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18 December 2000 External T.I. 2000-0050255- CHANGE IN TERMS OF DEBT OBLIGATION-- summary under Disposition Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Disposition disposition if implied rescission due to fundamental change going to root of contract In response to a general question as to " whether a change in the terms of a debt obligation would result in a disposition of the existing obligation and the substitution of a new obligation in its place," CRA stated: "If, in accordance with the relevant contract law in Quebec, the changes in the terms of the original debt obligation have resulted in a novation (where the original debt obligation is discharged and substituted by a new obligation), it is appropriate to view the original obligation as having been disposed of for income tax purposes. ...

. … While we have considered the application of subsection 245(2) in respect of the Neuman type income splitting arrangements in the past and have taken the position that GAAR does not apply, we have also specifically stated that this comment regarding the non-application of GAAR relates only to the Neuman case. ...

With a view to accessing s. 164(6), the executors retract the Class B shares – but before this occurs, Corporation redeems the Class C voting shares which, in turn, causes the Class B shares to become voting pursuant to s. 48(2) of the Quebec Business Corporations Act (a provision which effectively deems all shares to become voting whenever none otherwise has voting rights). ...

CRA stated: [A]bsent novation of the debt … Canco's assignment of its debt receivable … would not constitute repayment of the debt by Debtco to Canco for the purposes of subsection 15(2.6). Since the debt would not be repaid as required under subsection 15(2.6), subsection 15(2) would continue to apply and the Part XIII tax imposed pursuant to paragraph 214(3)(a) would also remain. … If on the other hand, the debt was novated … section 245 may apply …. ...

Consequently … paragraph 87(2)(s) is inapplicable in the case of a triangular amalgamation referred to in subsection 87(9) where the shareholders of the predecessor corporations receive in exchange shares of the parent corporation. … Since … subsection 135.1(10) [thus] cannot have application … on the redemption, acquisition or cancellation of a tax-deferred share of an agricultural cooperative in a triangular amalgamation referred to in subsection 87(9) … for the purpose of subsection 135.1(2), the holder will be required to include the proceeds of disposition of the tax-deferred share that the holder disposed of in the year. ...

22 January 2020 External T.I. 2014-0559281E5 F- T5008-- summary under Subsection 49(1) Summary Under Tax Topics- Income Tax Act- Section 49- Subsection 49(1) writing of call option (with deemed nil ACB) is reported as having nil “cost” on T5008 Respecting the application of s. 49(1) to the writing and sale on an exchange of a naked call option and the reporting of the “cost” of the option on the T5008 issued by the securities dealer, CRA stated: [W]here an option is capital property … subsection 49(1) … provides (subject to the application of subsections 49(3) and 49(3.1) … and the exceptions in paragraphs 49(1)(a) to (c) …) that the granting of an option is equivalent to a disposition of property having an adjusted cost base of nil … [so that] there is no need to allocate cost to the option. ...

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