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", Canadian Tax Focus, Vol. 9, No. 4, November 2019, p.1-- summary under Subsection 125(5.1) Summary Under Tax Topics- Income Tax Act- Section 125- Subsection 125(5.1) Example of avoidance of s. 125(5.1) limitation where sub with realized passive gain is wound-up (p. 1) … Holdco…wholly owns an Opco that claims the SBD annually…. … Holdco also owns a second wholly owned subsidiary, Realestateco, which holds land with an accrued capital gain of $1 million. ... Even though Realestateco had a sizable capital gain in year 1, it is not considered for Opco’s SBD grind. … There are…two deemed association rules, neither of which should apply because Realestateco no longer exists: (1) subsection 125(5.2)…and (2) subsection 256(2.1)…. Second example: drop-down of passive asset to sub before it realizes gain and is wound-up (pp. 1-2) [I]nvestments are in Holdco, [and]…before triggering the capital gain in year 1, Holdco transfers the investments to a newly formed corporation (CGco) on a tax-deferred basis under subsection 85(1); and … before the end of year 1, CGco is wound up and legally dissolved with and CDA and RDTPH consolidated into Holdco.... ...

This was clearly intended by the Department of Finance …. The CRA also takes this position. ... … [T]he first approach…is most consistent with the reference to “fair market value” in paragraphs (a) and (b) of the definition of “majority-interest beneficiary.” ... [fn. 87 … 2009-0348901E5 and 2010-0352921E5.] ...

Reconstituting Famco as a holding company allows the individual shareholders to receive eligible dividends notwithstanding that a portion — perhaps a large portion — of Famco's own surplus attracted either the small business deduction or the refundable portion of Part I tax…. ...

This problem is exacerbated by subsection 90(2), which deems all distributions – whether they are legally dividends or returns of PUC – to be dividends for the purposes of the Act. ...

.-- summary under Subsection 248(10) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(10) A preliminary transaction will be assimilated to a subsequent series if the taxpayer intended to carry out such series, although identity of parties not yet known [A] preliminary transaction will form part of a series determined with reference to subsection 248(10) if, at the time the preliminary transaction is carried out, the taxpayer intends to implement the subsequent transactions constituting the series, and the subsequent transactions are eventually carried out Thus the preliminary and subsequent transactions will be part of a series even though at the time of the completion of the preliminary transaction the taxpayer either had not determined all the important elements of the subsequent transactions – including, possibly, the identity of other taxpayers involved – or had lacked the ability to implement the subsequent transactions. ...

Henry Shew, "Post Mortem Pipeline Fails for Non-Resident Beneficiaries", Canadian Tax Focus, Vol. 9, No. 1, February 2019, p. 1-- summary under Subsection 212.1(6) Summary Under Tax Topics- Income Tax Act- Section 212.1- Subsection 212.1(6) Result if s. 212.1 applies where a non-resident beneficiary (p. 1) [A]n estate has three beneficiaries- … and one is a non-resident—and the will provides that the residue … is to be divided equally among the three beneficiaries. ... If a regular pipeline transaction is performed by the estate—involving the sale of the shares of Opco to a newly incorporated Holdco in exchange for a promissory note—there is a deemed dividend equal to $33,300 … to the non-resident beneficiary…. 1 st s. 212.1 requirement: NAL relationship (under ss. 212.1(3)(b) and (a) (p.1) For section 212.1 to apply, the non-resident person and Holdco must not deal at arm’s length… [P]aragraph 212.1(3)(b) deems a beneficiary of a trust to own the shares that the trust actually owns…Thus, paragraph 212.1(3)(a) applies … and the non-arm's-length relationship of the non-resident person and Holdco is established. 2 nd s. 212.1 requirement: disposition to Newco under ss. 212.1(5) and (6) look-through rule (p.1) Another requirement for section 212.1 to apply is that the non-resident has disposed of Opco shares to Holdco. ...