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21 December 1989 Income Tax Severed Letter 32847 F- Request for Advance Income Tax Ruling Withdrawn Unedited CRA Tags n/a 19(1) 3-2847   Maureen Shea-DesRosiers   (613) 957-8953 December 21, 1989 Dear Sir & Madam: Re:  19(1) Further to your letter of December 15, 1989, we confirm that you have withdrawn the ruling requested in respect of the above-named taxpayers. ...

Paragraph 15 of the Ruling is changed to read as follows: Each Family Trust # 1 and # 2 will subscribe for all of the common shares of the capital stock of one Canadian Family Holdco, as follows: a) The H Family Trust # 1 and # 2 will subscribe for, respectively, XXXXXXXXXX% and XXXXXXXXXX% of the common shares of the XXXXXXXXXX Canadian Family Holdco; b) The L Family Trust # 1 and # 2 will subscribe for, respectively, XXXXXXXXXX% and XXXXXXXXXX% of the common shares of the XXXXXXXXXX Canadian Family Holdco; c) The J Family Trust # 1 and # 2 will subscribe for, respectively, XXXXXXXXXX% and XXXXXXXXXX% of the common shares of the XXXXXXXXXX Canadian Family Holdco; and d) The A Family Trust # 1 and # 2 will subscribe for, respectively, XXXXXXXXXX% and XXXXXXXXXX% of the common shares of the XXXXXXXXXX Canadian Family Holdco. 5. ...

Schedule A FAT and the Utilization of Losses in a Consolidated Group Year 1 Year 2 FA1 Active Business Income $500 ($300) FA2 FAPI $100 $100 Consolidated Income $600 ($200) Taxable Income after loss is carried back $400- Taxes paid by group after the loss is carried back (assuming a foreign tax rate of 50% on all income) $200- FAT (FA2 pays FA $50 in year 1 & year 2) $ 50 $ 50 Schedule B FAT and Capital Gains • FA1 has a capital gain of $100 which is taxed at a rate of 30%. ... As all the amount of FAT has been utilized, there is no FAT to be carried forward as a result of the gain. • The effect on the surplus pots is as follows: Exempt Surplus Taxable Surplus 1/2 of gain $50 $50 Less: Applicable portion of foreign taxes paid 7 23 Net increase $43 $27 • The underlying foreign tax would be $23 and a tax free dividend of $70 could be paid to Canada with $43 coming from exempt surplus and $27 (offset by $23 underlying foreign tax) coming from taxable surplus. • Note: The relevant tax factor is 2.174. ... Schedule C FAT and Tax Credits Year 1 Year 2 FA1 Active business income $100 $100 Investment income (FAPI) $100 $100 Total income $200 $200 Tax at 50% on all income $100 $100 Less: Investment tax credit related to active business income $ 50 $100 Taxes paid assuming tax credits are fully utilized $ 50 NIL FAT $ 50 NIL ...

6 December 1989 Income Tax Severed Letter ACC8833 F- Review of Written Communications Unedited CRA Tags n/a   89M12353   December 6, 1989 MEMORANDUM TO: Mr. ...

. $ 50 $ 250 F.M.V. $ 500 $ 2,500 2. (a) Mr. B.deals at arm's length with Mr. ... The parties elect to have the provisions of subsection 85(1) of the Act apply to the transfer and agree to the following: Amount elected under subsection 85(1) $ 50 Fair market value of shares 500 Paid-up capital of shares issued by C Co. 50 (b) Step 2 A Co. transfers the $500 asset to C Co. in exchange for 500 redeemable, retractable preferred shares in C Co. ... It is also your opinion that the reference to "... a disposition at fair market value of any share of capital stock immediately before the dividend... ...

12 December 1989 Income Tax Severed Letter 32682 F- Gross Negligence where Failure to Include Taxable Capital Gain Unedited CRA Tags 55(2), 152(5) 19(1) 3-2682   5-9154   S. Leung   (613) 957-2116 December 12, 1989 Dear Sirs: Re:  24(1)  Advance Income Tax Ruling 3-2682 We are writing to acknowledge your letter of November 15, 1989 wherein you advised that you wish to withdraw the above-noted request for an advance income tax ruling which was outlined in your letter of August 30, 1989 and subsequently revised in your letter of September 14, 1989. ...

4 May 1989 Income Tax Severed Letter 57814 F- Resource Expense of Limited Partnership Unedited CRA Tags 66.8(2)   95-7814 Current Amendments &                    Rulings Directorate   Regulations Division                  Resource Industries                                          Section B. ...

Faits Les faits énoncés dans votre demande et à l'égard desquels vous avez requis notre opinion s'établissent comme suit: • Monsieur A ainsi que son épouse et ses enfants sont les seuls bénéficiaires du revenu et du capital d'une fiducie familiale discrétionnaire. • Monsieur A et son frère sont les fiduciaires de la fiducie. • La fiducie est actionnaire d'une société exploitant une petite entreprise. • La fiducie dispose des actions de la société et réalise un gain en capital de 2 000 000 $, soit un gain en capital imposable de 1 000 000 $. • Les fiduciaires, suivant l'acte de fiducie et conformément à celui-ci, attribuent le gain en capital imposable aux enfants de Monsieur A et conservent la partie non imposable du gain dans le capital de la fiducie. • En vertu des paragraphes 104(6), (13) et (21) de la Loi, les enfants de Monsieur A incluent le gain en capital imposable dans leurs déclarations de revenus et la fiducie, quant à elle, déduit ce montant de ses revenus. ...

For example: • Interest which accrued in the 1995 calendar year on a 1983 T-1 liability would not qualify for relief under the fairness provisions. • A late filing penalty in respect of a 1984 T-1 return, first assessed in 1986, could not be cancelled under subsection 220(3.1). ... These requests include: • Complex cases of a sensitive or precedent setting nature or those which involve decisions affecting multiple jurisdictions (local, regional or national cases). • High dollar items. ... Delegation of Authority *** *** *** Organizational Roles/Responsibilities Systems Development Requests for fairness relief may be received and actioned by many different divisions and at varying levels within the organization. ...

12 December 1989 Income Tax Severed Letter ACC8824 F- Remission of Tax Unedited CRA Tags n/a   89M12291   December 12, 1989 Saint John District Taxation Office Technical Interpretations Mr. ... Parnanzone   (613) 957-9232 ATTN:  L. Bolduc SUBJECT: 19(1) REMISSION OF TAX This is in reply to your memorandum of May 25, 1989. ...