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20 June 2023 STEP Roundtable Q. 14, 2023-0967371C6- s.70(6) & Application to Extend-- summary under Subsection 70(6) Summary Under Tax Topics- Income Tax Act- Section 70- Subsection 70(6) requesting an extension of the 36-month vesting period under s. 70(6) What is the process for making a written request to extend the 36-month period under s. 70(6) for the property of the deceased to vest indefeasibly in the surviving spouse or common-law partner or trust, and what should be included in the request? ...

3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 3, 2023-0976921C6 F- CELIAPP- Acquisition d'une quote-part d'une habitation admissible / FHSA- Acquisition of a share of a qualifying home-- summary under Ownership Summary Under Tax Topics- General Concepts- Ownership reference to acquiring a qualifying home includes acquiring a co-ownership interest Various conditions in the “qualifying withdrawal” definition in the FHSA rules refer to acquiring a qualifying home. ...

2 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 5, 2023-0978561C6 F- Partnership – distribution of a life insurance police-- summary under Subsection 148(7) Summary Under Tax Topics- Income Tax Act- Section 148- Subsection 148(7) s. 98(2) generally prevails over s. 148(7) Regarding the situation where a partnership held, was the beneficiary of, and paid the premiums for 10 years on, three policies on the lives of each of the three individuals who were its partners and then, pursuant to the partnership agreement, transferred the applicable policy to one of the partners on that member’s withdrawal from the partnership, CRA indicated: [W]here the conditions of subsection 98(2) are satisfied, we are generally of the view that subsection 98(2) would override subsection 148(7) so that the partnership's proceeds of disposition of the life insurance policy would be the FMV of the policy. ...

2 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 5, 2023-0978561C6 F- Partnership – distribution of a life insurance police-- summary under Subsection 248(35) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(35) holding of policy by partnership prior to its distribution to partner does not count towards the latter’s holding period A partnership held, was the beneficiary of and paid the premiums for 10 years on, three policies on the lives of each of the three individuals who were its partners and then, pursuant to the partnership agreement, transferred the applicable policy to one of the partners (Individual C) on that member’s withdrawal from the partnership. ...

2 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 5, 2023-0978561C6 F- Partnership – distribution of a life insurance police-- summary under Subsection 98(2) Summary Under Tax Topics- Income Tax Act- Section 98- Subsection 98(2) disposition of distributed life insurance policy at FMV pursuant to s. 98(2), rather than s. 148(7) applying Regarding the situation where a partnership held, was the beneficiary of, and paid the premiums for 10 years on, three policies on the lives of each of the three individuals who were its partners and then, pursuant to the partnership agreement, transferred the applicable policy to one of the partners on such withdrawal of “Individual C” from the partnership, CRA indicated: [W]here the conditions of subsection 98(2) are satisfied, we are generally of the view that subsection 98(2) would override subsection 148(7) so that the partnership's proceeds of disposition of the life insurance policy would be the FMV of the policy. ...

7 May 2024 CALU Roundtable Q. 4, 2024-1007061C6- Shared Ownership & Charitable Gift-- summary under Total Charitable Gifts Summary Under Tax Topics- Income Tax Act- Section 118.1- Subsection 118.1(1)- Total Charitable Gifts CRA confirms its policy in IT-244R3 regarding gifts of a life insurance policy to a charity, but does not articulate any extension of this policy to split dollar arrangements After referring to the position in IT-244R3 that a gift by an individual of a life insurance policy to a registered charity is considered to be a gift for purposes of s. 118.1 provided that the policy has been absolutely assigned to the donee and the donee has become the registered beneficiary of the policy, CRA stated that “split-dollar” or other shared ownership arrangements are beyond the scope of the CRA's position in IT-244R3. 2003-0004315 indicated that there may be arrangements that could result in a charitable gift for purposes of s.118.1 within the spirit of the split-receipting rules but such a determination can only be made on a case-by-case basis. ...

26 June 2024 External T.I. 2023-0961541E5- Retiring allowance – instalment payments-- summary under Retiring Allowance Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Retiring Allowance retiring allowances can be paid in instalments over an extended period of years Is a retiring allowance, that is paid in instalments, required to be paid within a certain period of time after the termination of employment? ...

10 October 2024 APFF Financial Strategies and Instruments Roundtable Q. 6, 2024-1023301C6 F- CELIAPP- Séparation / FHSA- Separation-- summary under Subsection 146.6(7) Summary Under Tax Topics- Income Tax Act- Section 146.6- Subsection 146.6(7) s. 146.6(7) does not override the requirement for the transferee (ex-)spouse to be a “qualifying individual” Can an individual who does not have a FHSA and who does not qualify as a “qualifying individual” at the time of the transfer as a result of a relationship breakdown described in s. 146.6(7)(a)(ii) open a FHSA to receive the transfer from the individual’s spouse's or former spouse's FHSA? ...

10 October 2024 APFF Roundtable Q. 11, 2024-1028921C6 F- Récupération d’amortissement liée à un bien de la catégorie 10.1 – travailleur autonome-- summary under Class 10.1 Summary Under Tax Topics- Income Tax Regulations- Schedules- Schedule II- Class 10.1 choice between technical and simplified method where mixed business and personal use CRA considers that the CCA deduction for the motor vehicle of a self-employed worker that is used for both business and personal use can be computed by determining the amount of CCA in respect of the motor vehicle as if it were used entirely for business purposes, while deducting annually only the proportion of CCA corresponding to the business use in the particular year. ...

11 December 2024 External T.I. 2024-1039101E5 F- Vertical amalgamation & former paragraph 84.1(2)(e)-- summary under Paragraph 87(2)(j.6) Summary Under Tax Topics- Income Tax Act- Section 87- Subsection 87(2)- Paragraph 87(2)(j.6) s. 87(2)(j.6) does not apply for purposes of the “old” s. 84.1(2)(e) intergenerational transfer rules S. 84.1(2.3)(a)(i), as part of the former (private-member bill) intergenerational business transfer rules, provided that if, otherwise than by reason of death, the children’s purchaser corporation disposed of the subject corporation shares within 60 months of their purchase, the exception in s. 84.1(2)(e) from the application of s. 84.1 was nullified. 2022-0953991E5 indicated that, consequently, if the purchaser corporation amalgamated, within the 60-month period, with the subject corporation, then the resulting disposition pursuant to s. 87(11)(a) of the subject shares engaged the s. 84.1(2.3)(a)(i) exclusion. ...