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PWC, "Tax Insights: Canada Revenue Agency confirms that fair market value of newly constructed residential complexes includes GST/HST", Issue 2024-10, 22 March 2024-- summary under Subsection 191(3) Summary Under Tax Topics- Excise Tax Act- Section 191- Subsection 191(3) CRA states that GST/HST should be backed out of the appraised value of newly constructed residence for GST/HST self-assessment purposes A recently obtained internal communiqué [footnote 1: CRA internal communiqué dated May 17, 2023 “Updated guidance relating to embedded amount of GST or HST in Fair Market Value (FMV) under the Excise Tax Act (ETA) as it pertains to New Residential Housing”] issued by the Canada Revenue Agency (CRA) to its audit and appeals branches provides guidance on the determination of fair market value (FMV) for purposes of calculating the GST/HST on the deemed sale of new residential housing … [and] states that the appraised value of a newly constructed residential property includes GST/HST, and that this GST/HST should be subtracted from the appraised value before determining the amount of GST/HST that will be payable by a builder in respect of a deemed sale of a newly constructed rental property. … CRA position avoids double tax The CRA now accepts the builders’ position that the FMV (or appraised value) of a newly constructed rental property includes GST/HST, as confirmed in the recently obtained CRA internal communiqué, as follows: “In conclusion, all approaches to value used will have to state a conclusion of value as ‘Inclusive of GST/HST.’ ...

. … The CRA accepted that FA 2's compensation payment in year 1 could constitute FAT in respect of its FAPI in year 2 if the consolidated group could hypothetically carry back the active business loss from year 2 to offset its active business income in year 1…. ... For some time, the CRA has respected a multi-period perspective in analyzing some of these broad provisions. … In implementing regulations 5907(1.5) and (1.6), Parliament codified an application of the multi-period perspective – but only in the context of FAT denial rules applicable to consolidated groups. ...

Withholding and remitting requirements apply to contributions to the RCA trust – see paragraph 153(1)(p)] The RCA trust would then borrow from a third-party financial institution and in turn loan those funds to the sponsoring employer on terms that did not reflect "market" conditions in terms of interest rate, security and/or repayment terms. Resulting impoverishment of RCA (p. 1074) In some cases, the CRA believed the loan, in the future, could potentially impoverish the RCA in such a way that refundable tax paid by the RCA trust would be recoverable [fn 6: An election is available to permit refunds of the tax in specific situations – see subsection 207.5(2). ...

-United Kingdom Income Tax Treaty, Article 10(3) (stating, "The term 'dividends' for … United States tax purposes includes any item which under the law of the United States is treated as a distribution out of earnings and profits " (emphasis added)).] ...

Eric Lockwood, Maria Lopes, "Subsection 88(3): Deferring Gains on Liquidation and Dissolution", Canadian Tax Journal (2013) 61:1, 209-28, p. 209-- summary under Subsection 88(3.3) Summary Under Tax Topics- Income Tax Act- Section 88- Subsection 88(3.3) They use the facts in the example below (set out at p. 215) to illustrate in various scenarios that a taxpayer (Canco) will realize a capital gain on the disposition of its shares of the disposing affiliate (Foreignco 1) – even where there has been a qualifying liquidation and dissolution (QLAD) election- where the adjusted cost base of Foreignco 1 in the distributed property, i.e., the inside basis, exceeds Canco's ACB of its Foreignco 1 shares, i.e., the outside basis: Assumptions Canco is a company incorporated and resident in Canada for the purposes of the Act. ... They then turn (at p. 220) to the potential relief provided by the suppression election: … Canco can elect under proposed subsection 88(3.3) for Foreignco 1 to have disposed of its shares of Foreignco 2 for PD equal to a claimed amount of $1,000. ...

Embedded interest in forward as an underlying interest (p. 2199) … The technical notes reiterate that the concept of an "underlying interest" is intended to be interpreted broadly, and list several examples. ... Full tainting of gain (p. 2199) … the revised DFA rules continue to treat the full amount of the inclusion under paragraph 12(l)(z.7) or deduction under paragraph 20(1)(xx) on income account, even if that gain is only partially attributable to a "bad interest", and even if that "bad interest" would not itself have been on income account if realized directly. ...

. … Spinco is not a shareholder of Canco at any time in the series, and thus paragraph 55(3.2)(h) does not deem Spinco to be a transferee corporation. ... Three-party exchange is a "permitted exchange" (p. 7) Moreover, subparagraph 55(3.1)(b)(i) does not apply to the three-party share exchange because the transaction is a "permitted exchange" under paragraph (b) of the definition of that term in subsection 55(1). … The acquirer is not required to acquire the distributing corporation's shares; it must only be "another corporation. ...

Example showing shunting of income to second calendar year following AOC (p. 4) … ACo's share of Partnership AB's income is $1,200 for the fiscal periods ending January 31, 2015 and January 31, 2016, and $1,500 for the fiscal period ending January 31, 2017. ... Also, the example demonstrates that notwithstanding the ASPA rules, some stub periods may not include partnership income. …. ...