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11 October 2017 External T.I. 2016-0660421E5- Foreign tax credit – former resident-- summary under Subsection 126(2.21) Summary Under Tax Topics- Income Tax Act- Section 126- Subsection 126(2.21) waiver cannot be used to extend period in which foreign tax must be triggered Where an individual, who had been resident in Canada for over five years, realized a capital gain from the deemed disposition of non-Canadian real property under s. 128.1(4)(b) on emigrating from Canada, he would be potentially eligible under s. 126(2.21) to claim a Canadian foreign tax credit for foreign taxes that become payable on the gain that accrued in Canada, provided that this credit is assessed within the extended reassessment period of six years following the emigration year. ... CRA stated: [I]f any of the circumstances to support the deduction under subsection 126(2.21) … (e.g., disposition of the property and/or foreign taxes paid) are present within the statutory assessment period referred to in paragraph 152(4)(b) … it may be appropriate for the Minister to consider a taxpayer’s waiver request for the emigration year to allow the Minister sufficient time to review and process any potential reassessment for this deduction beyond the aforementioned reassessment period. ...

5 December 2017 Roundtable, 2017-0734831C6- 2017 TEI – Question B5-- summary under Subsection 152(1) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(1) incomplete applications rejected/meeting within 4 weeks/90 business-day service standard made more flexible The Minister of National Revenue’s report to the Finance Committee dated May 29, 2017 indicated that a number of key changes would be implemented before the end of the year, being March 31, 2018, including the following: More frequent and better communications between the taxpayer and the CRA, including a meeting with taxpayers to be held no later than within four weeks of receipt of an ATR request. … Amend the current 90-day service standard for ATRs to address complex tax policy issues that cannot typically be completed within a 90-day period, namely, those that require a formal referral to the CRA’s General Anti-Avoidance Rule Committee, the Department of Finance or the Department of Justice. … Close an ATR file where the ATR request is not properly prepared or supported with adequate representations or where the taxpayer has not responded to a request for additional information within 30 calendar days. ...

27 March 2018 Internal T.I. 2017-0691941I7 F- Investissement frauduleux – Fraudulent Investment-- summary under Subsection 152(4.2) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(4.2) s. 152(4.2) reversal of Ponzi interest inclusion must be applied for by 10th anniversary of the taxation year The “Investors” had “invested” in what turned out to be a Ponzi scheme under which for many years they paid income taxes on interest reported as being earned by them, with such interest being reinvested. ... The Directorate indicated that in the case of the years beyond the normal reassessment period, by virtue of the s. 152(4.2) relief provisions, the Minister may “at the request of a taxpayer, reassess for any taxation year on or before the day that is 10 calendar years after the end of that taxation year,” so that, for example, “under the relief provisions, a taxpayer may request an adjustment to the taxpayer’s income tax return for the 2008 taxation year … by December 31, 2018.” ... " The Directorate went on to indicate that potential relief could be provided though a subsequent bad debt deduction – likely, in the year in which the promoters were charged. ...

22 February 2022 External T.I. 2022-0922921E5- CEWS, THRP, & HHBRP-- summary under Subsection 125.7(2.01) Summary Under Tax Topics- Income Tax Act- Section 125.7- Subsection 125.7(2.01) definitions of “company,” “publicly traded company,” and “subsidiary” CRA indicating regarding the interpretation of s. 125.7(2.01): “Taxable dividends” include taxable dividends that are deemed dividends. ... A “publicly traded company” is “a company the shares … of which are listed or traded on a stock exchange or other public market” and “would include [such] a non-resident company.” ... A “subsidiary” is “generally understood to be a corporation that is controlled by another corporation either directly or indirectly through one or more intermediary corporations [referencing s. 2(5) of the CBCA]” … and CRA “would consider a subsidiary of a publicly traded company to be a corporation over which the publicly traded corporation exercises de jure control either directly or indirectly.” ...

23 January 2023 External T.I. 2020-0865161E5 F- SSUC/CEWS – Sous-alinéa 125.7(4)e)(i) et personne-- summary under Paragraph 125.7(4)(e) Summary Under Tax Topics- Income Tax Act- Section 125.7- Subsection 125.7(4)- Paragraph 125.7(4)(e) electing taxpayer can receive amounts through third party where receipt on its behalf is established by agreement or statute Regarding the time at which an amount is regarded as received by an eligible entity which has made an election under s. 125.7(4)(e)(i) to use the cash method in determining its qualifying revenues for CEWS purposes, where the amount is received by a third party before being paid to the eligible entity, CRA stated: IT-433R … states [in subpara. 3(a)] that the meaning of the term "received" is broad enough to consider a taxpayer to have received an amount at the time that inter alia it was received by a person authorized to receive it on behalf of the taxpayer. … [A] person entitled to receive an amount on behalf of a taxpayer for CEWS purposes may include a person who is entitled to receive the amount for a taxpayer by inter alia an agreement or by statute. ...

3 December 2024 CTF Roundtable Q. 11, 2024-1038241C6- Global Minimum Tax Act – Interpretation and Application of OECD Agreed Administrative Guidance-- summary under Subsection 3(1) Summary Under Tax Topics- Other Legislation/Constitution- Federal- Global Minimum Tax Act- Section 3- Subsection 3(1) CRA will consult with Finance re potential amendments to catch up to OECD guidance in administering the GMTA How will the Global Minimum Tax Act (GMTA) be administered in circumstances where its enacted state does not reflect changes to the GloBE Model Rules, or to new GloBE Commentary or Administrative Guidance? CRA indicated that, to apply the GMTA as intended, as new administrative guidance is released, the DST and Global Tax Section of CRA will consult with the Department of Finance to determine, on a case-by-case basis, how such guidance should be handled – whether there is a potential legislative amendment or whether CRA will apply the new guidance to inform its interpretation of the GMTA. ... Therefore, CRA will administer the provisions of the GMTA to achieve what the administrative guidance clarifies should be the outcome – that is, the constituent entity covered taxes paid by the upper-tier entity being pushed down to the constituent entity. ...

LLPs & LLLPs-- summary under Section 96 Summary Under Tax Topics- Income Tax Act- Section 96 LLPs and LLLPs treated as corporations In concluding that limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) governed by the laws of Florida and Delaware were corporations, CRA referred to their “separate legal personality” and “the extensive limitation of liability afforded to all of their members,” and also stated: [I]t has become widely accepted that U.S….LLCs…are properly viewed as corporations for the purposes of the Act, notwithstanding… Anson …. We see little substantive difference between LLPs, LLLPs and LLCs governed by the laws of the states of Florida and Delaware. … We suspect that much of this reasoning may be applicable in respect of entities of other states of the U.S. and perhaps other foreign jurisdictions…. ...

11 October 2017 External T.I. 2016-0660421E5- Foreign tax credit – former resident-- summary under Subparagraph 152(4)(b)(i) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(4)- Paragraph 152(4)(b)- Subparagraph 152(4)(b)(i) waivers generally cannot be used to extend the 6-year period for claiming a FTC under s. 126(2.21) The taxpayer, who had been resident in Canada for over five years, realized a capital gain from the deemed disposition of real property situated outside Canada under s. 128.1(4)(b) on emigrating from Canada. ... After noting that “an assessment to take into account a foreign tax credit under subsection 126(2.21) … in respect of foreign taxes paid is permitted only where the assessment is made within 3 years after the normal reassessment period,” CRA stated: [A] blanket waiver request without sufficient details of a transaction would likely not be considered valid. …[I]f any of the circumstances to support the deduction under subsection 126(2.21) of the Act (e.g., disposition of the property and/or foreign taxes paid) are present within the statutory assessment period referred to in paragraph 152(4)(b) …, it may be appropriate for the Minister to consider a taxpayer’s waiver request for the emigration year to allow the Minister sufficient time to review and process any potential reassessment for this deduction beyond the aforementioned reassessment period. ...

6 November 2003 External T.I. 2003-0039525 F- Canadian Renewable & Conservation Expenses-- summary under Subparagraph (d)(viii) Summary Under Tax Topics- Income Tax Regulations- Schedules- Schedule II- Class 43.1- Paragraph (d)- Subparagraph (d)(viii) computers used in operating landfill biogas site might be Class 10 property, and applications software would be Class 43.1 or Class 12 property/ below-surface pipes would not qualify A corporation implementing a Canadian renewable and conservation expenses (CRCE) project that uses landfill sites, and injects them with bacteria to produce recoverable gas, puts a structure (pipes) into the ground to recover the gas. ... (d)(viii) of Class 43.1 then referred only to above-ground equipment, CCRA stated: Expenses of a capital nature incurred in respect of property that is not surface equipment (e.g., equipment buried in the ground) would not be covered by subparagraph (d)(viii) …. ... CCRA responded: [S]ubparagraph (d)(viii) of Class 43.1 … specifically excludes property otherwise included in Class 10. ...

27 March 2018 Internal T.I. 2017-0691941I7 F- Investissement frauduleux – Fraudulent Investment-- summary under Subparagraph 20(1)(p)(i) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(p)- Subparagraph 20(1)(p)(i) Ponzi scheme investors can generally write off their reinvested interest income in the year the perpetrators are charged Individuals had “invested” in what turned out to be a Ponzi scheme under which for many years they paid income taxes on interest reported as being earned by them, with such interest being reinvested. ... The Directorate indicated that because various of the taxation years were before the 10-year period, they could not be so reassessed – and, in any event, the interest had been required to be recognized in the years in which the individuals received or were entitled to receive it. The Directorate went on to indicate that potential relief could be provided though a subsequent bad debt deduction – likely, in the year in which the promoters were charged. ...