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21 November 2001 External T.I. 2000-0062895 F- BOURSE D'ETUDES OU REVENU D'EMPLOI-- summary under Subsection 5(1) Summary Under Tax Topics- Income Tax Act- Section 5- Subsection 5(1) “scholarships” that had to be repaid if the student did not then work for the employer were received qua employee – but could be non-taxable as primarily for employer’s benefit A professional services firm recruits university students and offers them a sum of money to cover the cost of their studies. ...

21 January 2002 External T.I. 2001-0078735 F- Droit de recevoir une somme-- summary under Proceeds of Disposition Summary Under Tax Topics- Income Tax Act- Section 54- Proceeds of Disposition FMV of contingent right to deferred cash sales proceeds was included in proceeds, with subsequent gain or loss when the contingency was resolved The shareholders of a Canadian-controlled private corporation (Xco) agreed to sell their Xco shares to a public corporation (Yco) in consideration for an upfront cash payment, and for shares of Yco received on an s. 85(1) rollover basis – but with a clause (the “Clause”) in the sale agreement providing that in one year’s time they would receive a further cash payment for each of their Yco shares equal to the deficiency in its trading price in one year’s time as compared to the portion of the sale price allocated to such shares. ...

21 January 2002 External T.I. 2001-0078735 F- Droit de recevoir une somme-- summary under Paragraph 12(1)(g) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(g) s. 12(1)(g) inapplicable to contingent right to receive deferred cash sales proceeds to the extent the share consideration declined in value The shareholders of a CCPC (Xco) agreed to sell their Xco shares to a public corporation (Yco) in consideration for an upfront cash payment, and for shares of Yco received on an s. 85(1) rollover basis – but with a clause (the “Clause”) in the sale agreement providing that in one year’s time they would receive a further cash payment for each of their Yco shares equal to the deficiency in its trading price at that time as compared to the portion of the sale price allocated to such shares. ...

21 January 2002 External T.I. 2001-0078735 F- Droit de recevoir une somme-- summary under Paragraph 85(1)(f) Summary Under Tax Topics- Income Tax Act- Section 85- Subsection 85(1)- Paragraph 85(1)(f) s. 85(1)(f) applicable to contingent right to receive deferred cash sales proceeds to the extent the share consideration received under s. 85(1) declined in value The shareholders of a CCPC (Xco) agreed to sell their Xco shares to a public corporation (Yco) in consideration for an upfront cash payment, and for shares of Yco received on an s. 85(1) rollover basis – but with a clause (the “Clause”) in the sale agreement providing that in one year’s time they would receive a further cash payment for each of their Yco shares equal to the deficiency in its trading price at that time as compared to the portion of the sale price allocated to such shares. ...

10 January 2002 External T.I. 2001-0112885 F- ASSURANCE-VIE ET PRET REMBOURSE AU DECES-- summary under Subsection 207.6(2) Summary Under Tax Topics- Income Tax Act- Section 207.6- Subsection 207.6(2) overview of employer use of life insurance policy to fund RCA benefits CCRA provided the following overview of the use of a life insurance policy to fund an RCA: [W]here an employer acquires an interest in a life insurance policy to enable it to fund benefits to be received by a person on or after a taxpayer's retirement … [t]he provisions of Part XI.3 then apply. ...

5 April 2002 External T.I. 2002-0122055 F- BIEND D'UN REER DONNES EN GARANTIE-- summary under Subsection 146(10) Summary Under Tax Topics- Income Tax Act- Section 146- Subsection 146(10) s. 146(10) rather than s. 146(12) applies to a non-depositary RRSP where its property is used as security In the course of a general discussion of the consequences of an RRSP permitting its property to be used as security, CCRA drew a distinction between the consequences to a depositary and non-depositary RRSP, indicated that s. 146(12) rather than s. 146(10) applies to a depositary RRSP in this situation and then stated that: [such] rules … do not apply in the case of a trust governed by an RRSP described in subparagraph (b)(i) of the definition of "retirement savings plan" in subsection 146(1). ...

CCRA indicated that such exchange would not constitute a disposition of her interest (and that there was no transfer of her interest for purposes of s. 97(2),) given that “the exchange … serves to isolate the units relating to the rights in the shares that Ms. ...

CCRA indicated that such exchange would not constitute a disposition of her interest, and that there was no transfer of her interest for purposes of s. 97(2), given that “the exchange … serves to isolate the units relating to the rights in the shares that Ms. ...

However, there were arguments that ss. 34.1(1) and (8) should be interpreted in light of s. 249.1, which contemplates the carrying on of a business at the partnership level – so that the business would cease to exist at the time the partnership ceased to exist, with the result that s. 34.1(8) would render s. 34.1(1) inapplicable. ...

However, assuming that the old partnership was not wound up for tax avoidance reasons, CCRA was prepared to instead accept arguments that ss. 34.1(1) and (8) should be interpreted in light of s. 249.1(1), which contemplates the carrying on of a business at the partnership level – so that the business would cease to exist at the time the partnership ceased to exist, with the result that s. 34.1(8) would render s. 34.1(1) inapplicable. ...