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11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F- TFSA- Bequest and disclaimer-- summary under Paragraph 248(8)(b) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(8)- Paragraph 248(8)(b) transfer of TFSA to survivor on renunciation of bequest thereof occurred as a consequence of death Although an individual made a specific bequest under his will of his TFSA to his adult daughter, she executed a written renunciation of the bequest (that CRA went on to find was deemed by s. 248(9) to result in a “disclaimer” or a “release or surrender” for purposes of s. 248(8)(b),) so that following the TFSA's liquidation by the executor, the proceeds were instead transferred by the executor to the widow of the deceased – who then promptly contributed such proceeds to her own TFSA. ...

CRA concluded: [I]t does not appear that these amounts would constitute income from a source, including social assistance under paragraph 56(1)(u) …. ...

3 December 2019 CTF Roundtable Q. 9, 2019-0824421C6- Excluded Amount-Non-related Business exception-- summary under Subparagraph (e)(i) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Amount- Paragraph (e)- Subparagraph (e)(i) a transitional services agreement with an arm’s length purchaser can engage the TOSI rules The (e)(i) exclusion applied where the corporation in question (which presumably is paying dividends to a specified individual who was never relevantly engaged in its business) has in a previous year sold its business to an arm’s length corporation which continues to actively carry on that business – unless the source individual in question continues an active involvement in that business, for example, under a transitional services business, in which case the related business exception would not be available to the specified individual. ...

CRA responded that even though the property is purchased under a business expansion, this will not, in itself, prevent it from being considered a replacement property; and that there is no requirement that the replacement property be acquired after the former property is disposed of – so that the acquisition of the new property in advance of the disposition of the former property would not prevent it from being a replacement property. ...

. …. [P]ublic institutions would generally include municipalities and local governments, Crown corporations, wholly owned municipal corporations, public universities, public colleges, public schools, health authorities and hospitals. ...

7 April 2020 External T.I. 2019-0832241E5- Deferral of lump sum retiring allowance-- summary under Subparagraph 56(1)(a)(ii) Summary Under Tax Topics- Income Tax Act- Section 56- Subsection 56(1)- Paragraph 56(1)(a)- Subparagraph 56(1)(a)(ii) retiring allowance can be elected, on or prior to termination, to be received and recognized in a subsequent year Respecting a query as to the tax implications of paying a retiring allowance to a terminated employee in the calendar year following the year of termination at the election of the employee, CRA referred to its position in Folio S2-F1-C2, para. 2.26 that an employee can choose, on or before termination of employment, to receive a lump sum in instalments – which are taxable in the years of receipt, and stated: This position applies equally where payment of the lump sum is deferred to a subsequent year, provided that the individual chooses the deferred option on or before termination of employment. ...

. … The CRA does not have its own method for computing the FMV; this computation is based upon the facts known on the valuation date, to which the principles and standards of the Canadian Institute of Chartered Business Valuators are applied. ...

After noting that under a joint tenancy, “the joint tenants have concurrent ownership and possession of the same property,” CRA stated: [W]here two or more joint owners of a share of a corporation are considered one shareholder under relevant corporate law or are entitled to jointly receive any dividend paid on the share by the corporation, the joint owners of the share will generally be counted as one shareholder for purposes of paragraph 130.1(6)(d) …. ...

15 September 2020 External T.I. 2020-0854471E5- Pension Corporation- Renting Furnished Apartment-- summary under Paragraph 132(6)(b) Summary Under Tax Topics- Income Tax Act- Section 132- Subsection 132(6)- Paragraph 132(6)(b) renting furnished apartments was an exclusively real-estate leasing activity S. 149(1)(o.2)(ii)(A)(II) permits a s. 149(1)(o.2) (pension-group) corporation to invest its funds in “a partnership that limits its activities to acquiring, holding, maintaining, improving, leasing or managing capital property that is real property or an interest in real property … owned by the partnership”. ...

Under the Canadian domestic situs rules, the gain would have a U.K. source so that there would be no Canadian foreign tax credit for the Australian tax – but this is remedied by Art. 22(2) of the Canada-Australia Treaty (broadly similar, for example, to Art. 24(3) and 21(3) of the U.S. and U.K Treaties, respectively), which provides that income or gains of a Canadian resident which are taxed in Australia in accordance with Art. 13 of the Treaty are relevantly deemed to be sourced in Australia. ...