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7 October 2021 APFF Financial Strategies and Instruments Roundtable Q. 7, 2021-0899681C6 F- Stock option, Short sale and Identical property-- summary under Subsection 39(4) Summary Under Tax Topics- Income Tax Act- Section 39- Subsection 39(4) s. 39(4) election can apply to both the dispositions occurring in connection with short sale transactions An employee, who engages in a short sale transaction to finance the exercise of stock options on the shares of the individual’s employer, short sells identical shares borrowed from a third-party lender and uses the short sale proceeds to inter alia fund the option exercise – and then uses the shares acquired on exercise to cover the short position. ...

In particular having regard to the CRA view that “to be a right or thing [under s. 70(2)] … the individual would have to be legally entitled to receive the amount at the time of the individual’s death (the right would have to exist)” CRA considered that even though an individual annuitant who died part way through the year was allocated the income that had been earned in the year up to the time of death on the T3 slip received by his executors, he had no legal entitlement to the allocated amounts. ...

However, it is still necessary to consider the application of section 84.1, subsection 245(2), as well as other relevant provisions …. ...

. … In determining if an apportionment provided under a mixed contract is reflective of the obligation of the parties under subsection 212(1), consideration would be given, amongst others, to the terms of the mixed contract and to whether the parties have divergent interests in respect of this apportionment. ...

. … In determining if an apportionment provided under a mixed contract is reflective of the obligation of the parties under subsection 212(1), consideration would be given, amongst others, to the terms of the mixed contract and to whether the parties have divergent interests in respect of this apportionment. ...

17 May 2022 IFA Roundtable Q. 10, 2022-0926331C6- Corporate Residence Approach-- summary under Subsection 2(1) Summary Under Tax Topics- Income Tax Act- Section 2- Subsection 2(1) board meeting situs not determinative of CMC Regarding a query as to whether CRA will continue to have “too much focus on the location of board meetings” in determining corporate residency, CRA noted that De Beers indicated that a corporation’s central management and control “must … be determined after a scrutiny of the whole ‘course of business and trading’ of the corporation,” and then stated: Usually, central management and control is considered to abide where the members of the board of directors meet to make important and strategic decisions regarding the affairs of the corporation, unless central management of control is actually exercised elsewhere. ...

15 June 2022 STEP Roundtable Q. 2, 2022-0926761C6- 104(4)(a)(ii.1) Election-- summary under Subparagraph 104(4)(a)(ii.1) Summary Under Tax Topics- Income Tax Act- 101-110- Section 104- Subsection 104(4)- Paragraph 104(4)(a)- Subparagraph 104(4)(a)(ii.1) CRA will accept that an election is filed with a return even if the return is filed late Regarding whether a late election under s. 104(4)(a)(ii.1) can be made, CRA indicated that the courts have held that, where an election that is required to be filed with return of income for the year is not filed with the return of income, the election is late, and that it will accept an election filed under s. 104(4)(a)(ii.1) only if it is made in the trust’s return of income filed for its first taxation year, regardless of whether the return is filed by the required filings deadlines specified in s. 150(1)(c) or filed late – and that where the election is not filed with the trust’s return of income for its first taxation year, but rather is filed later, that election would be late, and could not be accepted (being not an election prescribed under Reg. 600). ...

The election is made in respect of a particular year of the contributor – which we will call the “initial year” because it is. ...

7 October 2022 APFF Roundtable Q. 8, 2022-0942151C6 F- Surplus stripping-- summary under Subsection 256(5.11) Summary Under Tax Topics- Income Tax Act- Section 256- Subsection 256(5.11) range of factors considered A corporation (Brother-Portfolioco) owned by an individual (Brother) sells a 50% shareholding in Opco to a corporation (Sister-Holdco) owned by Brother’s sister (Sister) – but with a capital gains reserve being claimed because most of the sales proceeds are deferred. ...

After finding that the time of the forgiveness was at the time of the court approval of the proposal, CRA indicated that the resulting tax applicable to the income under s. 80(13) did not arise until that time, stating: … Opco's debt attributable to the amount of income tax payable arising from the application of I.T.A. subsection 80(13) is not a "provable claim" for the purposes of a proposal, as the tax liability of the debtor corporation arising from the application of subsection 80(13) is generally not determinable until after the proposal is approved by a court. ...