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25 January 2010 Internal T.I. 2009-0338601I7 F- Déclaration de renseignements électronique-- summary under Subsection 150.1(4) Summary Under Tax Topics- Income Tax Act- Section 150.1- Subsection 150.1(4) T183 only required where filer is not the taxpayer After summarizing ss. 162(7), 162(7.01), 162(7.02), and 162(5), and noting that an electronic filer must certify accuracy of filings before being allowed access to the electronic filing system, the Directorate stated: … Form T183 for individuals and Form T183CORP for corporations … are required under subsection 150.1(4) if, and only if, the transmitter of the income tax return, not being an information return, is not the taxpayer or the taxpayer's authorized signing officer. ...

In finding that s. 74.2(1) applied, the Directorate stated: [W]e consider it possible that an indirect transfer of the individuals' shares to their spouse was effected through their respective holding companies … [so] that the shares disposed of by the spouses … constitute substituted property for the property transferred indirectly by the individuals, Words and Phrases transfer indirectly ...

DC was then to be wound-up into its two shareholders (the TCs) and its sole assets at that time – the two redemption notes owing by the two TCs – distributed to that TC so that the note was extinguished. ...

. … The normal reassessment period thus commenced…from the assessment…in 2009. … The conditions for the application of the subparagraph [152(4)(a)(i)] do not require the making of a return by the taxpayer in order to accord the right to the Minister to issue an assessment outside the normal reassessment period. … [W]here a taxpayer has been assessed under subsection 152(7) after having received a demand…under 150(2), the taxpayer has made a misrepresentation ["présentation erronée des faits"] by virtue of wilful default ["omission volontaire"]. … Thus…the Minister can reassess respecting the 2008 year…in order to take into account the new information…. ...

CRA responded: [O]ur long standing position [is] that a shareholder benefit arises under subsection 15(1) … when a corporation pays the life insurance premiums on a policy pursuant to which the shareholder or a person related to that shareholder is the beneficiary of the policy. The amount of the benefit to be included in computing the shareholder’s income in a given taxation year is usually equal to the amount of the insurance premiums paid by the corporation for that year. … Accordingly, given that a segregated fund policy is, by definition, a life insurance policy, we cannot confirm that no benefit arises in the described situation …. The question of whether a benefit under subsection 15(1) … has been conferred is generally one of fact to be determined on a case-by-case basis. ...

After noting a current GAAR review by Aggressive Tax Planning, the Directorate stated that LeCavalier " supports the application of GAAR… where the debt parking rules … were considered to have been misused or abused. ...

However, the Directorate stated: [T]he better view … is that the dividend income and FAPI inclusion are not the same amount … [T]he dividend income is a cash distribution on the shares of S Corporation while the FAPI is a notional allocation of the income of S Corporation deemed to be FAPI on its shares of S Corporation … [so that] the dividend income and FAPI are separate amounts of a different nature … [which] would preclude the application of subsection 248(28). ...

However, in the same year, the equipment was also used for a number of months on other farmland owned by them in a non-qualifying region – and the equipment was not used at all in the winter months. ... CRA responded: [A]n analysis of the facts must be made … to ascertain the governing intention when the property was acquired. … Thus, the taxpayer must be able to establish the taxpayer’s intention, i.e., to have acquired the new farm equipment primarily for use throughout its lifetime on farm land situated in XXXXXXXXXX. ... The … "operating time" generally refers to the time the equipment usually runs or functions during the taxation year. … Where there are two co-owners, we agree that it is possible for them to divide the total of qualified property eligible for the ITC between themselves…. ...

The Directorate stated: Generally, corporations in Canada have the following characteristics, among others: Legal personality … Limited liability of shareholders and a corporation can incur losses for which the members are not liable; Issuance of share capital to shareholders; Distributions: shareholders of a company are entitled to the division and distribution of profits after they are declared by the corporation; Centralization of management; Free transferability of interests; Incorporation by statute or by the registration of memorandum of association. ... Before finding that the SCSs were partnerships for ITA purposes, the Directorate stated: Given that Côte d’Ivoire and Gabon are civil law systems and that Quebec is the only province that has a civil law system in Canada, it is appropriate to primarily compare the SCS to partnerships formed under the Civil Code of Quebec. … Under Article 2219 of the Civil Code of Quebec (“CCQ”) … a partnership can conclude contracts in its own name. Article 2225 … provides that a partnership may sue and be sued under the name it declares. ...

30 October 2008 External T.I. 2006-0198381E5 F- Disposition d'un BUP- application de l'article 42-- summary under Paragraph 42(1)(b) Summary Under Tax Topics- Income Tax Act- Section 42- Subsection 42(1)- Paragraph 42(1)(b) payment of claim re latent defect in principal residence generated a s. 42 capital loss – that was denied by s. 40(2)(g)(iii) In the year following the disposition of the taxpayer’s principal residence, the taxpayer paid an amount to the purchaser of the property following the latter's sending of a formal notice of default relating to latent defects in the property. CRA stated: [T]he amount paid … as compensation for latent defects in the property represents an expense incurred or made as consideration for warranties, covenants or other conditional or contingent obligations under section 42. However, this amount relates to the disposition of … a personal-use property for which a loss is deemed to be nil … by virtue of subparagraph 40(2)(g)(iii). ...