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CRA responded: [A] taxable dividend designated in favour of a particular beneficiary pursuant to subsection 104(19) will be deemed to have been received by the beneficiary at the time that is the end of the particular taxation year of the trust in which the trust received the dividend … [given that] the designation under subsection 104(19) could only occur at the end of the taxation year of a trust, since … paragraphs 104(19)(a) and (d) require that the designation is made in the [trust] income tax return … [and] it is only at the end of its taxation year that a trust will know its income for the year…. Accordingly … B Co. would be deemed to have received the taxable dividend on the shares of A Co. on December 31 … and …[a]t that date, A Co. and BCo. are not connected. Therefore, B Co. would be subject to Part IV tax …. ...

Was the requirement in s. 110.6(1) – qualified small business corporation share – para. (b), that “throughout the 24 months immediately preceding [February 5, 2011, the share] was not owned by anyone other than the individual or a person … related to the individual” satisfied, having regard to ss. 28 and 35 of the Interpretation Act? ... X … owned the shares … the requirement regarding the 24-month holding period of the shares would not be satisfied …. ...

CRA stated: It appears … that the sale of the shares of Holdco B and Holdco A by Holdco C takes place as part of the same series of transactions as the share redemptions …. While it might be reasonable to conclude that the deemed dividends … do not affect the fair market value of the Holdco A and Holdco B shares (and consequently any capital gain realized by Holdco C on its disposition of such shares), such dividends would reduce a portion of the capital gain that, but for such dividend, would have been realized on a disposition at fair market value of any shares (i.e., the shares of Realco and Opco). … … If the shares of Opco and Realco represent more than 10% of the value of Holdco A and Holdco B.. then … clause 55(3)(a)(iii)(B) and clause 55(3)(a)(iv)(B) will technically apply. …[P]aragraph 55(3)(a) is intended to provide an exemption from the application of subsection 55(2) for certain dividends received in the course of related-party transactions. … [S]ince the other direct or indirect shareholders of Holdco A are not related persons, and the transactions … include a sale of Holdco A shares as part of the same series as the deemed dividends … the application of subsection 55(2) is operating as intended. ...

The percentage of relevant Canadian property for TCPCo is 100% (equal to $2 M / $2 M x 100). … [T]he percentage of relevant Canadian property for AusCo is 0% (equal to $0 / $10 M x 100). ... The proportionate value approach as described in 2015-0624511I7 can be summarized as follows: the percentage of relevant Canadian property of a particular subsidiary entity should be multiplied by the FMV of the shares of that entity; and the product resulting from above is the prorated FMV of the shares of the particular subsidiary entity which represents the FMV of a relevant Canadian property asset indirectly held by the parent. … [T]his would result in BVCo having a percentage of relevant Canadian property of 67% = $1 M / $1.5 M. Since more than 50% of the FMV of BVCo’s shares is derived from real or immovable property situated in Canada, the shares of BVCo are TCP …. ...

…Paragraph 96(1)(a)[‘s] … presumption that a partnership is a separate person … does not apply for the purposes of section 152.... Furthermore …., under civil and common law, a partnership … is simply the relationship that exists between persons or partners who carry on a business in common for profit. ... The debt of the partnership is owed by the partners …. ...

. … [W]here a trust files a T3 return and does not report having a permanent establishment or income in a particular Agreeing Province … the trust has reported nil income with respect to the particular province or territory. Furthermore, the resulting Notice of Assessment or notice of no tax payable is considered to include a notice of no tax payable in respect of the Agreeing Province. … Accordingly … the federal assessment constitutes a Notice of Assessment or notification of provincial or territorial tax for all Agreeing Provinces. ... This view is consistent with … Aubrey Dan Family Trust …. Words and Phrases agreeing province ...

2 November 2023 APFF Roundtable Q. 6, 2023-0982831C6- Paragraph 12(1)(x)-- summary under Government Assistance Summary Under Tax Topics- Income Tax Act- Section 127- Subsection 127(9)- Government Assistance CAE followed CAE indicated that a government loan lacking sufficient "ordinary commercial terms" – including one that was made otherwise than to promote the governmental commercial interests or that has a below-market interest rate – will be considered "government assistance" within the meaning of ss. 12(1)(x) and 127(9). ... In the context of agreements of this nature, it seems to us that it is appropriate to use the "ordinary business arrangement" test developed in the jurisprudence (notably in Immunovaccine Technologies …) to determine whether the amount received constitutes government assistance for purposes of paragraph 12(1)(x). ...

After quoting from Nassau Walnut to the effect that a late designation was acceptable where the situation “ does not raise the spectre of retroactive tax planning,” the Directorate stated: [I]f the CRA has the ability to reassess the Taxpayer’s Part I income tax return for year-end #1 pursuant to subparagraph 152(4)(b)(iii) with respect to its disposition of the … US shares … the Taxpayer’s late-filed designation request could be considered. ...

After quoting from Nassau Walnut to the effect that where the Minister changes the provision under which the taxpayer’s income is computed and the taxpayer then seeks a deduction under the new provision, that request “ does not raise the spectre of retroactive tax planning,” the Directorate then stated that here: [I]f the CRA has the ability to reassess the Taxpayer’s Part I income tax return for year-end #1 pursuant to subparagraph 152(4)(b)(iii) with respect to its disposition of the … US shares … the Taxpayer’s late-filed designation request could be considered. ...

15 December 2014 Internal T.I. 2012-0445361I7 F- Remboursement de frais de déménagement-- summary under Subsection 2(1) Summary Under Tax Topics- Income Tax Act- Section 2- Subsection 2(1) criteria for determining “ordinarily resides” under s. 62 (coterminous with “ordinarily resident” under s. 250(3)) Before indicating that the question of whether the reimbursement of expenses of selling a residence at Location 1 in Canada, which had continued to be held by an employee after his relocation to a job abroad at Location 2, could be treated as a taxable benefit if such residence was sold at the time the employee was relocated again to another location and position abroad at Location 3, turned on whether he should be considered to ordinarily reside at Location 2, CRA indicated that the terms "ordinarily reside" and "ordinarily resident" have the same meaning and that “the notion of ‘ordinarily reside’ relates more to everyday life than to the permanent nature of the situation,” and then listed the following indicators as to whether a taxpayer "ordinarily resides" at a particular new location: • the relocation of the taxpayer and the members of his or her household with their belongings, furniture and other items in their household to the new location. • the availability of the former residence, that is to say if it was sold, rented, or if it has been advertised for sale or rent (if the taxpayer is the owner), or if the lease was terminated (if the taxpayer is the lessee). • the chosen residence at the new location accords with the ordinary lifestyle and needs of the taxpayer (for example, if the taxpayer would be able to live in the new residence for an indefinite period or if instead it is a hotel room or a room in a friend’s home). • the transfer of banking services of the taxpayer and the taxpayer's other financial arrangements (including insurance policies) from the old to the new location. • changing the taxpayer’s driver’s licence and registration certificates for non-commercial vehicles (to satisfy the requirements of the new location or to report the new residence address). • a change in health care coverage to the new location. • the transfer of certain services from the old to the new location (e.g., subscriptions to newspapers or magazines, cable, internet, and telephone services). • the transfer of social relationships and other interests, from the old to the new location (such as participation in recreational, social, political or religious activities, and membership in personal or professional organizations). ...