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August 29, 2014 Individual Returns and Payments HEADQUARTERS Processing Directorate Income Tax Rulings Assessment and Benefit Services Branch Directorate Room 816, Tower C Lori Merrigan Vanier Towers (613) 957-9229 Ottawa ON K1A 0L5 Attention: Sheila Barnard 2014-053425 Indian Taxation – Specific Claim Payments This is in response to your correspondence of June 2, 2014, asking for our comments with respect to the tax treatment of monies paid by the XXXXXXXXXX ("First Nation") as a per-capita distribution ("PCD") to its members, from monies received as Specific Claim payments to the First Nation. ... Trusts – General Taxation In some cases, these initial PCDs, or additional distributions may be paid from a trust. ...

The 2nd Characteristic – Strict Moral and Spiritual Regime The members must agree to adhere to and in fact adhere to a strict moral and spiritual regime of self-sacrifice and dedication to the goals of the organization to the detriment of their own material well-being. ... The 6th Characteristic – A Sense of Communality There should generally be a sense of communality. ...

XXXXXXXXXX (ci-après " la société ") est une société canadienne imposable. 2. ... En XXXXXXXXXX, la société a émis une débenture de XXXXXXXXXX $ (ci-après " débenture 2 ") en paiement des intérêts dus sur la débenture 1. ... Le montant de XXXXXXXXXX $ est ventilé comme suit: Capital des débentures: Débenture 1: XXXXXXXXXX $ Débenture 2: XXXXXXXXXX $ Débenture 3: XXXXXXXXXX $ Intérêt couru et impayé au XXXXXXXXXX au taux de base plus XXXXXXXXXX %: Débentures 1 et 2: XXXXXXXXXX $ Débenture 3: XXXXXXXXXX $ Intérêt complémentaire: XXXXXXXXXX $ 11. ...

The taxpayer argued that: [...] it could not be assumed that the trustees would not carry out their duties as trustees in accordance with the legal obligations imposed on trustees to formulate their own judgments in matters affecting the trusts, but rather would follow Robson's instructions merely because he had the power to cause the retirement of either or both of the other two trustees if they did not do so. 7 The Federal Court of Appeal rejected this argument and adopted the pronouncement of the Federal Court- Trial Division which is useful in the present case and which reads as follows: In my opinion, however, in deciding the larger issue before me, I must look at the practical and business reality of the operation of the trust. ... QUESTIONS 2 & 3: CAN THE ARRANGEMENT UNDER REVIEW BE CONSIDERED AS AN EMPLOYEE BENEFIT PLAN? ... QUESTIONS 4, 5 & 6: WHERE THE ARRANGEMENT UNDER REVIEW IS NOT A HEALTH AND WELFARE TRUST WHAT PROVISION OF THE ACT CAN BE RELIED UPON TO DISALLOW THE DEDUCTIONS OF THE CONTRIBUTIONS? ...

(notre soulignement) Au paragraphe 3 du IT-145R (Consolidé), on donne une définition de l'expression "fabrication": Il importe donc d'essayer de définir " fabriquer " et " transformer " dans leur acception quotidienne. " Fabriquer " et " transformer " ne se prêtent pas à une définition simple, d'application générale. ... Société A a-t-elle droit à la méthode d'achèvement des travaux (¶ 12 du IT-92R2)? ...

ANALYSE 1) En raison de la définition de « enfant » au paragraphe 70(10), est-ce que la mention de « son père » aux paragraphes 110.6(1) et 110.6(1.3) peut s’entendre d’un « arrière-arrière-grand-père »? ... À l’alinéa 70(10)b), le terme « enfant » fait référence à un « arrière-petit-enfant ». ... Puisque le paragraphe 70(10) assimile au mot « enfant », un « petit-enfant » et un « arrière-petit-enfant » et que les paragraphes 110.6(1) et 110.6(1.3) mentionnent le mot « père », toutes références au « père » d’un contribuable seraient ainsi, par analogie, une référence aux « grand-père » et « arrière-grand-père » du contribuable. ...

Tax Issues 1.     Interest deductibility 2      Debt or equity 3.      ... B.        Tax Issues 1.      Payments- Income account or capital account 2.       ... Timing of realization of gain/loss 4.      Withholding tax C.      Revenue Canada's Position 1.         ...

Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 95 B = lesser of i) 5 (95- 100) and ii) 25 = 5 C = 0 D=0 therefore deemed proceeds are 100 (95 + 5) Therefore the allowable loss for year 1 is 0 (100- 100) Year 2 Since the shares are not mtm property and there has been no disposition of the shares there is no loss otherwise determined to which 112(3) or (5.2) could apply. ... Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 95 B = lesser of i) 5 (95- 100) and ii) 25 = 5 C = 0 D=0 therefore deemed proceeds are 100 (95 + 5) Therefore the allowable loss for year 1 is 0 (100- 100) Year 2 Since the shares are not mtm property and there has been no disposition of the shares there is no loss otherwise determined to which 112(4) or (5.2) could apply. ... Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 50 B = lesser of i) 50 (50- 100) and ii) 33 = 33 C = 0 D=0 therefore deemed proceeds are 83 (50 + 33) Therefore the allowable loss for year 3 is 17 (83- 100) ...

Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 95 B = lesser of i) 5 (95- 100) and ii) 25 = 5 C = 0 D=0 therefore deemed proceeds are 100 (95 + 5) Therefore the allowable loss for year 1 is 0 (100- 100) Year 2 Since the shares are not mtm property and there has been no disposition of the shares there is no loss otherwise determined to which 112(3) or (5.2) could apply. ... Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 95 B = lesser of i) 5 (95- 100) and ii) 25 = 5 C = 0 D=0 therefore deemed proceeds are 100 (95 + 5) Therefore the allowable loss for year 1 is 0 (100- 100) Year 2 Since the shares are not mtm property and there has been no disposition of the shares there is no loss otherwise determined to which 112(4) or (5.2) could apply. ... Application of 112(5.2) Deemed proceeds = A + B- (C- D) A = 50 B = lesser of i) 50 (50- 100) and ii) 33 = 33 C = 0 D=0 therefore deemed proceeds are 83 (50 + 33) Therefore the allowable loss for year 3 is 17 (83- 100) ...

Laurent                 Rulings Directorate A/Chief of Audit               Financial Industries Division                                     Peter Lee Attention:  John Cunningham    957-2845                  International Tax Group                  197-1-1                                                            7-900312     EACC 9368Subject: Disposition of Income Debentures On April 4, 1990 your letter of December 20, 1989 to International Audits Division regarding                               24(1) Our understanding of the facts is as follows: 1. 2.                            24(1)                               24(1) 3.                               24(1) 4. 5.                               24(1) 6. 7.                               24(1) Your Opinion                               24(1) Our Opinion                               24(1) 12.      ... Her Majesty The Queen, 81 DTC 5064, affd 82 DTC 6268         (FCA), Gibson, J., commented that "... the word `payable'... is synonymous with due, a present obligation to pay         ...  24(1)            24(1) 14.            ... "  These words are broad enough to include a situation wherein no interest has been paid to the date of assignment or transfer. 16.                               24(1)      Stated in paragraph 6 of Interpretation Bulletin IT-401R, the transferor of an interest-bearing        obligation must include an amount as interest in computing the transferor's income in order that the         transferee may get a deduction by virtue of paragraph 20(14)(b) of the Act.       ...