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See also … 2003-0019235] provide that trust property can be distributed to the children of the deceased in any circumstances before the spouse's death (for example, if the spouse remarries); [F.n.220 … 2002-0154435] or permit or require the trust to pay life insurance premiums. [F.n.221 … 2006-0185551C6] The CRA's view regarding life insurance on the life of the spouse is questionable. ... Although … Gilbert Estate … [F.n.222 83 DTC 645 (TRB).] … held that a son's disclaimer of his interest in a trust did not cleanse an otherwise qualifying spousal trust, Maria Elena Hoffstein noted that Gilbert Estate was decided before subsection 248(8) was enacted and may have been legislatively overturned by the enactment. ...

[fn: 58: See … Viking Food … and Ekamant Canada] …. [Finance’s] commentary associated with the application of the strategic business expansion exception in subsection (16) … would imply that the deeming rule under 212.3(25) is not intended to supplant any party who would otherwise be considered to have control in the absence of such deeming rule…. [T]he most appropriate … approach to determine whether a non-resident corporation controls a CRIC in the context of a partnership is to apply a two-part test (the “Two-Part Test”): one examining control under the current state of affairs and the second under the legal fiction created by the deemed ownership rule. ... The shares of this Canadian general partner, in turn, will be owned by one or more individuals- likely principals of the private equity firm. … This first alternative private equity structure works well in a situation where the fund is at the beginning stages of its life cycle…. ...

Dowdall, O'Mahoney & Co., [1952] AC 401…cited in 4145356 Canada Ltd v. ... [fn 111: … 9641375… 1999-0010305.] The result of this position is that the 20(11) deduction may be based on an effective tax rate that exceeds the actual U.S. tax rate imposed on the LLC's income. ... Under this formula, the less of its income an LLC distributes each year, the more its Canadian members will be limited to a foreign tax deduction in respect of the U.S. taxes paid – (oddly) unless the LLC distributes none of its income in which case the full amount of U.S. taxes would potentially be (creditable (provided the taxpayer has other U.S. source income to support the credit)…. ...

Each such taxable dividend does not arise as a foundational component of a sanctioned divisive reorganization but, rather, has the potential, as in D & D Livestock, to effect a significant reduction in a capital gain on any share, a significant reduction in the fair market value of any share, or a significant increase in the total cost of property of the dividend recipient…. ... [T]o neutralize that threat, amended paragraph 55(5)(f) (and new subsection 55(2.3) for high-low stock dividends) (collectively, the " bifurcation rules ") now compel die distribution of safe income on hand pursuant to a taxable dividend…. ... In contrast, if the bifurcation rules divide the whole taxable dividend into a safe-income dividend and a non-safe income dividend before the "purpose" of either divided is ascertained … [o]nly the purpose of the non-safe income dividend … must be ascertained. … [C]onsider where a taxpayer miscalculates its safe income on hand before undertaking a safe income crystallization. ...

Chris Falk, Stefanie Morand, "Current Issues Forum: Pipeline Planning; Subsection 164(6) Circularity Issue; Eligible Dividend Designations", 2012 Ontario Tax Conference of Canadian Tax Foundation-- summary under Subsection 164(6) Summary Under Tax Topics- Income Tax Act- Section 164- Subsection 164(6) Interaction of Subsections 40(3.6), 40(3.61) and 164(6) — the "Circularity" Issue As discussed in more detail in the Moraitis/Kakkar Article, if subsections 40(3.6), 40(3.61), and 164(6) are applied iteratively, the realization by the estate of any capital gain in the estate's first taxation year will have the effect of grinding to nil the amount of the loss that can be carried back pursuant to subsection 164(6), even if the loss is substantial and the gain is only nominal. By way of example, assume the following: • Ms. Y dies owning: a portfolio of managed publicly-traded securities, which securities are assumed (for illustrative purposes) not to have had any accrued gain or loss on death; and all of the shares of a private corporation, YCo, with PUC of $100,000. • The shares of YCo were held by Ms. ... Y's terminal year. • In the estate's first taxation year, YCo redeems 50% of the shares held by the estate for $500,000. 61 As a result of the redemption, the estate sustains a $450,000 capital loss. ...

“Canadian Ordinary Income” & “Foreign Ordinary Income” Definitions”) The relevant portions of the definitions of Canadian ordinary income (e.g., (a)(iii)(A) and (B) and foreign ordinary income should be clarified so that inclusions for a particular amount are not reversed as a result of any deductions or other relief that may be applicable as a result of other payments – that is, payments other than the payments that give rise to the included amounts.- For example, if a taxpayer borrows money at interest from a third party for the purpose of making an interest-bearing loan to a subsidiary, the taxpayer’s interest revenues would be expected to result in Canadian ordinary income, so that there would be considered to be an income inclusion in Canada. ...

[F.n. 13: CCQ, s. 2132] Element of representation (p. 3) Representation can be characterized by circumstances where "a person, the representative, performs an act in the name, in the place of and on behalf of another person, the represented person. [...] ... [F.n. 14: Hubert Reid, "Représentation" in Dictionnaire de droit québécois et canadien (Wilson & Lafleur, 5th edition), 872.] ... [F.n. 16: Pierre-Basile Mignault, Droit civil canadien, vol. 8, (Montreal: Wilson & Lafleur, 1909), 4.] ...

. … [T]here is a strong argument that the IA definition applies for greater certainty to ensure that LLLPs and LLPs are not treated as corporations. ... [fn 106: See Gerling Global …. v. Canadian Occidental…, 1998 ABQB 714. ...

Elevating the Explanatory Statements to context (p. 685) In international law, commentaries – or Explanatory Statements as it would be better to call them to avoid any confusion with the existing Commentaries – included with the MLI are "context" within the scope of article 31(2) of the Vienna Convention (1969)…. ... While there is a possibility of a subsequent agreement having similar effect, [F.N. … under article 31(3)(a) of the Vienna Convention (1969).] this would be much less satisfactory as agreement would in practice be harder to reach if there was no deadline…. ... For example, about 25 of the approximately 100 Dutch tax treaties are in English only, as are a substantial number of Swedish tax treaties. … Japan, which suffers the disadvantage that none of the world’s major, non-tax treaties is in Japanese and is therefore well used to the problem of treaties not being in Japanese, has concluded 23 tax treaties with non-native English-speaking countries in English only, with a further two with a prevailing English version, 20 treaties where English is one of the treaty languages, and one where French was one of the treaty languages. ...

Herbert, "Trusts Holding Shares For Employees", draft 2023 CTF Annual Conference paper-- summary under Employee Benefit Plan Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Employee Benefit Plan Use of phantom plans as EPBs (pp. 9 – 14) An employee benefit plan (EBP) can be used to acquire employer or parent company shares on the open market in order to settle phantom share awards (payable in cash or in shares), such as restricted or performance share units (RSUs or PSUs). ... The carve-out in s. 12(1)(n.1) for amounts included in an employer’s income under s. 12(1)(n) is an implicit acknowledgement that an employer can be a beneficiary – which can facilitate liquidation of the trust. ...