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22 May 2009 Internal T.I. 2009-0312791I7 F- Transfert de biens entre un rentier et son REÉR-- summary under Paragraph 251(1)(c) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) an RRSP trust’s annuitant does not deal at arm’s length under s. 251(1)(c) with the RRSP Before finding that the purchase of RRRSP property (the “Co-op” shares) by the RRSP’s annuitant at cost was to be treated as the payment of a premium by the annuitant to the extent of the excess over the property’s fair market value, CRA stated: You advised us that the annuitant and the trust that governs the annuitant’s RRSP are not related persons within the meaning of paragraph 251(1)(b), since the trust is described in paragraph (a) of the definition of "trust" in subsection 108(1) …. However … the fact that the annuitant and his RRSP are not deemed to be related persons under paragraph 251(1)(b) does not mean that they are not otherwise not dealing with each other at arm's length at any particular time within the meaning of paragraph 251(1)(c). ... In any event, the very fact that the annuitant is prepared, in order to acquire units of the Co-op from the RRSP, to pay an amount that exceeds their FMV, which is nil … confirms in our view that the annuitant and the trust governing the RRSP do not deal at arm's length in this transaction. ...

5 September 2018 Internal T.I. 2017-0698241I7- Interpretation of subsection 93(4)-- summary under Subsection 93(2.01) Summary Under Tax Topics- Income Tax Act- Section 93- Subsection 93(2.01) s. 93(2.01) applied to capital loss resulting from s. 94(3) basis bump But for s. 94(3), a Canadian corporation (ACo) would have realized a capital loss of $1 million on the liquidation and dissolution of a wholly-owned non-resident subsidiary (FA1) which, in turn, held FA2 and FA3.After the Directorate found that s. 94(3) applied to deny the loss and add it to the ACB to ACo of the shares of FA2 and FA3, it then considered the question: If the portion of such denied loss added to the ACB of the FA2 shares under s. 93(4)(b) was $50,000 (resulting in ACo’s ACB of the FA2 shares becoming $100,000 (as otherwise determined under s. 88(3)) + $50,000 = $150,000), would the s. 93(2.01) rules determine ACo’s loss on the disposition of the FA2 shares? ... Absent the subsection 93(2.01) loss limitation rule, ACo would have an otherwise determined (capital) loss of $40,000 (i.e. $110,000- $150,000) arising on its disposition of its FA2 shares …. ...

. … Since LLC1 borrowed funds in a situation where there was no cost to LLC1, the fair market value of the shares of LLC1 have increased as a result of the non-interest bearing loan. … Therefore … at the time the non-interest bearing loan is made, there is an increase in the fair market value of the shares of LLC1 held by NRTrust. ...

The Directorate noted that the relevant BC ITA provisions were modeled on ITA s. 125.4(1) – labour expenditure – (b)(iii) and s. 125.5(1) – Canadian labour expenditure- (b)(iii). In finding that this shareholding satisfied the above “belong to” test, rather than the shares belonging to the trust under the position of the TSO, the Directorate stated: [T]he shares … belong to [the individual] and not the Trust for purposes of the tax credit. ...

CRA stated: Since the date of the cancellation of Interpretation Bulletin IT-265R3, there have been no legislative changes or court decisions reversing … [CRA’s] position …. As a result, we are of the view that paragraphs 8 to 10 [thereof] … still represent the CRA's position with respect to deferred or instalment payments. ...

The CRA accepts that, pursuant to the tax relief measure described in paragraph 7 of Article XXI … a gift made by a Canadian resident to a U.S. 501(c)(3) organization will be an eligible gift for purposes of the deduction in computing taxable income under section 110.1 …. or a non-refundable tax credit … under section 118.1 … subject to the income limitations, described in those sections, from U.S. sources. ... [S]ince subsections 149.1(2), (3) and (4) … govern the revocation of a charity’s registered status, and not the imposition of taxes, the Canada-U.S. ... Accordingly … Article XXI[(7)] of the Canada-U.S. Treaty does not deem a U.S. 501(c)(3) organization to be a qualified donee, for purposes of subsections 149.1(2), (3) and (4) …. ...

With respect to the use test in subparagraph 110.6(1.3)(c)(ii), … IT-373R2 … states that the criterion that an asset must be used "principally" in the course of carrying on the business of farming is satisfied if more than 50% of the asset’s use is actually for that business. ...

. … However … where salary and wages are only reflected by journal entry as an expense by the employer with a corresponding credit to a due to shareholder loan account, such salary and wages are not considered eligible remuneration paid to an eligible employee for purposes of subsection 125.7(2). ...

. … Any notification sent to the partnership in this circumstance would merely be an acknowledgement that the information has been received and recorded. However, the Minister may use the information contained in the amended T5013 to reassess one or more of the partners provided that the taxation year of the particular partner or partners is not statute-barred. … [T]he Minister may reassess the return of income of a member of a partnership without making a determination of the partnership under subsection 152(1.4) of the Act provided the partner’s particular taxation year is not statute-barred. … Accordingly … the Minister had the authority to issue the reassessment for Partner 2. ...

After finding that such amounts were not a reserve described in s. 181.2(3)(c), and in finding that they were includible in taxable capital pursuant to s. 181.2(3)(b) as “advances,” the Directorate stated: The word "advance" … denotes, inter alia, the lending of money or the payment of an amount against the price of a contract for services or goods, paid before the contract is performed, the services rendered or the goods delivered. … [I]n this context … the consideration to be received by customers is … the XXXXXXXXXX service offered by the corporation. ...