Search - 屯门 安南都护府

1 August 2019 External T.I. 2018-0768561E5- Application Administrative Position on US LLPs & LLLP-- summary under Corporation Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Corporation LLLPs cannot be viewed as corporations solely on a prospective basis 2017-0691131C6 stated that one of the conditions for allowing Delaware or Florida LLLPs formed before April 26, 2017 to file as a partnership was that “no member of the entity and/or the entity itself takes inconsistent positions from one taxation year to another … between partnership and corporate treatment.” ...

17 January 2020 External T.I. 2017-0685341E5- Tax Comparison of the FIT & Net Metering Programs-- summary under Computation of Profit Summary Under Tax Topics- Income Tax Act- Section 9- Computation of Profit a credit generated by a business under the Ontario Net Metering Program is only income when applied, and is offset by a deduction for the electricity consumed Under the Net Metering Program administered by the Ontario Power Authority, a participant who generates electricity primarily for its own use from a renewable energy source is billed only for the difference between the value of the electricity consumed by the participant and the value of the electricity supplied to the provincial electrical distribution system, so that where the value of the participant’s electricity consumption is less than the value of the excess electricity supplied, the participant will accumulate a credit, which is available for use against the participant’s future electricity consumption in the next billing period – and if the accumulated credit cannot be used in its entirety within a given 12-month period, it will be forfeited as of the next billing period. ...

17 January 2020 External T.I. 2017-0685341E5- Tax Comparison of the FIT & Net Metering Programs-- summary under Business Source/Reasonable Expectation of Profit Summary Under Tax Topics- Income Tax Act- Section 3- Paragraph 3(a)- Business Source/Reasonable Expectation of Profit credits received under the Ontario Net Metering Program respecting electricity generated for personal consumption are not income Under the Net Metering Program administered by the Ontario Power Authority, a participant who generates electricity primarily for the participant’s own use from a renewable energy source is billed only for the difference between the value of the electricity consumed by the participant and the value of the electricity supplied to the provincial electrical distribution system, so that where the value of the participant’s electricity consumption is less than the value of the excess electricity supplied, the participant will accumulate a credit, which is available for use against the participant’s future electricity consumption in the next billing period – and if the accumulated credit cannot be used in its entirety within a given 12-month period, it will be forfeited as of the next billing period. ...

15 June 2020 External T.I. 2020-0850981E5- CECRA – Pension plan eligibility-- summary under Clause 149(1)(o.2)(ii)(C) Summary Under Tax Topics- Income Tax Act- Section 149- Subsection 149(1)- Paragraph 149(1)(o.2)- Subparagraph 149(1)(o.2)(ii)- Clause 149(1)(o.2)(ii)(C) CECRA loans give rise to income from real property and thus are not a disqualified borrowing The Canada Emergency Commercial Rent Assistance Program (the “CECRA”) offers unsecured, forgivable loans to eligible commercial property owners (“Owner”), with the Owner offering qualifying small business tenants a rent reduction of at least 75% for rent otherwise due in respect of April, May and June 2020, and with the CECRA loan fund covering 50% of the rent and the Owner agrees to forgo receipt of the other 25%. ... The borrowing restriction applicable to pension real estate corporations in clause 149(1)(o.2)(ii)(C) is less restrictive. … [O]ur views are as follows: Participating in the CECRA with respect to commercial property held by a pension real estate corporation will not contravene the borrowing restriction in clause 149(1)(o.2)(ii)(C). ...

15 June 2020 External T.I. 2020-0850981E5- CECRA – Pension plan eligibility-- summary under Paragraph 8502(i) Summary Under Tax Topics- Income Tax Regulations- Regulation 8502- Paragraph 8502(i) CECRA loans do not lead to deregistration of an RPP The CECRA program contemplates the making of loans to commercial landlords to partially fund their providing rent relief to qualifying tenants, followed by forgiveness of such loans on December 31, 2020 if the landlord has complied with the program terms. ... The borrowing restriction applicable to pension real estate corporations in clause 149(1)(o.2)(ii)(C) is less restrictive. … [O]ur views are as follows: Participating in the CECRA with respect to commercial property held by a pension real estate corporation will not contravene the borrowing restriction in clause 149(1)(o.2)(ii)(C). ...

8 July 2020 CALU Roundtable Q. 2, 2020-0842141C6- Return of premiums on death & CDA-- summary under Paragraph (d) Summary Under Tax Topics- Income Tax Act- Section 89- Subsection 89(1)- Capital Dividend Account- Paragraph (d) a refund of premiums on death under a life insurance policy can increase the CDA of the corporate owner A private corporation is the owner and beneficiary of an exempt life insurance policy (with an adjusted cost basis of $90,000) on the life of a shareholder, who dies from, say, suicide or skydiving, which does not void the policy, but instead results in the insurer repaying all premiums ($100,000). ... CRA responded: A disposition of an interest in a life insurance policy is defined in subsection 148(9) of the Act and specifically excludes a payment made under an exempt life insurance policy as a consequence of the death of a person whose life was insured under the policy. … Where proceeds of a life insurance policy are received by a corporation as a beneficiary under an exempt life insurance policy in consequence of death of any person, the proceeds would not, in our view, generally be received as the result of a disposition in relation to an interest in a life insurance policy under subsection 148(9) of the Act. ...

7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F- police d'assurance-vie & avantage-- summary under Financing Expenditures Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(b)- Capital Expenditure v. ... CRA indicated that if Opco reimbursed the Holdcos for the premiums, it would become a question of fact as to whether s. 246(1) applies (even in the absence of the s. 246(2) exception) and that such reimbursements potentially could be included in their incomes pursuant to s. 9 or 12(1)(x) – but regardless of whether there was such an inclusion, the premiums would be non-deductible to the Holdcos because “premiums paid under a life insurance policy are not deductible in computing a taxpayer's business income because they are capital expenditures.” ...

5 December 2022 External T.I. 2021-0915921E5- ELHT – Class of beneficiaries-- summary under Class of Beneficiaries Summary Under Tax Topics- Income Tax Act- Section 144.1- Subsection 144.1(1)- Class of Beneficiaries employees of a class can have the same rights even if their benefit entitlements differ In order to qualify as an employee life and health trust (ELHT), s. 144.1(2)(e)(i) or (ii) must be satisfied. The test in s. 144.1(2)(e)(i)(A) requires that the “trust … contains at least one class of beneficiaries where the members of the class represent at least 25% of all of the beneficiaries of the trust who are employees of the participating employers under the trust.” ...

20 June 2023 STEP Roundtable Q. 4, 2023-0968111C6- Trust Reporting – Definition of Beneficiary-- summary under Subsection 204.2(1) Summary Under Tax Topics- Income Tax Regulations- Regulation 204.2- Subsection 204.2(1) "beneficiary" includes a contingent beneficiary Pursuant to Reg. 204.2(1)(a), a trustee of a trust is required to report information about each “beneficiary” of the trust, unless the trust is subject to one of the exceptions in s. 150(1.2) or an exception in s. 204.2(2) applies. ... CRA indicated that, very generally, a beneficiary of a trust is a person, other than the protector, who has the right to compel the trustee to properly enforce the terms of the trust, regardless of whether that person’s right to the income or capital of the trust is immediate, future, contingent, absolute or conditional on the exercise of the discretion of any person – so that, accordingly, a beneficiary in the ordinary sense would include a beneficiary whose interest is contingent. ...

3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 3, 2023-0976921C6 F- CELIAPP- Acquisition d'une quote-part d'une habitation admissible / FHSA- Acquisition of a share of a qualifying home-- summary under Qualifying Withdrawal Summary Under Tax Topics- Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal a qualifying withdrawal from an FHSA can fund the purchase of a co-ownership interest in a qualifying home An individual and two unrelated individuals acquired a duplex in equal shares on December 10, 2023 and began living in one of the units as his principal place of residence on December 20, 2023, with the other unit being rented out. ... In finding that the various references in the “qualifying withdrawal” definition to acquiring a qualifying home include acquiring a co-ownership interest in the home, notwithstanding the absence of a specific deeming rule like s. 146.01(2)(a) providing that the acquisition of a qualifying home includes the acquisition by a taxpayer "jointly with one or more other persons," CRA stated that “it is not clear … that the mere reference to the acquisition of a qualifying home in the context of the definition of ‘qualifying withdrawal’ can exclude the possibility of an acquisition made by the individual jointly with one or more persons” and that “[i]t seems clear that the legislator did not wish to exclude individuals who wish to purchase a qualifying home jointly with one or more persons, even if only for spousal couples.” ...