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The reduction under draft s. 212.3(9)(a)(ii) to the amount of the s. 212.3(9)((a) adjustment is for previous s. 212.3(9) reinstatements added " before the time that is immediately before the subsequent time " of the PUC distribution (or reduction) in question. ... Where the investment had been made through a share acquisition described in s. 212.3(10)(a) or (f), the amount under s. 212.3(9)(b) is equal to the lesser of the amounts determined in draft s. 212.3(9)(b)(i) – A (B)(I) and (II). ... Accordingly, on the distribution of ½ of the FA shares, there is a ½ restoration of the PUC of the Canco shares. ...

Conversely, it would appear that equipment which had been leased during the HST period by the collector and which after the end of that period was acquired on a taxable basis from the lessor would qualify as tax-paid equipment of the collector, as it would qualify as tangible personal property in respect of which the collector had paid PST (s. 151(3)(a)(i)) – i.e., it would not appear to matter that it was also equipment in respect of which during the HST period the collector had paid HST which was eligible for an input tax credit (s. 151(3)(a)(ii)). ...

It can amend its Year 4 return by reducing its s. 132.11(6) designation by $5 and adding the identified $5 income amount – without any effect on the income position of its unitholders for that year. ... The CDS spreadsheet on which the REIT reported its results for Year 1 would effectively prelude it from making a s. 104(21) designation – and, even if this were not the case, there would be limited benefit to the unitholders from the REIT making the designation, as there were no distributions made in excess of income and, thus, no amounts which could benefit from favourable treatment (i.e., no ACB reduction) under s. 53(2)(h)(i.1)(B)(I). ...

No relief is provided where the CRIC is controlled by the parent immediately after the investment time but ceases to be so controlled by the parent as part of the same series of transactions – even where this is pre-ordained. ... Parent transfers its shares of Forco to CRIC, a Canadian widely-held public corporation whose assets are non-resident subsidiaries, in consideration for the issuance to it of voting common shares of CRIC (so that it now holds 70% of all such shares) and for the issuance to it of a special voting share – with there being a simultaneous issuance of a second special voting share to another non-resident person ("Associate") with whom Parent is on friendly terms. ... However, the rules also recognize that if a CRIC has limited risk associated with the making of an investment – by virtue of either the nature or terms of the investment, or risk-mitigating arrangements related to the investment – the CRIC may be prepared to accommodate "dumping" transactions prior to an acquisition of control by a non-resident corporation. ...

Lack of adequate financing to develop a property for rental or other investment purposes also may be indicative of its acquisition on income account (see under " Financing of property " below.) ... Conversely, where land acquired as an investment is subsequently converted to inventory as evidenced by a clear and unequivocal positive act such as application for approval of a plan for development of a property as a housing subdivision (Roos), a subsequent sale for proceeds in excess of the property's value at the time of such change of intention will give rise to an income account gain (see IT-218R, Schneider / Mohawk). ... ") Perhaps on this basis or on the basis that the transfer of a property to an affiliate in consideration for securities of the affiliate may be characterized merely as a change in the form of ownership by the taxpayer of the transferred property (see Krauss), properties transferred (perhaps on a rollover basis) to an affiliate often may retain their character as such in the hands of the transferee as capital property or inventory (see " Reorganization transactions ", 2000 Ruling, Mara Properties), and with disposition occurring on capital account to the transferor. ...

" However, it typically would be unlikely that the mutual fund trust would be in a position to determine conclusively whether units of a unitholder were taxable Canadian property – so that the mutual fund trust will proceed to withhold under Part XIII.2. ...

However, s. 212.3(10)(f) provides that where a CRIC (directly) acquires shares of another Canadian-resident corporation (the immediate target) – which itself holds, directly or indirectly, shares of one or more foreign affiliates – the indirect acquisition of each such foreign affiliate by the CRIC will be considered a separate investment in a subject corporation if the total fair market value of all the foreign affiliate shares held, directly or indirectly, by the Canadian target corporation (the numerator test) comprises more than 75% of the total fair market value of all the properties owned by the Canadian target (the denominator test). ...

The Explanatory Notes state that where the condition in s. 212.3(16)(b) – that the relevant officers have the principal decision-making authority and actually exercise such authority- is satisfied: [T]he CRIC would be, in this respect, acting in a manner similar to a Canadian (non-foreign controlled) multinational corporation undertaking a strategic foreign expansion of its business. ...

Given that the amalgamated corporation is deemed by s. 212.3(22)(a) to be a continuation of the target, this could be viewed as the equivalent of a transfer of such shares to the CRIC by the target- which dealt at arm's length with CRIC at a time which quite arguably was part of the series of transactions which included such distribution (viewed as an investment by CRIC in the subject corporation) – so that this exclusion from the exemption in s. 212.3(18)(a)(i) would apply. ...

As noted in the Department of Finance Explanatory Notes: the exceptions will only apply to foreign affiliate shares that are received – subsection 212.3(2) is intended to apply to the extent that debt or other forms of non-share consideration are also received as a result of the share-for-share or distribution transaction. ...