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11 May 2005 Roundtable, 2005-0127081C6 F- États financiers- Impôt de la Partie I.3-- summary under Subsection 181(3) Summary Under Tax Topics- Income Tax Act- Section 181- Subsection 181(3) GAAP refers to Canadian GAAP Where a Canadian public corporation prepares its financial statements in accordance with US GAAP, will this be accepted as GAAP under s. 181(3)(b): CRA responded: GAAP refers to the current accounting standards or principles established by the … CICA …. … Where the balance sheet is prepared in accordance with U.S. ...

CRA responded: [A]n employer of a taxpayer makes contributions to a life insurance company that fall within the definition of RCA, the life insurance company is a custodian as [so] defined …. … [H]owever … a payment made to acquire an interest in a life insurance policy is not a contribution within the definition of RCA. ...

31 August 2005 External T.I. 2005-0114421E5 F- Frais de garde d'enfants-- summary under Child Care Expense Summary Under Tax Topics- Income Tax Act- Section 63- Subsection 63(3)- Child Care Expense fees for breach of contract can qualify but not educational fees CRA commented on whether the following categories of expenses incurred by parents at a childcare centre qualified as child care expense: fees paid for child care services yes additional fees paid for child care services generally yes – “fees for additional child care (where the parent picks up the child after official daycare hours) are child care expenses … provided they satisfy the other requirements of that section” outings outside the daycare no – “the purpose of those activities is not to look after the children in order to protect them and thus enable the parents to earn employment income … [but instead] is to ensure the development of the children's physical, social and artistic skills” classes and activities given at the daycare; no – “the primary purpose of those courses and activities is not to provide childcare but rather to promote the cultural, physical and artistic development of the children.” fees incurred for breach of contract generally, yes – “ 2003-0183697 … [indicated] that the phrase ‘an expense incurred...for the purpose of providing… child care services’ found in subsection 63(3) was broad enough to include expenses incurred for the breach of a contract. This conclusion is valid as long as these costs are the result of an undertaking required of the parents in order for the child care to be provided.” interest charges paid by parents who pay their bills late no – these are not “charges that are … paid to provide childcare but rather to compensate the childcare centre when a parent fails to make a payment by the agreed date” annual dues for parents wishing to be on daycare's Board no fees for sunscreen and insect repellent yes ...

CRA responded: [S]subparagraph 12(1)(x)(iii) does not apply because it … was not given as an inducement to the taxpayer or the trust to undertake certain activities. … Hudson Bay Mining and Smelting … [found] that paragraph 12(1)(x) was not applicable to the amount received by the taxpayer because the taxpayer was not the one who made or incurred the expenditure …. [S]ubparagraph 12(1)(x)(iv) does not apply because it was the trust that incurred or made the Part XII.4 tax expenditure in respect of which the credit was received, not Corporation A. … … This interpretation of paragraph 12(1)(x) … appears to be consistent with … [the] Explanatory Notes ...

" While IT-283R2 has been archived … the above statement … is still valid. … In regard to the CCA class, paragraph 8 of IT-472 [states]: " … The Department considers the following property to be so included in Class 8:... ...

7 October 2020 APFF Roundtable Q. 6, 2020-0852181C6 F- Par. 5(2)(b) of the Employment Insurance Act-- summary under Paragraph 5(2)(b) Summary Under Tax Topics- Other Legislation/Constitution- Federal- Employment Insurance Act- Section 5- Subsection 5(2)- Paragraph 5(2)(b) CRA now applies a “proportionate attribution approach” in applying the s. 5(2)(b) test of “control … of … voting shares” Équipements Boifor, 2019 CAF 69 concluded that two shareholders did not have insurable employment by virtue of s. 5(2)(b) of the EIA given that they controlled more than 40% of Boifor's shares, taking into account those individuals’ shares held indirectly through a holding corporation, even though the shares were held on a 50-50 basis and no one individually held control of the holding corporation. ... CRA responded: In light of the FCA's decision, the CRA must now consider the proportionate attribution approach in similar situations to determine whether the employment of a person who controls more than 40% of the voting shares of the employing corporation is insurable. … … The proportionate attribution approach leads to the conclusion that the two shareholders each control more than 40% of Opco's voting shares (50% of 100%) for the purposes of EIA paragraph 5(2)(b). … The approach remains the same where the shareholders held 51% and 49% of the voting shares of Holdco, respectively. ...

A under subsection 74.2(1) …. By virtue of paragraph 40(3.6)(b), the amount of the Denied Loss … could, however, be added to … the ACB, to Mr. B, of each of the common shares of the capital stock of Opco that is owned by him immediately following the disposition …. … [A subsequent] taxable capital gain or an allowable capital loss [realized by Mr. B] on the disposition of a common share … of Opco … would not be realized or sustained by Mr. ...

In accordance with [Reg.] 4901(1) … a prescribed investment for a registered investment … is a qualified investment for … a registered retirement savings plan ("RRSP"), registered retirement income fund ("RRIF") and deferred profit sharing plan ("DPSP"), respectively. The kinds of property that are qualified investments for an RRSP, RRIF or a DPSP are described in … [ss.] 146(1), 146.3(1) and section 204 … [and Reg.] 4900 …. ... In addition [see] paragraph 21 of … IT-320R3 …. ...

In accordance with [Reg.] 4901(1) … a prescribed investment for a registered investment … is a qualified investment for … a registered retirement savings plan ("RRSP"), registered retirement income fund ("RRIF") and deferred profit sharing plan ("DPSP"), respectively. The kinds of property that are qualified investments for an RRSP, RRIF or a DPSP are described in … [ss.] 146(1), 146.3(1) and section 204 … [and Reg.] 4900 …. ... In addition [see] paragraph 21 of … IT-320R3 …. ...

Our position is supported by … Berkovic … 83 DTC 335 and …. Mitosinka …. ...