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CRA responded that by virtue of such a clause: The settlor is no longer, after the transfer, the one and only person beneficially interested within the meaning of subsection 248(25) and, consequently … there would be an effective change of ownership for the purposes of subsection 73(1.02). ...

" In its summary, CRA stated:...we would not automatically apply ss 56(2) in all situations...however we have seen several instances where elaborate arrangements are made to divert professional or business income where 56(2) would apply; also McClurg 's outcome should be contained to similar situations...involving shares- not transferrable to trust situation where relationship between trustees & beneficiaries are different from those involving directors and shares. ...

17 May 2012 IFA Conference Roundtable, 2012-0444091C6- Definition of taxable Canadian property-- summary under Paragraph (d) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Taxable Canadian Property- Paragraph (d) proportionate consolidation/debt look-through In determining (when a non-resident disposes of shares of Parent) what portion of the shares of the Subsidiary of Parent represent real or immovable property of Parent, CRA will apply to the fair market of the shares of Subsidiary the proportion which the real or immovable property of Subsidiary represents of its total gross assets – and the same approach is applied respecting a subsidiary partnership. ...

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However … given that the terms and conditions of these types of contracts may vary significantly, we are unable to comment on the application of the concept of advantage to co-ownership agreements or split-premium life insurance arrangements. ...

[T]he net rental income…preserves its character and the person who had transferred the property must include this income…in his or her return of income …. ...

Logging …. We are not currently disposed to take a position respecting such a hypothetical scenario, but would be prepared to consider this question in the context of an advance ruling request. ...

9 October 2015 APFF Roundtable Q. 1, 2015-0595751C6 F- Deductibility of financing fees and 20(1)(e)(v)-- summary under Paragraph 20(1)(e) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(e) discharge of a debt through its assumption or cash proceeds from sub transferee denies a s. 20(1)(e)(v) deduction The exclusion in s. 20(1)(v)(v) for settlement occurring "as part of a series of borrowings or other transactions and repayments" applies where (i) the debt of the taxpayer is settled by the taxpayer transferring assets to a subsidiary in consideration inter alia for an assumption of the debt (with the taxpayer being released) – or (ii) where the debt is not assumed on the asset transfer and the taxpayer instead uses cash consideration received from the subsidiary (funded out of a borrowing by it) to discharge the debt. ...

. … [I]n situations where the Prescribed Rate is not representative of the normal yield rate, the Prescribed Rate will not be the rate which is used in calculating the value of the benefit to the shareholder. ...

9 October 2015 APFF Roundtable Q. 25, 2015-0598321C6 F- Omission of deducting a dividend under 112(1)-- summary under Subsection 152(1) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(1) IC 75-7R3 still applies to requests for refunds for errors made in already-filed returns In response to the specific example of a corporation which discovered that it had failed to claim the intercorporate dividend deduction in a return for which the 90-day objection period has expired, CRA noted that it still stands by IC 75-7R3, dated July 9, 1984, respecting the circumstances in which it will make a reassessment for a reduction in tax payable – so that such an adjustment would be available provided that the normal reassessment period does not expire without the giving of a waiver. ...