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14 August 1989 Income Tax Severed Letter 74119A F- Athlete Assistance Program Unedited CRA Tags n/a   August 14, 1989 Toronto District Office Head Office P.J. Colestock Small Business &  Chief, Enquiries & Office Examination General Division   A. Humenuk Attention: Pierre Sioui (613) 957-2135   File No. 7-4119a Subject: Athlete Assistance Program Your memorandum of July 4, 1989, has been referred to our Audit Applications Division, Head Office, for reply. ...

Consider the following example: Corporation X Corporation Y Father 40 shares Son 50 shares Son 40 shares Stranger 50 shares Stranger 20 shares   100 shares   100 shares     On the assumption that Son and Stranger act in concert to vote their shares of Corporation X and Corporation Y, they would exercise actual control of these corporations.  ...

Les mots " retraite " et " pension " ne sont pas définis dans la Loi et l'on doit s'en remettre à la jurisprudence. ... Le mot " emploi " n'est pas défini dans la Convention. ... " Le mot " emploi " doit donc être défini selon le droit du Canada concernant les impôts et ce, en vertu du paragraphe 248(1) de la Loi qui prévoit qu'un " emploi " est " un poste qu'occupe un particulier au service d'une autre personne ". ...

4 December 1989 Income Tax Severed Letter ACC8961 F- Personal-use Property Unedited CRA Tags 15(1)     89M12427   December 4, 1989 19(1) I am writing in response to the question you raised with me in Toronto on November 29, 1989, concerning the Department's administrative position of not asserting that a corporation would have conferred a benefit on its shareholder(s) in respect of the use of personal-use property owned by the corporation, as outlined by the Department in past Revenue Canada Round Table sessions. Specifically, you have asked why it is not acceptable that the fourth requirement mentioned in our response to Question 20 at the 1980 Round table session be met by the following procedure: (a)     shareholder provides to corporation by investment in shares or, if ACB increase is a problem, by a loan due in 99 years without interest, and (b)     corporation uses funds so invested to pay expenses and records deficit surpluses. ...

Appendix "A" #1 #2 Company Profits in Country A $100 $100 Foreign Tax 40 NIL Dividends Paid 60 100 Tax Paid on Dividends (15%)$ 9 (40%)$ 40 Canada Dividend Income $ 60 $100 Less 20(11) deduction NIL (40-15) 25 Income $ 60 $ 75 Tax 40% (Federal and Provincial) $ 24 $ 30 Foreign Tax Credit 9 (40-25) 15 Tax on Dividend in Canada $ 15 $ 15* * The tax paid in Canada on the dividend will be less in case #2 where the rate of tax in Canada is less than the 40% tax in the Foreign jurisdiction. ...

4 December 1986 Income Tax Severed Letter 51816 F- Characterization for Purposes of The Petroleum Gas Unedited CRA Tags 18(1)(m) 19(1)                                        5-1816                                             David R. Senécal                                              Resource Industries                                               Section                                              Tel. (613) 957-8984 December 4, 1986 Dear Sirs: This is in reply to your letter of June 27, 1986 wherein you request our opinion as to the characterization for purposes of the Petroleum Gas and Revenue Tax Act ("PGRT Act") of amounts received by an assignee under a particular royalty agreement entered into between two parties.  ...

.- Legislative Affairs Directorate / 5 / 1051 / 957-2061- Mr. McDonald has retired. ... (Division des modifications courantes et des règlements) MCCOLM, W.R.- should be 957-2068 / MCCOLM, W.R. / Current Amendments and Regulations Division Room 1051, MacDonald Bldg. (Division des modifications courantes et des règlements) WEIL, R.D.- should be 957-2066 / WEIL, R.D. / Current Amendments and Regulations Division Room 1051, MacDonald Bldg. ...

.- Legislative Affairs Directorate / 5 / 1051 / 957-2061 Mr. McDonald has retired. ... (Division des modifications courantes et des reglements) MCCOLM, W.R.- should be 957- 2068 / MCCOLM, W.R. / Current Amndments and Regulations Division RooM 1051, MacDonald Bldg. (Division des modifications courantes et des reglements) WEIL, R.D.- should be 957- 2066 / WEIL, R.D. / Current Amendments and Regulations Division Room 1051, MacDonald Bldg. ...

Method 1- Aggregate Basis Fair market value of prpoerty transferred $1,000,000 + $500,000 = $1,500,000 Deemed interest benefit @ 13% 195,000 Less: dividends paid on preferred shares ($120,000) x 5/4 (150,000) interest paid on shareholder loan (50,000)--------- Deemed 74.4(2) benefit Nil ========= Method 2- Property by Property Basis Interest benefit on property transferred for shares: $1,000,000 @ 13% 130,000 Less adjustment for dividends paid (120,000) x 5/4 (150,000)--------- Net benefit (P) Nil ========= Interest benefit on shareholder account: $500,000 @ 13% 65,000 Less interest paid in year (50,000)-------- (L) $ 15,000-------- Total deemed benefit (P) + (L) $ 15,000-------- Where there are multiple transfers of property by an individual to a corporation, you are of the opinion that the interest deemed to have been received by the individual pursuant to subsection 74.4(2) of the Act should be calculated on the aggregate of all the transferred property (Method 1) rather than being calculated on each individual property (Method 2). ...

Employees acquires 500 shares on September 1, 1990 @ $10/share pursuant to a public offering. ... Section 47- Adjusted cost base (“ACB”) per share will be:500 @ $10 $ 5000. 125 @ $.01 1.25 5001. 15- 625 = $8.002/share Employee sells on November 1/91 500 @ $13- Proceeds $6500 ACB 4001 Gain $2499 Employee sells on January 1/92 125 @ $13- Proceeds $1625 ACB (1000.25) S.7(1.1) Benefit (1248.75) Loss ($624) Benefit $1248.75 The result is that the treatment of the shares as identical properties for purposes of calculating the adjusted cost base causes an “early” realization of a capital gain of $999 ($2499 instead of $1500) in 1991 and a subsequent capital loss of $624 in 1992. ...