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7 October 2005 APFF Roundtable Q. 13, 2005-0141061C6 F- Purchase of Shares by Subsidiary- Sec. 84.1 & 245-- summary under Subsection 245(4) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(4) S.245(2) generally would not apply where an individual ("X") owning 20% of the shares of Opco disposes of his shares of Opco to a newly-incorporated subsidiary of Opco for cash, provided that cash or near-cash does not constitute a significant portion of Opco assets, Opco continues to carry on its business, and Subco and Opco merge following this transaction. ...

14 May 2015 CLHIA Roundtable, 2015-0573841C6- 2015 CLHIA Roundtable – Winding-up and ACB-- summary under Subsection 148(7) Summary Under Tax Topics- Income Tax Act- Section 148- Subsection 148(7) s. 69(5) generally prevails over s. 148(7) At the 2005 CALU Roundtable (2005-0116631C6), the CRA indicated that s. 69(5) would likely take precedence over s. 148(7) on the wind-up of a corporation under s. 88(2), so that a distributed interest in a life insurance policy would be disposed of at fair market value rather than cash surrender value. In confirming that this position "remains unchanged," CRA stated: [T]he general rule is that where two provisions in the same statute conflict, the more specific provision should take precedence. … While we would generally expect subsection 69(5) to take precedence over subsection 148(7)… this approach is subject to a review of the particular facts and circumstances of an actual case…. ...

14 May 2015 CLHIA Roundtable, 2015-0573841C6- 2015 CLHIA Roundtable – Winding-up and ACB-- summary under Subsection 69(5) Summary Under Tax Topics- Income Tax Act- Section 69- Subsection 69(5) s. 69(5) generally prevails over s. 148(7) At the 2005 CALU Roundtable (2005-0116631C6), the CRA indicated that s. 69(5) would likely take precedence over s. 148(7) on the wind-up of a corporation under s. 88(2), so that a distributed interest in a life insurance policy would be disposed of at fair market value rather than cash surrender value. In confirming that this position "remains unchanged," CRA stated: [T]he general rule is that where two provisions in the same statute conflict, the more specific provision should take precedence. … While we would generally expect subsection 69(5) to take precedence over subsection 148(7)… this approach is subject to a review of the particular facts and circumstances of an actual case…. ...

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. ...

7 October 2005 Roundtable, 2005-0141021C6 F- Actions admissibles de petite entreprise-- summary under Small Business Corporation Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Small Business Corporation if Opco and Realtyco are held equally by two unrelated individuals, Realtyco is not an SBC if it holds more than 50% of its assets as debt of Opco Mr. ... Indeed … Opco is not connected with Realtyco within the meaning of subsection 186(4). Consequently, Realtyco would not be a SBC within the meaning of subsection 248(1), since only about 44% ($100,000 out of $225,000) of the fair market value of its assets would be attributable to items falling within that definition of SBC. … [A] prior reorganization of Realtyco could not resolve these difficulties because of the "more than 50%" test for the fair market value of the asset during the 24-month holding period in paragraph (c) of the definition of QSBCS …. ...

7 October 2005 Roundtable, 2005-0140891C6 F- Disposition d'une immobilisation-- summary under Paragraph 14(1)(b) Summary Under Tax Topics- Income Tax Act- Section 14- Subsection 14(1)- Paragraph 14(1)(b) illustration of application of formula where the vendor of goodwill previously acquired it in a NAL transfer at a gain to the transferor Opco transferred business assets, including goodwill with a nil CEC and a $1 million FMV to a new subsidiary ("Newco"). ... Under element A of the formula in the CEC definition of CEC, the balance in Newco's CEC account as at December 31, 2003 was $500,000, reflecting a reduction for ½ of such s. 14(1)(b) inclusion. ...

11 May 2005 Roundtable, 2005-0118731C6 F- Contrat avec une société d'affacturage-- summary under Paragraph 181.2(3)(f) Summary Under Tax Topics- Income Tax Act- Section 181.2- Subsection 181.2(3)- Paragraph 181.2(3)(f) characterization as “loans and advances” and “all other indebtedness” based on legal character A factoring company advances sums to Corporation A at a discount to the face value of the discounted receivables, and then applies the amounts collected to reduce the advance amounts. ... After noting the distinction between “loans and advances” and “all other indebtedness” in ss. 181.2(3)(c) and (f), CRA stated: "[I]indebtedness " has a broader meaning than the term "loans" since it includes not only the lender-borrower relationship but also a seller-buyer transaction. ...

7 October 2005 Roundtable, 2005-0138111C6 F- Actions donnant droit au produit d'assurance-vie-- summary under Subsection 70(5) Summary Under Tax Topics- Income Tax Act- Section 70- Subsection 70(5) the CSV of a life insurance policy could reasonably be fully allocated on the death of a common shareholder to the holder of a tracking share The taxpayer wants the proceeds of the universal life insurance policy on his life paid on his death to his adult child, rather than to his spouse, who is the one under his will to inherit his shares of the private corporation (the “Corporation”) that will be the policyholder and beneficiary. ... CRA confirmed that, regarding the narrow issue of the FMV of the common shares immediately before the death of the taxpayer, given that the insurance share was retractable by the holder immediately before the death for the CSV, it would not be unreasonable to allocate the policy CSV to the insurance shares – so that the value of the common shares would not take the policy CSV into account. ...

The second transaction, effected on March 15, 2005, was to roll those new shares in the capital stock of Oka to a new corporation (9149-7321 Quebec Inc., hereafter « Quebec Inc. ») in exchange for shares of two classes in the capital of Quebec Inc.: the first class of shares having a low PUC and an ACB equal to their FMV (the "1971 FMV Shares") and the second class of shares having a high PUC (which was the purpose of the second transaction) and a high ACB equal to their FMV (the "Stripping Shares"). The third transaction was to redeem for cash on March 29, 2005 all of the Stripping Shares, and part of the 1971 FMV Shares, so as to generate a capital loss sufficient to eliminate the capital gain generated in the first transaction. The CRA continues of the view that ITA subsection 84(2) should have applied in this case especially by reason of … MacDonald …. ...

The second transaction, effected on March 15, 2005, was to roll those new shares in the capital stock of Oka to a new corporation (9149-7321 Quebec Inc., hereafter « Quebec Inc. ») in exchange for shares of two classes in the capital of Quebec Inc.: the first class of shares having a low PUC and an ACB equal to their FMV (the "1971 FMV Shares") and the second class of shares having a high PUC (which was the purpose of the second transaction) and a high ACB equal to their FMV (the "Stripping Shares"). The third transaction was to redeem for cash on March 29, 2005 all of the Stripping Shares, and part of the 1971 FMV Shares, so as to generate a capital loss sufficient to eliminate the capital gain generated in the first transaction. The CRA continues of the view that ITA subsection 84(2) should have applied in this case especially by reason of … MacDonald …. ...