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9 March 2015 External T.I. 2012-0469761E5 F- Rights or things-- summary under Subsection 70(2) Summary Under Tax Topics- Income Tax Act- Section 70- Subsection 70(2) right to a trust distribution to be paid out of a dividend declared but not paid by a trust investment A corporation wholly-owned by a discretionary non-testamentary trust (with an individual, his spouse and children as beneficiaries) declares a dividend, with the trustees then resolving that the trust will pay the dividend on receipt to the individual – who dies before the dividend is received by the trust. ... CRA stated (TaxInterpretations translation): [A]n amount which a taxpayer has the right to receive at the moment of his or her death and whose value is determinable can constitute a right or thing under subsection 70(2) even if it is not payable ["exigible" – also translatable as "due"] at the moment of death because it is subject to a condition. ...

In finding that the incentive was interest which should be reported on a T5 information slip, CRA stated that to be interest, an amount …must be calculated on a day-to-day accrual basis, …must be calculated on a principal sum…, and … must be compensation for the use of the principal sum…. ... The bonus is being paid as "an incentive… ". The result of leaving the money on deposit is that the credit union would have use of the deposited money. ...

. … [T]he condition [in s. 73(3)(c)] is not satisfied when the taxpayer transfers a property described in paragraph 73(3)(c) to a trust. ... See summaries under s. 108(7) and s. 110.6(1) – qualified farm or fishing property. ...

Before going on to analyse the effect of these credits or debits on the basis that the leases were leases, CRA stated: [I]n the absence of sham … for the purposes of the Act a lease agreement is a lease agreement and a sale contract is a sale contract. … [A] recharacterization is only possible where the taxpayer's characterization of the transaction does not adequately reflect its actual legal effects. ...

. … [One should] determine the reasons for not having made a written request and … if there was an intention to make a donation. ...

Canco 1 and Canco 4 each have direct 5% interest in LP – and the other partners of LP are third parties. ... However… the requirement in paragraph (b) of the definition "foreign affiliate" is not met… because Canco 4's 5% interest in LP is not to be taken into account. – Forco is the only partner of LP that is deemed to hold shares of LP for the purposes of the definition "excluded property". ...

. … Subsection 248(16) provides that an input tax credit or rebate with respect to goods and services tax in respect of a property or service is deemed to be assistance from a government. ... Therefore … if sales taxes are included in the lease charges, the consumption tax amounts recovered in respect of the lease of the vehicle will be included in element E in the formulas under paragraphs 67.3(c) and (d) for the purpose of calculating the limitation in section 67.3. ...

. … Thus … Corporation A did not become a CCPC at the time of the signing of the purchase offer made by Corporation B since it continued to be controlled by Pubco at that time. ...

. … In Québec... [a]n order made by the Superior Court may … be amended only by it. ...

Notwithstanding this … the fees paid by the taxpayer to write the Association Exam are fees paid to an institution similar to those listed in paragraph 118.5(1)(d), given that it provides mandatory examinations for a title that would be mandatory for the purpose of actuarial practice in Canada. … However, the online seminar fee would not be an eligible ancillary fee for the taxpayer because it does not constitute a mandatory ancillary fee for a professional examination that is paid to a relevant professional association or institution referred to in subsection 118.5(4). ...