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16 May 2017- 12:37am R & S Industries – Tax Court of Canada finds that a taxpayer is not bound by the statement of boot set out in its s. 97(2) election form Email this Content R & S Industries was unsuccessful in a motion to have the Federal Court direct CRA to reconsider its decision to not permit R & S Industries to file an amended s. 97(2) election form so as to change the agreed amounts. ... CRA viewed this as an attempted end-run around R & S’s inability to amend its election, and sought to have the appeal dismissed on jurisdictional grounds. ... Summary of R & S Industries Inc. v. The Queen, 2017 TCC 75 under s. 97(2). ...

9 March 2016- 11:39pm R & S Industries – Federal Court appears to interpret a s. 97(2) drop-down agreement as preventing a re-allocation of boot to avoid gain Email this Content An agreement for the drop-down under s. 97(2) of assets by the taxpayer (R & S) to a subsidiary LP specified that the elected amounts in a joint s. 97(2) election, and the respective portions of the Purchase Price allocated to the transferred assets, would be the minimum agreed amounts permitted under the Act, “provided …that in respect of the Goodwill, the elected amount shall, unless otherwise agreed be equal to $2,502,600.” ... When CRA rejected the request for an amended election, 15 months passed before R & S sought judicial review of this decision in the Federal Court. ... Summaries of R & S Industries Inc. v. MNR, 2016 FC 275 under Federal Court Act, s. 18.1(2) and ITA s. 97(2). ...

As well … procedural gaffes are not so egregious as to require or demand denial of this application. ... Russell J stated in this regard that “there is a semblance of logic to … [the corporation’s] position, sufficient to constitute reasonable grounds.” ... Bureau Barrister & Solicitor Incorporated v. The Queen, 2020 TCC 119 under ETA s. 305(5)(b). ...

28 February 2023- 12:08am K & D Logging – Tax Court of Canada finds that a s. 20(21) deduction cannot offset previously-recognized s. 17 income Email this Content The taxpayer (K & D) initially recognized interest from year to year at the prescribed rate under s. 17 on a loan to a Uruguay farming corporation (Interan) of which it was a 44% shareholder. ... K & D argued that it could obtain a deduction under s. 20(21), for the amount of the interest previously recognized by it, on the loan’s disposition (its partial repayment). ... Summary of K & D Logging Ltd. v. The King, 2023 TCC 23 under s. 20(21). ...

3 November 2013- 10:48pm D & D Livestock – Tax Court finds that stock dividends could be used to double-up on safe income Email this Content The safe income on hand (SIOH) of the holding company (HLL) for the taxpayer in respect of its shares of the taxpayer included safe income of $1.0M earned directly by the taxpayer and a further $0.5M earned in respect of a 50% shareholding (RTI shares) held by a subsidiary of the taxpayer (Newco 3). ... Summary of D & D Livestock Ltd. v. The Queen, 2013 TCC 318 under s. 55(2). ...

28 August 2019- 12:28am Frank A Smart & Son Ltd – UK Supreme Court indicates that input credits were available for fund raising costs of a taxable business Email this Content CRA may take the view that GST/HST costs incurred in raising funds, e.g., through issuing shares or debt, will not give rise to input tax credits in the absence of relief under ETA s. 185(1), because the first order supply being made is an exempt financial service. ... Summary of Revenue and Customs v Frank A Smart & Son Ltd (Scotland) [2019] UKSC 39 under ETA s. 141.01(2). ...

7 August 2017- 12:52am Halsall v Champion Consulting – High Court of England and Wales finds that knowledge that advice – that investing in a tax shelter was a “no brainer”- was negligent, commenced when HMRC started investigating Email this Content Investors in a UK charitable gift tax shelter subscribed for shares of a shell company and then, a short number of days later after the shell company had been listed on the AIM, donated their shares to a charity and claimed tax reductions on the basis that the shares had appreciated in value by four times. ... Summary of Halsall & Ors v Champion Consulting Ltd & Ors [2017] EWHC 1079 (QBD) under General Concepts – Negligence. ...

7 October 2024- 12:11am RBC – Tax Court of Canada finds that foreign interchange fees earned by RBC were zero-rated – entitling it to ITCs on a portion of its interchange expenses, but not on loyalty point costs Email this Content When cardholders of RBC credit cards used their cards for purchases from a foreign merchant, RBC would earn an “interchange fee” from the foreign bank of the foreign merchant for accepting the charge. ... IX, s. 1 by virtue of the exclusion in para. 1(a) thereof for a “service [that] relates to (a) a debt that arises from … (ii) the lending of money that is primarily for use in Canada”. ... The King, 2024 TCC 125 under ETA s. 301(1.2)(a), s. 141.02(21), s. 141.02(31)(f), s. 141.02(1) – direct input, s. 123(1) – recipient, Sched. ...