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15 September 2020 IFA Roundtable Q. 6, 2020-0853561C6- Subsection 212.3(9) & The GAAR-- summary under Subparagraph 212.3(9)(b)(ii) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(9)- Paragraph 212.3(9)(b)- Subparagraph 212.3(9)(b)(ii) reinstatement arguably occurs on distributing shares of sub capitalized with daylight loan After March 28, 2012, Canco (wholly-owned by NRco) acquires all the shares of a non-resident corporation (FA1) for $100, thereby effecting a reduction of the paid-up capital (PUC) on the common shares of Canco by $100. ... – and, if so, assuming that one or more of the steps was an avoidance transaction, would CRA apply s. 245(2)? After noting in its oral remarks that s. 212.3(9)(b)(i) essentially describes circumstances where there is an upstream distribution of the investment, and subpara (ii) describes other circumstances where distributions can be traced to the initial investment – in this case, the shares of FA1, CRA indicated that, in its view, the $100 return of capital in the form of the distribution of the shares of FA3 to Canco by FA1 would arguably result in a reinstatement of the $100 of PUC that was initially reduced when Canco invested in the shares of FA1. ...

6 December 2012 External T.I. 2012-0461711E5 F- Paiements indirects / Indirect payments-- summary under Subsection 200(1) Summary Under Tax Topics- Income Tax Regulations- Regulation 200- Subsection 200(1) no T4A slip to be issued by producer paying mandatory contributions to the fund for the union of the artist whose corporation receives fees from the producer A producer who retains the services of an incorporated performing artist is required to pay a percentage of the fees otherwise payable by it to the artist’s Corporation (respecting the services performed by the artist as an employee of the Corporation) directly to the benefits plan (the “CSA”) for the Union des Artistes (UDA). ... In that event, a T4A slip would not be issued by the producer to the Corporation or the Taxpayer respecting the mandatory contribution. …. ...

14 August 2014 Internal T.I. 2013-0506691I7- Capital Losses- Health & Welfare Trusts-- summary under Paragraph 111(1)(b) Summary Under Tax Topics- Income Tax Act- Section 111- Subsection 111(1)- Paragraph 111(1)(b) deduction by health trust of net capital losses Are health and welfare trusts ("HWTs") permitted to incur capital losses and deduct net capital losses when computing taxable income under Division C and/or adjusted taxable income under Division E.1? CRA stated: 2004-009364 concluded that where a HWT has expenses that were otherwise deductible and not allowed because of the limitation discussed in paragraph 12 of IT-85R2, it will be permitted to use those expenses to reduce its adjusted taxable income for purposes of AMT. … Consistent with section 3.., a HWT's gross trust income for a year includes its taxable capital gains realized in the year in excess of its allowable capital losses realized in the year. ...

23 January 2013 Internal T.I. 2012-0465081I7- Subsection 107(2) – a disposition by a NR Trust-- summary under Subsection 107(2) Summary Under Tax Topics- Income Tax Act- 101-110- Section 107- Subsection 107(2) Respecting a distribution of Canadian real property by a personal trust resulting in a disposition of the beneficiary's capital interest, CRA rejected a suggestion that s. 107(2)(a) deemed there to be a disposition of the property before its actual distribution, with the result that there was no disposition for purposes of the Act as at that time there was no change in the beneficial ownership of the property: The phrase "immediately before that time" as used in paragraph 107(2)(a) of the Act, qualifies only the words "... its cost amount to the trust... ...

16 March 2015 Internal T.I. 2013-0479861I7- Section 116 & forfeited deposits on real property-- summary under Subsection 116(5) Summary Under Tax Topics- Income Tax Act- Section 116- Subsection 116(5) forfeited sale deposit was proceeds of security interest rather than of tcp A non-resident vendor received a deposit under an agreement for sale of B.C. real property, which will be forfeited to it due to failure of the purchaser to close. ... CRA first stated (based on the s. 248(1) – "disposition" definition) that "there is a disposition of a right under a contract where an agreement of sale has been cancelled and the buyer's deposit is forfeited to the vendor," and noted that under s. 248(4) "where the property is a security interest derived by an agreement for sale, it is excluded from being an interest in real property and is thereby excluded from the definition of taxable Canadian property. ...

16 March 2015 Internal T.I. 2013-0479861I7- Section 116 & forfeited deposits on real property-- summary under Subsection 248(4) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(4) forfeited sale deposit was proceeds of security interest rather than of tcp A non-resident vendor received a deposit under an agreement for sale of B.C. real property, which will be forfeited to it due to failure of the purchaser to close. ... CRA first stated (based on the s. 248(1) – "disposition" definition) that "there is a disposition of a right under a contract where an agreement of sale has been cancelled and the buyer's deposit is forfeited to the vendor," and noted that under s. 248(4) "where the property is a security interest derived by an agreement for sale, it is excluded from being an interest in real property and is thereby excluded from the definition of taxable Canadian property. ...

26 May 2016 IFA Roundtable Q. 7, 2016-0642121C6- 93(2.01) & Capital Contribution-- summary under Subsection 93(2.01) Summary Under Tax Topics- Income Tax Act- Section 93- Subsection 93(2.01) contribution of shares to a subsidiary caused the subsidiary shares to be substituted property CRA considered that the s. 93(2.01) stop loss rule applied where Canco made a contribution of capital to a foreign subsidiary (FA2) of its shares of a non-resident Finco subsidiary (FA1) which had paid dividends out of its deemed active business income to Canco – so that s. 93(2.01) denied a subsequent capital loss realized on an arm’s length sale of the FA2 shares to the extent of such dividends. ...

3 May 2016 CALU Roundtable Q. 5, 2016-0632641C6- Clearance certificate & GRE rules-- summary under Subsection 159(2) Summary Under Tax Topics- Income Tax Act- Section 159- Subsection 159(2) CRA will issue a clearance certificate for a partial estate distribution While a graduated rate estate may allocate a charitable donation tax credit within 60 months from the individual’s date of death in cases where GRE status is lost solely because of the expiry of the 36-month period, the gift nonetheless may need to be made within 36 months of death. ... CRA responded: The overall process to receive a clearance certificate is currently under review. … One avenue that can be pursued by legal representatives is the request of a clearance certificate for partial distribution. ...

7 July 2016 External T.I. 2015-0595481E5- Ontario Corporate Minimum Tax – Forgiven Debt-- summary under Clause 54(2)(b) Summary Under Tax Topics- Other Legislation/Constitution- Ontario- Taxation Act 2007- Section 54- Subsection 54(2)- Clause 54(2)(b) forgiven amount included in adjusted net income A corporation has a forgiven amount which it applies federally under the s. 80 rules but results in net income for financial statement purposes, causing a Corporate Minimum Tax liability under the Taxation Act, 2007 (“TA”). ... Therefore, if GAAP determines that an economic gain arising on a forgiven amount is to be included in a corporation’s net income or net loss, then the forgiven amount will also be included in [adjusted net income or net loss] for purposes of subsection 54(2) of the TA. … Further additions or deductions (“adjustment(s)”) to ANI/ANL are permitted if prescribed in section 9 of Regulation 37/09 of the TA. ...

7 October 2016 APFF Roundtable Q. 9, 2016-0652921C6 F- Résidence- actif utilisé / Residence- asset used-- summary under Qualified Small Business Corporation Share Summary Under Tax Topics- Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1)- Qualified Small Business Corporation Share farm house must be more than 50% used by farm employees to qualify Mr. ... [A] residence owned by a corporation will be regarded as used principally in the course of carrying on the business of farming if more than 50% of its use is as accommodation for persons who are actively employed in the farming business or their dependants. … Furthermore, the residence must be provided to the persons in their capacity as employees rather than as shareholders and the residence must be part of the business operation in that it provides accommodation for employees whose services may be required at virtually any time by virtue of the nature of the farming operations. ...