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Consequently … [such] payments … are part of a series of periodic payments and do not constitute an eligible amount within the meaning of section 60.01. ...

Therefore … the Taxpayer would be eligible to claim a foreign tax credit … [whose] amount … would be determined based on the computational rules of section 126.... ...

Y would not constitute "split income" … [as it] is not an amount described in paragraphs 120.4(1)(a) to 120.4(1)(e) of the definition of "split income". There may, however, be abusive situations where the CRA would consider the use of the general anti-avoidance rule …. [f]or example … if it were found that the transactions were put in place to circumvent the application of the TOSI provisions. … Furthermore, it should be noted that the $400,000 allocated and distributed to Child Y by the family trust could, depending on the facts of the situation, constitute "split income" to Child Y …. ...

CRA stated that “the principal question is whether the payment is made as a consequence of the individual's death” and, in addition to referencing the s. 248(8)(b) rule, noted that “paragraph 248(8)(a) provides, in particular, that a transfer … of property made … as a consequence of [the taxpayer’s] will is considered to be a transfer … made as a consequence of the death of the taxpayer.” ...

4 June 2024 STEP Roundtable Q. 9, 2024-1020351C6- Paragraph 150(1.2)(b) and GICs-- summary under Paragraph 150(1.2)(b) Summary Under Tax Topics- Income Tax Act- Section 150- Subsection 150(1.2)- Paragraph 150(1.2)(b) holding any GIC would preclude a trust from qualifying under s. 150(1.2)(b) CRA indicated that a GIC issued by a Canadian bank or trust company did not constitute one of the assets listed in s. 150(1.2)(b), such as money, or a government issued or guaranteed debt obligation described in s. 212(3) – fully exempt interest – (a). ...

CRA responded: In general terms, the determination of whether an obligation has been disposed of for Canadian income tax purposes depends on whether these events are considered to result in the discharge of the obligation and the substitution of a new obligation under the law governing the former obligation …. Where the governing law is Canadian … making a RFR Amendment to an IBOR Instrument to accommodate the transition from IBOR to RFRs, in and of itself, would generally not constitute a disposition of the IBOR Instrument …. Where foreign law governs an obligation … the legal effect of these events on such an obligation under the relevant foreign law must be considered in order to determine if the obligation has been disposed of …. ...

CRA responded: An “interest” in the well or accumulation … requires that the payer must have a right to take production from the well or accumulation. ... Of course, the conditions in paragraph (d) of the [CRP] definition … must be met …. ...

. … IT-226R states … that a gift of a capital interest in a trust is made when the transfer of the property to the trust has been completed and the equitable interest in the trust has vested in the qualified done … [which occurs] where, among other conditions, the size of the qualified donee's interest can be ascertained and it is clear that the qualified donee will eventually receive full ownership of the transferred property. ...

21 February 2023 CPAC Roundtable Q. 12, 2022-0947201C6- TOSI- Excluded Business-- summary under Paragraph 120.4(1.1)(a) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1.1)- Paragraph 120.4(1.1)(a) CRA is prepared to ignore reasonable absences for injury, illness, or birth in applying the actively-engaged TOSI test Regarding the requirement in s. 120.4(1) – “excluded business” – that a specified individual be actively engaged on a regular, continuous, and substantial basis in the activities of the business in either the taxation year, or any five taxation years of the specified individual, s. 120.4(1.1)(a) deems an individual to be so engaged in a taxation year if the individual works in the business at least an average of 20 hours per week during the portion of the year in which the business operates. When asked regarding the impact on this test if the employment is interrupted by injury, illness or the birth or adoption of a child, CRA stated: [T]he 2018 Explanatory Notes support a practical approach …. ...

A's loss is not a "superficial loss" …. [T]he RRSP trust under which Ms. ... However, the RRSP trust does not own the substituted property or have the right to acquire it at the end of the [30-day] period …. ... B's RRSP trust had instead reacquired the shares on October 2, 2021 … subparagraph 40(2)(g)(i) would not apply …. ...