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Summaries of 10 January 2020 External T.I. 2019-0819431E5 under s. 120.4(1) – “related business”, “excluded shares” – (c) and "excluded amount"- (e)(ii). ...

CRA provided an example of Holdco having previously acquired Opco for $300, at a time that one of the subsidiaries of Opco (Subco 2, whose shares had a nil ACB) had direct safe income of $200 – and, since then, Subco 2 generated an additional $150 of safe income, for a total of $350. ... These comments appear to indicate that CRA considers that a spin-off transaction should be preceded by a computation not only of inside and outside basis, but also of direct and indirect safe income – and if these computations show a potential ”misalignment” that could favour the taxpayer after taking into account any potential safe income capitalization transactions, CRA expects there to be preliminary transactions to ensure that there is an appropriate bump in the ACB of the shares of the spinner corporation that are transferred to the spinco. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2021-02-10 29 September 2020 External T.I. 2018-0757501E5 F- Crédit pour intérêts sur les prêts étudiants Income Tax Act- Section 118.62 capitalization of interest on a novation would constitute its payment – but novated loan would be a new non-student loan Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(d) capitalization of unpaid interest by way of novation constituted its payment General Concepts- Payment & Receipt capitalization of interest on a novation under Quebec law would constitute its payment 2009-04-10 27 March 2009 Internal T.I. 2009-0308111I7 F- Crédit d'impôt pour enfant Income Tax Act- Section 118- Subsection 118(1)- Paragraph 118(1)(b.1) s. 118(9.1) applies to death of dependant child, but not to parent 2009-04-03 23 March 2009 External T.I. 2008-0293131E5 F- Prestations reçues par une succession Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(f) amounts received by estate in settlement of deceased’s action for unpaid employment-termination disability were taxable Income Tax Act- Section 70- Subsection 70(2) amounts received by estate in settlement of deceased’s action for unpaid disability were rights and things Income Tax Act- Section 248- Subsection 248(1)- Death Benefit survivor benefit in settlement of rights under a wage loss replacement plan could be a death benefit 2009-03-27 19 March 2009 Internal T.I. 2009-0306971I7 F- 6801(d): Traitement fiscal pour l'employé Income Tax Regulations- Regulation 6801- Paragraph 6801(d) DSU cash-out amount is employment income Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) appreciation in DSUs is not a capital gain 18 March 2009 External T.I. 2009-0309211E5 F- Crédits d'impôt personnels Income Tax Act- Section 118.92 ordering of tuition, then medical expense, then student loan credits Income Tax Act- Section 118- Subsection 118(1)- Paragraph 118(1)(d) satisfaction of clothing needs of institutionalized adult child would be sufficient to engage the credit Income Tax Act- Section 118- Subsection 118(1)- Paragraph 118(1)(b) parent separated for part of year could claim the wholly dependent person credit only if he did not deduct support 5 March 2009 External T.I. 2008-0279241E5 F- Prestation consécutive au décès Income Tax Act- Section 248- Subsection 248(1)- Death Benefit benefit paid on union member’s death could not be a death benefit (no employer-employee relationship Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(j) amount paid to union member could be treated as a refund of union dues with the balance taxable under s. 6(1)(j) Income Tax Act- Section 70- Subsection 70(2) lump sum paid to a union member on death could be in satisfaction of a right or thing 2009-03-20 11 March 2009 External T.I. 2009-0306601E5 F- Remboursement de cotisations syndicales Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(j) amounts received from a union that are not a reimbursement of union dues generally are exempt Income Tax Act- Section 3- Paragraph 3(a) Fries applied re exempt distributions from a union ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2009-02-13 14 January 2009 External T.I. 2008-0274271E5 F- Rente de la Suisse Income Tax Act- Section 56- Subsection 56(1)- Paragraph 56(1)(a)- Subparagraph 56(1)(a)(i)- Clause 56(1)(a)(i)(C.1) does not extend to pension from Switzerland Treaties- Income Tax Conventions- Article 18 exemption under Art. 18(2) of the Canada-Switzerland treaty 12 January 2009 External T.I. 2008-0293901E5 F- Article 80 Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(ii) indirect use test also applies to the extent of eligible capital attributable to shares repurchased in consideration for debt issuance Income Tax Act- Section 80- Subsection 80(1)- Commercial Debt Obligation de minimis interest deductibility on a debt could cause it to be a commercial debt obligation 19 January 2009 Internal T.I. 2008-0305241I7 F- Impôt de la partie I.3 et PCGR Income Tax Act- Section 181- Subsection 181(3) CRA can challenge taxpayer’s application of GAAP 2009-02-06 22 January 2009 External T.I. 2008-0290971E5 F- Bénéfices de fabrication et de transformation Income Tax Act- Section 125.1- Subsection 125.1(3)- Canadian Manufacturing and Processing Profits operation of breaking bulk packages into smaller lots for repackaging and sale was not “processing” Income Tax Regulations- Schedules- Schedule II- Class 29 equipment used in dividing and repackaging bulk goods was not “processing” equipment 2009-01-30 21 January 2009 External T.I. 2008-0266191E5 F- Part IV & Capital Gain Strip Income Tax Act- Section 186- Subsection 186(1)- Paragraph 186(1)(b) 943963 Ontario followed Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) portion of the dividend received by the recipient corporation that is subject to Pt. IV also includes any safe income attributable to the shares of the payer held by the recipient 26 January 2009 Internal T.I. 2008-0303901I7 F- Allocation raisonnable et coûts d'opération Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b)- Subparagraph 6(1)(b)(vii.1) Quebec government-mandated travel allowances are reasonable including re depreciation – if too low, can make s. 8(1)(h.1) claim 2009-01-23 13 January 2009 External T.I. 2008-0296981E5 F- Ajustement au PBR d'une participation Income Tax Act- Section 53- Subsection 53(2)- Paragraph 53(2)(c)- Subparagraph 53(2)(c)(i)- Clause 53(2)(c)(i)(B) full amount of allocated farm loss reduces partnership ACB even if loss restricted under s. 31 23 December 2008 External T.I. 2008-0271401E5 F- GRIP/CRTG Income Tax Act- Section 89- Subsection 89(1)- General Rate Income Pool- Element A- Element G safe income dividend can be included in GRIP if designated as separate dividend 6 January 2009 External T.I. 2008-0289341E5 F- EET- Règles transitoires Income Tax Act- Section 248- Subsection 248(1)- Salary Deferral Arrangement no grandfathering under 1986 transitional rule Income Tax Act- Section 6- Subsection 6(11) recognition under s. 6(11) of previously-unrecognized portion of deferred amount ...

Although there is no extension of the relief regarding whether a non-resident employer has a fixed place of business in Canada, CRA considers that for there to be such a permanent establishment, the site must have “a semblance of permanence” and it must be at the “disposal” of the employer – so that an individual’s working remotely (in Canada) from home due to the travel restrictions “will generally not be sufficient to meet the thresholds of a permanent establishment.” ... Where as a result of the travel restrictions, Canadian-resident individuals have been forced to perform their duties for a U.S. employer from their Canadian home and their employer received a CRA letter of authority (to reduce the Canadian source deductions at source to reflect the available foreign tax credit), as an administrative concession, CRA will treat the employment income from the U.S. employer for 2020 that was subject to U.S. withholding as having a U.S. source – so that those individuals can file their tax returns as in prior years and claim a foreign tax credit for the U.S. taxes. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2008-05-09 1 May 2008 External T.I. 2007-0250141E5 F- Crédit pour la création d'emplois d'apprentis Income Tax Act- Section 127- Subsection 127(9)- Eligible Apprentice issuance of 1st apprenticeship competency certificate is an indicator of the beginning of an apprenticeship 30 April 2008 External T.I. 2007-0252051E5 F- Commercial Woodlot- Timber Limit Income Tax Regulations- Regulation 1100- Subsection 1100(1)- Paragraph 1100(1)(e) standing timber on purchased land is a timber limit 30 April 2008 External T.I. 2007-0254311E5 F- Estate Freeze- Attribution Rules Income Tax Act- Section 74.4- Subsection 74.4(4) condition can be satisfied where the minor child’s beneficial interest is held through two personal trusts 30 April 2008 External T.I. 2007-0257041E5 F- Crédit pour la création d'emplois d'apprentis Income Tax Act- Section 127- Subsection 127(9)- Eligible Apprentice industry concept of 2000 hours per apprenticeship “year” was inapplicable Statutory Interpretation- Interpretation Act- Section 37- Subsection 37(1) “year” refers to any 12-month period 2008-05-02 21 April 2008 External T.I. 2007-0220471E5 F- Excessive Capital Dividend and 220(3.2) Income Tax Act- Section 184- Subsection 184(4) no s. 184(4) election available where one of the shareholders was dissolved Income Tax Act- Section 220- Subsection 220(3.2) s. 220(3.2) revocation is an alternative if a s. 184(4) election cannot be made 21 April 2008 Internal T.I. 2007-0251761I7 F- Billet à payer Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(d) addition of unpaid interest to principal did not establish a loan of that interest or a novation of the debt – so that interest on such capitalized interest non-deductible until paid Income Tax Act- Section 212- Subsection 212(1) addition of unpaid interest to principal was not a payment or crediting of the interest so as to engage Pt. XIII tax General Concepts- Payment & Receipt addition of unpaid interest to principal was not a loan of money, nor a payment or crediting of interest 22 April 2008 External T.I. 2005-0152261E5 F- Interaction 24(2) et 14(3) Income Tax Act- Section 24- Subsection 24(2) s. 14(3) takes precedence over s. 24(2) 2008-04-25 15 April 2008 External T.I. 2006-0216791E5 F- Frais de déplacement-Personnel VS Aff. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2021-05-26 2021 Ruling 2020-0868661R3 F- Section 84.1 – Leveraged Buyout Income Tax Act- Section 84.1- Subsection 84.1(1) s. 84.1 did not apply to a leveraged buyout financed by the target Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) ruling that buyout was an arm’s length transaction 2008-02-29 18 February 2008 External T.I. 2006-0205321E5 F- BAA-corpropriété indivise, QFP-undivided interest Income Tax Act- Section 44- Subsection 44(5) on partition and exchange of farms held by two brothers in equal co-ownership, the acquired 50% interests could qualify as replacement properties Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1)- Qualified Farm or Fishing Property a co-ownership interest in a farm can qualify as a qualified farm property 18 February 2008 External T.I. 2007-0228491E5 F- Heures travaillées hors décret de la CCQ Income Tax Act- Section 127- Subsection 127(9)- Eligible Apprentice hours worked outside the scope of the CCQ (Commission de la construction du Québec) decree are ineligible 20 February 2008 External T.I. 2007-0232621E5 F- Pourboires versés électroniquement Income Tax Regulations- Regulation 100- Subsection 100(1)- Employer “employer” can include agent that handles the payment of tips 25 February 2008 Internal T.I. 2007-0243871I7 F- Avantages imposables Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) unpaid director was a deemed employee, so that payment of his personal expenses was a s. 6(1)(a) benefit Income Tax Act- Section 246- Subsection 246(1) s. 246(1) only used as a fallback provision 2008-02-22 12 February 2008 External T.I. 2006-0217301E5 F- Actions admissibles de petite entreprise Income Tax Act- 101-110- Section 110.6- Subsection 110.6(1)- Qualified Small Business Corporation Share- Paragraph (c)- Subparagraph (c)(i) assets held through a trust do not qualify 15 February 2008 External T.I. 2007-0232041E5 F- Crédit pour la condition physique des enfants Income Tax Act- Section 118.03- Subsection 118.03(2) eligible expenses could include mandatory affiliation fees 12 February 2008 Internal T.I. 2007-0240721I7 F- Crédit d'impôt pour frais médicaux Income Tax Act- Section 118.2- Subsection 118.2(2)- Paragraph 118.2(2)(e) a riding school is not an “other place” 14 February 2008 Internal T.I. 2007-0256401I7 F- Vente d'un surplus actuariel Income Tax Act- Section 56- Subsection 56(1)- Paragraph 56(1)(a)- Subparagraph 56(1)(a)(i) amount of asset sale price allocated to actuarial surplus was includible under s. 56(1)(a)(i) as being in lieu of refund of such surplus 2008-02-15 6 February 2008 External T.I. 2007-0239951E5 F- Restrictions à la déduction pour amortissement Income Tax Regulations- Regulation 1100- Subsection 1100(11) rental property restriction rules are applied separately to directly held rental properties and those attributed to that taxpayer under s. 75(2) 6 February 2008 External T.I. 2007-0248161E5 F- Retenues à la source / Congédiement Income Tax Act- Section 248- Subsection 248(1)- Retiring Allowance retiring allowances include damages for anguish from wrongful dismissal/no CPP/EI withholding ...

These are additions to our set of 1,612 full-text translations of French-language severed letters (mostly, Roundtable items and Technical Interpretations) of the Income Tax Rulings Directorate, which covers all of the last 13 ¾ years of releases of Interpretations by the Directorate. ... Profit- Machinery and Equipment the regular refurbishing, rental then sale at a gain of machines gave rise to business profits 21 September 2007 External T.I. 2007-0229191E5 F- Agent de voyages & impôt de la partie I.3 Income Tax Act- Section 181- Subsection 181(3)- Paragraph 181(3)(b)- Subparagraph 181(3)(b)(i) customer advances received by travel agents and reported as deferred revenue in their balance sheets were required to be included in taxable capital even though amounts held in trust Income Tax Act- Section 181.2- Subsection 181.2(3)- Paragraph 181.2(3)(c) customer advances received by travel agents and reported as deferred revenue in their balance sheets were “advances” 20 September 2007 External T.I. 2007-0248451E5 F- Donation lors d'un encan Income Tax Act- Section 248- Subsection 248(30) s. 248(30) has no impact in Quebec 26 September 2007 External T.I. 2007-0252621E5 F- Crédit pour la création d'emplois pour apprentis Income Tax Act- Section 127- Subsection 127(9)- Investment Tax Credit- Paragraph (m) 12 month extension also applies to AJCTC 2007-09-28 13 September 2007 External T.I. 2006-0214631E5 F- Déboursé pour usufruit ou droit d'usage Income Tax Act- Section 248- Subsection 248(3) instalments of purchase price for usufruct were cost of capital interest in a trust ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2007-07-20 11 July 2007 External T.I. 2006-0206391E5 F- Choix du paragraphe 70(6.2)- société de personnes Income Tax Act- Section 248- Subsection 248(1)- Property each share, unlike a partnership unit, is a distinct property Income Tax Act- Section 70- Subsection 70(6.2) s. 70(6.2) election not available for part of a partnership interest, whereas it is made for particular shares 12 July 2007 Internal T.I. 2007-0240681I7 F- Indiens- Cotisations à un RPA Income Tax Act- Section 147.2- Subsection 147.2(4)- Paragraph 147.2(4)(a) s. 8(1)(m) deduction prorated based on percentage of work performed on the reserve 10 July 2007 External T.I. 2006-0177881E5 F- Allégement transitoire Income Tax Act- Section 112- Subsection 112(3) transitional relief not lost on s. 85(1) exchange 11 July 2007 External T.I. 2006-0192101E5 F- Disposition d'actions par un non-résident Income Tax Act- Section 212.1- Subsection 212.1(1) relief under the 1998 federal budget was not implemented – deemed dividend where NR individual effects pipeline transaction 2007-07-13 9 July 2007 External T.I. 2006-0200791E5 F- Actions sous entiercement Income Tax Act- Section 248- Subsection 248(1)- Small Business Corporation shares of public-company franchisor could be used in the franchisee’s business if required to be held by it 4 July 2007 Internal T.I. 2007-0237631I7 F- Frais de repas- Secteur du taxi Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(h) ss. 18(1)(h) and (a) less restrictive than s. 8(4) but does not permit deduction of self-employed tax driver’s lunch expenses 4 July 2007 Internal T.I. 2007-0238391I7 F- Crédit pour stage en milieu de travail Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x) Quebec job tax credit included under s. 12(1)(x) if not a wage expense reduction Income Tax Act- Section 12- Subsection 12(2.1) inclusion under s. 12(2.1) where Quebec job credit received by partnership members 2007-07-06 14 June 2007 Internal T.I. 2007-0229311I7 F- Capital Dividend Account Income Tax Act- Section 89- Subsection 89(1)- Capital Dividend Account- Paragraph (b) recording of dividend payable and dividend receivable between sub and parent was insufficient to constitute the payment of a capital dividend, so that there was no CDA addition General Concepts- Payment & Receipt making accounting entries does not constitute payment of a dividend Income Tax Act- Section 184- Subsection 184(3) invalid payment of capital dividend (because no payment) was subject to Pt. ...

These are additions to our set of 1,682 full-text translations of French-language Technical Interpretation and Roundtable items (plus some ruling letters) of the Income Tax Rulings Directorate, which covers all of the last 14 ½ years of releases of such items by the Directorate. ... Bundle Date Translated severed letter Summaries under Summary descriptor 2007-04-06 21 March 2007 External T.I. 2005-0142121E5 F- Don au décès d'un contribuable Income Tax Act- Section 118.1- Subsection 118.1(18) gift of shares to a charity is not of non-qualifying securities if immediately after the ownership transfer, the estate now deals at arm's length with the corporation Income Tax Act- Section 118.1- Subsection 118.1(5) bequest of shares to spousal trust, with the shares then directed to a registered charity on the spouse’s is treated as a gift of an equitable trust interest by the deceased 20 February 2007 External T.I. 2006-0210291E5 F- Remboursement des billets d'avion Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) no taxable benefit for business class ticket reimbursement – but benefit if employee is reimbursed for 2 economy tickets for the employee and spouse 21 February 2007 Internal T.I. 2006-0218421I7 F- Pension alimentaire- date d'exécution Income Tax Act- Section 56.1- Subsection 56.1(4)- Commencement Day retroactive nature of a divorce judgment is to be respected General Concepts- Effective Date divorce judgment with stated retroactive effect caused the amounts to “be required to be made” on the earlier date 2007-03-30 14 March 2007 External T.I. 2007-0219601E5 F- Police d'assurance-vie cédée en garantie Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(e.2) borrowing must be by the taxpayer 14 March 2007 External T.I. 2006-0169821E5 F- REÉÉ- définition de souscripteur Income Tax Act- Section 146.1- Subsection 146.1(1)- Subscriber- Paragraph (c) legatees of subscriber are subscribers 2007-03-16 26 February 2007 External T.I. 2005-0163391E5 F- Choix en vertu du paragraphe 256(2) de la LIR Income Tax Act- Section 256- Subsection 256(2) making election does not preclude s. 129(6)(b)(i) applying to deem property income to be active business income 2 March 2007 External T.I. 2006-0185471E5 F- Frais de représentation- 67.1 Income Tax Act- Section 67.1- Subsection 67.1(1) confirmation of 1998 agreement as to portion of remote work site daily allowances to be treated as for meals rather than accommodation Excise Tax Act- Section 236- Subsection 236(1) ITA s. 67.1 agreement as to portion of remote work site daily allowances to be treated as for meals rather than accommodation also applies to ETA s. 236 27 February 2007 External T.I. 2006-0216481E5 F- Montant payable à des retraités (annul ass. malad) Income Tax Act- Section 6- Subsection 6(3) compensation for termination of retirees’ benefit plan not includible under s. 6(3) Income Tax Act- Section 3- Paragraph 3(a) compensation for termination of retirees’ benefit plan was not income from a source 9 March 2007 External T.I. 2006-0218501E5 F- Application de 75(2) lors d'une émission d'actions Income Tax Act- Section 75- Subsection 75(2) s. 75(2) inapplicable to a corporation issuing shares to a trust of which it may become a beneficiary because it did not own the shares before their issuance 2007-03-09 26 February 2007 External T.I. 2005-0159431E5 F- Renonciation aux revenus d'une fiducie Income Tax Act- 101-110- Section 106- Subsection 106(2) s. 106(2) inapplicable to renunciation of income not yet realized Income Tax Act- 101-110- Section 108- Subsection 108(1)- Testamentary Trust- Paragraph (c) renunciation of income not yet realized is not a contribution to the trust ...