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29 May 2014- 12:21pm CRA reverses a Code s. 338(h)(10) step-up of goodwill so as to boost exempt earnings of a U.S. foreign affiliate – but finds that there was no corresponding boost to safe income on hand of a Canco shareholder Email this Content Where Canco had indirectly purchased the shares of "US-Opcos" with appreciated goodwill, with the U.S. tax basis of the goodwill then being stepped-up under IRC 338(h)(10), the resulting reduction in the gain realized on a subsequent disposition of that goodwill was to be reversed under Reg. 5907(2)(f) in computing the exempt earnings of Canco respecting the US-Opcos – or alternatively (i.e., getting to the same spot), the step-up-related  gain was to be excluded in the first place from the "earnings amount" determined under s. ... Summaries of 14 March 2014 Memo 2013-0499141I7 under Reg. 5907(2)(f), s. 55(2), Reg. 5907(1) – exempt earnings and Reg. 5907(1) – earnings. ...

1 January 2015- 9:43pm Invesco Canada – Tax Court of Canada finds that GST was not payable on special MFT fee-reduction trust distributions to large investors Email this Content A mutual fund trust manager initially charged full management fees to the trusts and paid rebates to large unitholders equal to a portion of the fees. However, when in 1994 CRA indicated (in 9332265) that these refunds would be treated as "inducement payments," to be included in the trusts' incomes under s. 12(2.1) (thereby resulting in double taxation), the arrangements were restructured (in accordance with ATR-65 – see also 2012-0448351E5): the manager reduced the fees which it charged to the trusts; and the declarations of trust were amended to provide that trust distributions equal to those fee reductions would be paid as special distributions on the large investors’ units. ... The Queen, 2014 TCC 375 under ETA – s. 153(1) and General Concepts – Evidence. ...

30 April 2020- 12:48am CRA states that a PSB can deduct the “cost” of car loan interest under s. 18(1)(p)(ii) to the extent of the benefit conferred on the individual qua employee rather than shareholder – but not CCA Email this Content Under s. 18(1)(p)(ii), a corporation carrying on a personal services business is entitled to deduct “the cost to the corporation of any benefit … provided to an incorporated employee … that would, if the income of the corporation were from a business other than a [PSB] be deductible in computing its income.” ... CRA went on to indicate that no CCA could be claimed by the corporation (stating that “a capital cost allowance amount is not the cost of a benefit”) – except that if the corporation had a sales business, CCA could generally be deducted under s. 18(1)(p)(iii) to the same extent as CCA claims could have been made under s. 8(1)(j)(ii) if the marketing activity had been carried on by the individual as a sales employee. ...

15 June 2014- 10:31am Howard – High Court of Australia finds that merely assigning a future damages award rather than the law suit entitlement is not effective to shift the resulting income Email this Content At the same time as the taxpayer launched an action against some co-venturers, he assigned any resulting award of damages to a corporation of which he was a director.  ... Commissioner of Taxation, [2014] HCA 21 under s. 9 – compensation payments and s. 9 – nature of income. ...

Accordingly, he was subject to Canadian tax on his world-wide income – including $2.9 million of U.S. employment income, and imputed benefits of $1.4 million from free use of a corporate jet. ... The Queen, 2014 DTC 1046 [at 2882], 2014 TCC 12, briefly aff'd 2014 FCA 275 under Treaties – Art. 4, Art. 29, Stat. Interp. – Other/Conflicting Statutes, and  Interp. Act- 45(2). ...

16 July 2018- 10:57pm Rocco Gagliese Productions – Tax Court of Canada finds that royalties generated by a CCPC from writing TV-episode music were active business income Email this Content A company which earned royalties from the daily activities of its sole shareholder and employee in writing and producing music for TV episodes was found to be earning income from an active business and not earning income from a specified investment business. ... The Queen, 2018 TCC 136 under s. 125(7) – specified investment business, and s. 129(4) – income or loss- para. ...

7 February 2020- 12:11am Tudora – Tax Court of Canada references the principle of judicial comity in following a previous Tax Court decision on the same donation program Email this Content After already finding against a taxpayer who had participated in a donation program that had previously been found by Pizzitelli J in Mariano to not work, MacPhee J indicated that this conclusion was confirmed by the principle of judicial comity, which he described as follows: [U]nder the principles of stare decisis, judges of one Court are not bound by decisions of members of their own Court, but in accordance with the principles of judicial comity, judges should follow the decisions of their colleagues unless there is a cogent reason to depart from a prior decision. ... The Queen, 2020 TCC 11 under s. 118.1(1) – total charitable gifts and General Concepts – Judicial Comity. ...

In essence, it means ownership for the benefit of the person in question …. ... There was no evidence to suggest that Houmet could have used the funds received for any other purpose [other than to pay for the assignment to it], or that it could benefit from them in any other manner. … Further, Houmet's involvement was entirely ephemeral …. ... Summary of Hargreaves Property Holdings Ltd v Revenue And Customs [2024] EWCA Civ 365 under General Concepts – Ownership. ...