the refreeze constitute excluded consideration as defined in s. 74.4(1) – so that such consideration does not reduce the outstanding amount under 74.4(3). ...

. … [T]he negative safe income of corporations would reduce the safe income of a holding corporation only to the extent that it can be considered to result in a reduction of the value of the shares of the holding corporation, for example, either because of a guarantee made by the holding corporation, or because of an actual payment for the losses by the holding corporation [citing Brelco]. ...

Relaxing CRA's procedures and any administrative policy in that regard would require a thorough review …. ...

The CRA does not intend to adopt an administrative position that would allow a corporation to avoid making an excessive eligible dividend designation in a situation similar to the one described …. ...

CRA also noted that, administratively, it: [a]llows … mitigating the effects of an excessive eligible dividend designation by accepting that the election provided for in subsection 185.1(2) can be made by a corporation at the time of filing its income tax return, without having to wait for a notice of assessment of Part III.1 tax to be issued. ...

Conversely, if it was determined that TDH did not carry on a business, the excluded share exception would not apply – but s. ...