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18 September 2017- 11:20pm SCDA (2005) – Federal Court of Appeal finds that s. 138(11.3) does not generate a basis bump in the 1st year a Canadian insurer carries on business in another country Email this Content Webb JA affirmed the interpretation below by Pizzitelli J of s. 138(11.3): there is no deemed disposition under s. 138(11.3) in the first year a Canadian insurer carries on business in another country, so that the taxpayer (Standard Life) did not enjoy a tax-free basis bump of $1.2B. ... Summaries of SCDA (2005) Inc. v. Canada, 2017 FCA 177 under s. 138(11.3) and Tax Court Rules, s. 147(3). ...

14 April 2025- 11:35pm Sura – Court of Quebec finds that the conversion of apartment buildings to condo units did not trigger a change of use – and that CAE rather than IT-218R would apply re change of use Email this Content In 1981, 10 individuals acquired as co-owners two adjoining rental buildings containing a total of 82 apartments. ... Revenue Quebec applied the position in IT-218R on change of use and treated such gains as consisting of a capital gain, computed on the basis of a notional disposition of the properties for their FMV the time of their change of use from capital property to inventory (in 2005, when the decision to convert was taken) and, as to the balance (representing post-2005 appreciation), as business income from the disposition of inventory. ...

14 March 2024- 11:00pm Suncor Energy – Tax Court of Canada finds that a s. 13(31)(a) deemed property acquisition by an LP did not accord it a corresponding deemed taxation year under the 2-year rolling start rule Email this Content Suncor acquired a Class 41 property in January 2005, then on January 1, 2006 transferred it on a s. 97(2) rollover basis to a limited partnership (the “LP”) of which it was the 99.9% general partner and whose first taxation year extended from February 1, 2005 to January 31, 2006 and second taxation year ended on January 31, 2007 (the “2007 taxation year”). S. 13(31)(a) deemed the LP to have acquired the property for purposes of s. 13(27)(b) at the time of its acquisition by Suncor, i.e., in January 2005. ... However, that is all it does …. There is nothing in the wording of subsection 13(31) that creates the fiction of the Limited Partnership having a year-end prior to February 1, 2005 …. ...

The taxable income of the affiliate for 2000 had arisen as a result of a 2005 settlement which had reduced a 2001 non-capital loss (and, thus, reduced the loss carryback to 2000), thereby leaving 2000 unsheltered. ... Because it did not request the carryback of the additional 2002 loss in 2005 (even though CRA knew about it), this policy was to no avail. ... The Queen, 2020 TCC 64 under s. 152(6), s. 160(1)(e)(ii) and General Concepts – Onus. ...

19 October 2017- 1:00am 9199-3899 Québec – Quebec Court of Appeal finds that using the investment allowance to generate a capital tax savings abused its purpose of merely avoiding double taxation Email this Content In order to reduce Quebec capital tax, a Quebec company lent $350M on a non-interest-bearing basis to its parent on January 27, 2005, and claimed this amount as an investment allowance in computing its capital tax liability at its January 31, 2005 year end. On February 15, 2005, the loan was repaid so that the parent did not account for this loan in its capital when it, in turn, calculated its capital tax liability. ... This sounds like the MLI, Art. 6 statement that Treaties are intended “to eliminate double taxation … without creating opportunities for non-taxation.” ...

5 February 2019- 11:47pm Monsell – Tax Court of Canada finds that CRA had the onus of substantiating assessments underlying s. 160 assessments where it had superior records access Email this Content The taxpayers (a husband and wife) received payments from a corporation that had been reassessed for its 2005 to 2007 taxation years and had not objected thereto. ... D’Auray J quoted the principle in Mignardi that where the facts concerning the underlying reassessments are exclusively or peculiarly within the knowledge of the Minister, the onus will shift to the Minister to show the correctness of the underlying reassessments before finding that the onus was on the Minister to demonstrate the correctness of the underlying reassessments for the 2005 and 2006 years. ...

1 August 2023- 11:33pm Greer – Tax Court of Canada finds a shareholder benefit regarding a transfer to an individual shown on the register as holding one of the 1000 shares Email this Content Spiro J applied the presumption in s. 181(3) of the Business Corporations Act (NB) that an entry in a share register is, in the absence of evidence to the contrary, proof that the holder shown in the register is the owner of the share, to find that the transfer of four properties (valued by Spiro J at over $2.4 million) by a corporation to the taxpayer, who was shown in the register as holding one of the 1000 shares, gave rise to a corresponding shareholder benefit under s. 15(1). The Minister had initially assessed the wrong taxation year of the taxpayer (2006), but later reassessed his 2005 taxation year (the correct year) beyond the normal reassessment period. Spiro J found that this reassessment was not statute-barred under s. 152(4)(a)(i), stating that “[h]is failure to consult a tax professional before filing his 2005 return reflects a lack of reasonable care and was, therefore, negligent.” ...

7 August 2018- 12:34am Ludmer – Quebec Superior Court considers equity-linked notes held in BVI company were reasonably viewed as portfolio investments held with a tax avoidance purpose, but were not reasonably viewed as being subject to 7000(2)(d) interest accrual Email this Content The Canadian-resident taxpayers were shareholders of a BVI company (“SLT”) which, in turn, held notes issued by two foreign subsidiaries of two Canadian banks. ... It was also unreasonable for CRA to assess all of the increase in value of the notes in the taxation years prior to 2005 (which were statute-barred) in its reassessments for the 2005 taxation year. ... Attorney General of Canada, 2018 QCCS 3381 under s. 94.1(1), Reg. 7000(2)(d), s. 56(2), s. 152(4)(a)(i), s. 152(1) and General Concepts – Negligence. ...

18 September 2018- 11:46pm Hokhold – Federal Court of Appeal finds that a bad debt claim requires the specific identification of which “debt” claims went bad Email this Content Partly as a delayed consequence of CRA’s seizure of computers and dental equipment of a dental practice and the misplacing of records when his practice subsequently was closed, the dentist was only able to collect a portion of the revenues that he had included in his 2005 to 2008 returns. ... In agreeing with this finding, and before going on to dismiss the appeal, Boivin JA stated: [I]n order to have a “liquidated money demand, recoverable by action” one must know the identity of the debtor and the amount owed …. ...

5 September 2019- 11:39pm Silver Wheaton – Tax Court of Canada denies class action plaintiffs access to documents provided on discovery in transfer pricing dispute Email this Content Silver Wheaton (renamed Wheaton Precious Metals) was assessed in 2015 for Cdn.$353M respecting CRA’s position that, pursuant to s. 247(2), Wheaton’s income should be increased by an amount equal to substantially all of the income earned outside Canada under precious metal streaming contracts by its Caymans subsidiaries for the 2005 to 2010 taxation years. ...