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30 April 2009 External T.I. 2008-0296721E5 F- Late filed election 85(7)- Amending transactions-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission CRA will not anticipate a judicial rectification An individual transferred an immovable to his corporation for non-share consideration, and after being reassessed by CRA for the resulting gain, filed a late s. 85(7) election showing preferred share consideration and proposed to validate such late election by entering into a "deed of correction" with the corporation providing for the shares’ issuance. ... [E]ven if the "deed of correction" of the Contract …were to be entered into … CRA could not take it into account for the purposes of determining the tax consequences of the transfer of the Immovable. Consequently, CRA would not be able to accept a late election filed by the taxpayer and the Corporation under subsection 85(7) since, based on the Contract initially entered into … one of the conditions set out in subsection 85(1) (i.e., the issuance by the Corporation of share consideration) would not have been satisfied. ...

25 September 2003 Internal T.I. 2003-0032837 F- Market Maker: Reserve Account for Losses-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt constructive receipt by employee where reserve loss account (funded out of commissions) is transferred from old brokerage employer to new brokerage employer A firm (ABC), that employed market makers, maintained a separate account for each employee into which a portion of the commissions earned by the employee was retained and held in a contingency loss reserve account, which was to be used to cover any losses resulting from the employee's transactions, and with the employee having access to the account on leaving the employment – except that where the employee moved employment to another member firm of the same clearinghouse ABC could, at the request of and for the benefit of the employee, transfer the funds accumulated in its reserve account to another similar account administered by the new employer. In finding that such transfer would be subject to withholding under s. 153(1)(a) on the basis inter alia that there was constructive receipt by the employee, the Directorate stated: [T]his payment is made to the employee by ABC, even if the employee does not receive it directly. … The employee chooses to direct the payment to the new employer's reserve account for the employee’s benefit, rather than personally collecting the funds. ...

21 April 2008 Internal T.I. 2007-0251761I7 F- Billet à payer-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt addition of unpaid interest to principal was not a loan of money, nor a payment or crediting of interest Debt owing to the taxpayer following an asset sale provided that interest may be added to the principal of the debt, which is what occurred. In finding that the capitalized interest was not a separate loan of money, so that the interest thereon could only be deducted under s. 20(1)(c) rather than (d), CRA stated: The facts submitted did not show that there was an actual transfer of money, and that the “mere statement that an amount of interest was added to the principal of the original debt does not seem to us sufficient to conclude that there was a … [fresh] loan between the parties.” ...

7 October 2013 Internal T.I. 2013-0504081I7 F- Interaction between 55(2) and 40(1)(a)(iii)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt distinction between promissory note as conditional or absolute payment Vendor sold blocks of shares in the capital of a corporation (the “Purchaser”) to the Purchaser, with the purchase price being payable over a following number of years based a percentage in each year of the annual consolidated after-tax profits of the Purchaser. ...

30 January 2014 External T.I. 2013-0515761E5 F- Dividend received-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt book entries merely record and do not establish that a dividend was paid A dividend of a taxable Canadian corporation owned by an individual is not paid in money but is recorded in its books as an increase in a loan owing to the shareholder or as a decrease in a loan made to the shareholder. ...