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25 September 2003 Internal T.I. 2003-0032837 F- Market Maker: Reserve Account for Losses-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt constructive receipt by employee where reserve loss account (funded out of commissions) is transferred from old brokerage employer to new brokerage employer A firm (ABC), that employed market makers, maintained a separate account for each employee into which a portion of the commissions earned by the employee was retained and held in a contingency loss reserve account, which was to be used to cover any losses resulting from the employee's transactions, and with the employee having access to the account on leaving the employment – except that where the employee moved employment to another member firm of the same clearinghouse ABC could, at the request of and for the benefit of the employee, transfer the funds accumulated in its reserve account to another similar account administered by the new employer. In finding that such transfer would be subject to withholding under s. 153(1)(a) on the basis inter alia that there was constructive receipt by the employee, the Directorate stated: [T]his payment is made to the employee by ABC, even if the employee does not receive it directly. … The employee chooses to direct the payment to the new employer's reserve account for the employee’s benefit, rather than personally collecting the funds. ...

3 February 2005 External T.I. 2005-0111871E5 F- Intérêts / mise à part de l'argent-- summary under Subparagraph 20(1)(c)(i) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(i) cash damming to pay current deductible business expenses is an eligible use which continues with the business Regarding the deductibility of interest on borrowed money used for current business expenses in a cash damming context, CRA stated: Where the borrowed money is used to pay a current expense that is incurred for the purpose of earning business income and is deductible … the test of a direct connection is satisfied in the year the expense is incurred and in subsequent years. … [I]nterest on borrowed money used to pay a current expense incurred to earn business income will continue to be deductible as long as the source of income, the business, does not disappear. However, the provisions of section 20.1 could, depending on the case, allow the interest to be deductible after the source of income has disappeared. … [T[he total value of the assets of the business is not a criterion for determining whether interest on borrowed money used to pay a current expense incurred to earn business income is deductible. ...

15 November 2002 Internal T.I. 2002-0162427 F- Price Adjustment Clause & 85(7.1)-- summary under Effective Date Summary Under Tax Topics- General Concepts- Effective Date large FMV discrepancy suggested lack of bona fide valuation so that price adjustment clause need not be applied/ if applied, s. 85(1) election must be amended Madame exchanged her Class A shares of the corporation for Class D shares having a redemption amount which CCRA subsequently determined was substantially less than the FMV of the Class A shares, and filed a s. 85(1) rollover election respecting this exchange. ... The jurisprudence has shown that a price adjustment clause can be ignored in cases where there is no good faith effort to determine the FMV of a property (See: Guilder News ….). On this basis, it seems to us that you would be free to ignore the price adjustment clause and therefore maintain an assessment under 85(1)(e.2). … [If] you decide to recognize the price adjustment clause … the taxpayer must file an amended election to give effect to the price adjustment clause. ...

8 June 2018 Internal T.I. 2018-0744881I7- Regulation 403 – allocation of income-- summary under Subsection 403(3) Summary Under Tax Topics- Income Tax Regulations- Regulation 403- Subsection 403(3) PE for 403(3) purposes includes any PE of any partnership of which insurer is member An insurance corporation (that reinsures policies issued by another insurer) holds partnership interests in several partnerships that have no insurance business and have permanent establishments in other provinces, but are not involved in an insurance business. ... Consequently … the taxpayer will have a PE in any province where the partnerships have a PE. … [B]ased on the fact that the taxpayer derives income (premiums) from reinsuring property situated in a province where the taxpayer has a PE due to being a member of a partnership, subsection 403(1) of the Regulations will allocate the taxpayer’s taxable income on a proportional basis to that province. … In view of the taxpayer having a PE in the province(s) where the partnerships have a PE, subsection 403(3) does not apply to the taxpayer with respect to those provinces. ...

At the same time, they agreed that if a legal proceeding of the corporation to obtain damages to compensate for lost income resulted in the receipt of damages, he would receive a dividend on his preferred share that was a percentage of the damages – but that if the law suit was unsuccessful, he would agreed to reimburse the corporation for certain legal fees related to the litigation. ... Regarding whether the individual could deduct his reimbursement payment, CRA stated. … Mr. A's undertaking to reimburse the legal costs of the corporation only took effect if the corporation received an unfavourable decision …. ...

4 July 2011 External T.I. 2011-0401991E5 F- CDA and life insurance proceeds-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt Insurance proceeds received by borrower where applied to repay its loan CRA stated: In factual situations similar to the Innovative Installation case, the CRA will apply the position adopted by the Court in that case. Consequently, in a situation where a corporation can demonstrate that life insurance proceeds that were paid directly to a financial institution have reduced its debt to the financial institution, the life insurance proceeds will be considered as "received" by that corporation for the purpose of applying subparagraph (d)(ii) of the definition of CDA …. ...

-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt promissory note accepted as absolute payment for the transfer of s. 28 inventory In finding that a cash-basis farmer realized income on the transfer of inventory for a promissory note, CRA stated: Since the promissory note was accepted as consideration for the transfer of the inventory, and given that none of the documents provide any remedy for non-payment, it appears that payment could only be enforced under the terms of the promissory note. Therefore, on the basis of the documents submitted, it is our view that the promissory note constitutes absolute payment …. ...

As a preliminary matter, CRA stated: Whether travel between Staff’s home and a particular location is personal will generally depend on whether the location is a RPE [regular place of employment]. … [F]or purposes of determining whether any particular location may be considered a RPE, we would generally consider an entire townhouse complex or apartment building to be one location. ... Staff, however, must remain available … during this downtime and may be redirected to another call out at any time during a standby shift. ... CRA stated: [T]o the extent that the location of the employee’s residence is also a place of business … of their employer, travel from such a location to another RPE would not be of a personal nature. ...

7 October 2021 APFF Roundtable Q. 19, 2021-0901121C6 F- APFF – ITR Remissions-- summary under Audit and Assessment Procedure Summary Under Tax Topics- General Concepts- Audit, Filing and Assessment Procedure rate increase for rulings work Regarding its increases in the hourly rates for its rulings service, the Directorate stated: [T]he fee applicable to a File is currently $104.04 per hour for the first 10 hours and $161.26 per hour for each subsequent hour. … From April 1, 2022, the rate will be $221.24 per hour worked on a File and will increase to $281.22 per hour from April 1, 2023 [and thereafter] will … be increased annually in line with the CPI. ...

5 May 2021 IFA Roundtable Q. 7, 2021-0887521C6- Section 247, FAPI & Subsection 80.4(2)-- summary under Paragraph 214(3)(a) Summary Under Tax Topics- Income Tax Act- Section 214- Subsection 214(3)- Paragraph 214(3)(a) non-interest-bearing loan from a CFA to a NR sister of the Canadian taxpayer generates a deemed dividend to the sister under ss. 80.4(2) and 214(3)(a) – plus FAPI to CFA A wholly-owned foreign subsidiary (FS) of CanCo uses funds generated from its operations to make a non-interest bearing loan to a foreign borrower (FB), which is wholly owned by the foreign parent (FP) of CanCo. ... In the present case, subsection 80.4(2) would apply to deem FB to have received a benefit computed based on the prescribed rate under [Reg.] 4301(c) …. ... That shareholder benefit is then deemed to have been paid to FB as a dividend under paragraph 214(3)(a), which is subject to withholding tax under subsection 212(2) [which] FS would be required to withhold and remit …. ...