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. … There are times when it is tax-advantageous to trigger a capital gain under subsection 48.1(1) even if the shares are not QSBC shares—for instance, to utilize tax attributes such as expiring losses. Potential for TOSI where making s. 38.1 election (p. 5) Under the new rules, taxable capital gains subject to TOSI are no longer limited to transactions under the purview of subsections 120.4(4) and (5). … [T]he expanded definition of "split income" includes taxable capital gains from the disposition of all non-QSBC private corporation shares realized, or deemed to be realized, by most Canadian residents. ...

. … AAII is calculated as if no FAT were deducted; therefore, FAPI earned by a Canadian-resident corporation would be considered AAII, irrespective of FAT paid by the relevant CFA on the FAPI. ... Therefore, FAPI earned by a CFA that is associated with the Canadian corporate taxpayer may be counted twice toward the new passive income restriction. … ...

…[O]n the basis of a literal interpretation of the affiliated entity rule … all companies everywhere in the world would have to participate in the joint election. ... As well, it would need signatures on the joint election from authorized representatives of all of the corporations. … Example of application of s. 125.7(4)(b) election to an affiliated group with a recent addition (p. 2) Example: Affiliated Group That Is Different from Prior Year [F]our entities meet the definition of an affiliated group in March 2020, but one of the entities was newly incorporated in 2020 …. ...

XIX are to be interpreted consistently with the common reporting standard rules published by the OECD, unless the context otherwise requires – and a similar provision appears in the anti-hybrid mismatch rules, the draft reporting rules on digital platform operators and in s. 3 of the Pillar 2 implementation legislation. Although this by itself would not have much impact (Canada’s tax treaties are interpreted in light of the OECD commentaries where relevant, without a specific provision to that effect), what is more significant is that these rules refer to the relevant OECD recommendations “as amended from time to time” – which raises the possibility of an interpretive expansions of the rules in the Act through OECD later-in-time materials. ...

This conflict undermines the duty of commitment to the client’s cause, a duty found … in the Federation’s [money-laundering] 2015 case [2015 SCC 7] to be a principle of fundamental justice. ... The obligation for legal counsel to report confidential information to the CRA also violates the protection from unreasonable search and seizure in section 8 of the Charter. … The Government of Canada has consented to a 30-day injunction suspending application of the provisions to members of the legal profession, pending a hearing on the Federation’s injunction application. ...

. … [I]n British Columbia, the restriction only applies to "a record evidencing indebtedness of the person to whom shares are to be issued" (i.e., a promissory note issued by the subscriber)…. ... Ct.),,,] In Welling's view, the use of the phrase " shall not be issued" in s. 25(3) of the CBCA (and its provincial equivalents) means that inadequate consideration results in a nullity as between the issuer corporation and the registered holder. ... MNR [fn 16: …92 D.T.C. 2123…] ….. Nullification was used in the recent Federal Court of Appeal case St Arnaud v. ...

. … [I]n British Columbia,, the restriction only applies to "a record evidencing indebtedness of the person to whom shares are to be issued" (i.e., a promissory note issued by the subscriber)…. ... Ct.),,,] In Welling's view, the use of the phrase " shall not be issued" in s. 25(3) of the CBCA (and its provincial equivalents) means that inadequate consideration results in a nullity as between the issuer corporation and the registered holder. ... MNR [fn 16: …92 D.T.C. 2123…] ….. Nullification was used in the recent Federal Court of Appeal case St Arnaud v. ...

. … Finance should consider amending the Act to permit the subsection 111(12) loss to be carried forward after the AoC to offset a later related subsection 40(11) gain. ... This debt was issued when the Canadian dollar was at par, and now US$1.00 = CDN$1.30. ... On a net basis, XCo is economically advantaged by CDN$74 million — it borrowed the equivalent of CDN$100 million and is only required to repay the equivalent of CDN$26 million. ...

David Bunn, Mark Dumalski, "Proposed Amendments to Subsection 85.1(4)", International Tax Highlights, Vol. 1, No. 2 November 2022, p. 6-- summary under Subsection 85.1(4) Summary Under Tax Topics- Income Tax Act- Section 85.1- Subsection 85.1(4) Target of current s. 85.1(4) (p. 6) The current version of s. 85.1(4) avoids deferral of the capital gain that would otherwise be realized on the outright sale of a directly held FA (the first affiliate) through transferring it under s. 85.1(3) to a second affiliate, which then sells the first affiliate shares to a subsequent acquiror – where the first affiliate shares are excluded property so that such sale occurs on a deferred basis. ... Providing a carve-out for subsequent FA acquirors only where they are controlled by the taxpayer and other non-arm’s-length Canadian residents represents an abandonment of a “votes and value” test in favour of a test of voting control – which could open up opportunities to transfer the economics associated with the ownership of an FA (but not its de jure control) out from under Canada. ... That said, all or substantially all of the property of the first affiliate might be excluded property at the time of the initial transfer, but the first affiliate shares, or any other shares deriving their value from such shares, could not be excluded property at the time of the subsequent disposition – in which event, the initial transfer would be denied rollover treatment even though the subsequent disposition triggered FAPI. ...

Joint Committee, "Submission regarding proposed audit powers in Budget 2024 included in the August 2024 Draft Legislation", 11 September 2024 Joint Committee Submission-- summary under Subsection 231.9(6) Summary Under Tax Topics- Income Tax Act- Section 231.9- Subsection 231.9(6) Inappropriate scope of s. 231.9 rule (pp. 7-10) Where the taxpayer refuses to provide information on the basis of solicitor-client privilege and the Minister nonetheless issues a notice of non-compliance (NNC), this could pressure the taxpayer into waiving privilege rather than undertaking the onerous NNC dispute process – suggesting that since a compelled waiver is not valid, the production of documents resulting from the NNC’s issuance would likely constitute an unreasonable search or seizure contrary to s. 8 of the Charter. ... This requirement for a review of correctness clashes with s. 231.9(9), which contemplates the Federal Court reviewing whether any CRA decision to reject a privilege claim in relation to a document covered by a NNC was reasonable, a review which generally would be limited to considering that decision in light of the material before the CRA decision maker – which, crucially, would not include the document for which privilege was claimed. In contrast, the Federal Court’s review under s. 231.7 of any compliance order sought by the Minister of a document for which the taxpayer claimed privilege would be applied under a correctness standard (likely including a review of the document) – so that there could be a situation (representing an affront to the rule of law) in which taxpayer was penalized under s. 231.9 for what was subsequently established not to be a failure. ...