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10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F- 2014 APFF Roundtable, Q. 15- Section 143.4 & Reverse Earn-out-- summary under Excluded Obligation Summary Under Tax Topics- Income Tax Act- Section 80- Subsection 80(1)- Excluded Obligation reverse earnout obligation of Buyco re Target was excluded obligation A newly formed corporation ("Newco") purchases the shares of a target corporation ("Target") for consideration that includes an earn-out clause (resulting in a debt which is subsequently forgiven). ... However we can offer the following general comments which nonetheless, in some circumstances, would not apply in a particular situation. … … (a) …[A] reduction in the cost of the shares in the capital stock of Target through the application of subsection 143.4(2) prior to the amalgamation would in general permit the debt to qualify as "excluded obligation" as defined in subsection 80(1), by reason of the application of paragraph (a) of that definition. Paragraph (d) of the definition of "excluded obligation in general could not apply because the debt was of a capital nature. … (b) In such situations, it appears to us that in general the extinguishing of the debt could generally give rise to a "forgiven amount" given that the debt would not qualify as an "excluded obligation" as per the definition provided in paragraph 80(1).In the situations presented in this question (with ITA subsection 143.4(2) not being applicable), the fact that the shares no longer existed following the amalgamation and that consequently their cost would not be reduced, does not appear relevant to the question of there being a "forgiven amount" as defined in paragraph 80(1). ...

5 December 2017 Roundtable, 2017-0734831C6- 2017 TEI – Question B5-- summary under Subsection 152(1) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(1) incomplete applications rejected/meeting within 4 weeks/90 business-day service standard made more flexible The Minister of National Revenue’s report to the Finance Committee dated May 29, 2017 indicated that a number of key changes would be implemented before the end of the year, being March 31, 2018, including the following: More frequent and better communications between the taxpayer and the CRA, including a meeting with taxpayers to be held no later than within four weeks of receipt of an ATR request. … Amend the current 90-day service standard for ATRs to address complex tax policy issues that cannot typically be completed within a 90-day period, namely, those that require a formal referral to the CRA’s General Anti-Avoidance Rule Committee, the Department of Finance or the Department of Justice. … Close an ATR file where the ATR request is not properly prepared or supported with adequate representations or where the taxpayer has not responded to a request for additional information within 30 calendar days. ...

3 December 2024 CTF Roundtable Q. 11, 2024-1038241C6- Global Minimum Tax Act – Interpretation and Application of OECD Agreed Administrative Guidance-- summary under Subsection 3(1) Summary Under Tax Topics- Other Legislation/Constitution- Federal- Global Minimum Tax Act- Section 3- Subsection 3(1) CRA will consult with Finance re potential amendments to catch up to OECD guidance in administering the GMTA How will the Global Minimum Tax Act (GMTA) be administered in circumstances where its enacted state does not reflect changes to the GloBE Model Rules, or to new GloBE Commentary or Administrative Guidance? CRA indicated that, to apply the GMTA as intended, as new administrative guidance is released, the DST and Global Tax Section of CRA will consult with the Department of Finance to determine, on a case-by-case basis, how such guidance should be handled – whether there is a potential legislative amendment or whether CRA will apply the new guidance to inform its interpretation of the GMTA. ... Therefore, CRA will administer the provisions of the GMTA to achieve what the administrative guidance clarifies should be the outcome – that is, the constituent entity covered taxes paid by the upper-tier entity being pushed down to the constituent entity. ...

10 October 2014 APFF Roundtable Q. 6, 2014-0538251C6 F- 2014 APFF Roundtable, Q. 6- Application of subsection 75(2) after Sommerer-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission no comment on Pallen Trust CRA declined to comment on Pallen Trust, 2014 BCSC 305, as it had been appealed to the British Columbia Court of Appeal. ...

24 November 2013 CTF Roundtable, 2013-0508151C6- Upstream Loans-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt repayment by set-off A loan or indebtedness will be considered to have been repaid by a debtor by way of set-off against a receivable of the debtor "if the set-off represents a legal discharge of the loan or indebtedness. ...

10 June 2011 Roundtable, 2011-0404621C6 F- Rectification order in Québec-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission CRA awaiting resolution of AES and Riopel cases CRA noted that as the ARQ had sought leave to appeal the AES decision to the Supreme Court and the period for seeking leave in Riopel had not yet expired, it would prefer to refrain from commenting on those decisions effect on CRA’s views on rectification. ...

5 January 1996 CTF Roundtable Q. 31, 9523976- GROSS-UP PAYMENTS-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt A gross-up on a debt obligation owing to a Canadian lender will be included in the Canadian lender's income under s. 9 or s. 12(1)(c) even "where the gross-up is paid or credited to the government of a foreign country on the Canadian lender's behalf since the Canadian lender would have constructively received the gross-up". ...

10 October 2014 APFF Roundtable Q. 15, 2014-0538151C6 F- 2014 APFF Roundtable, Q. 15- Section 143.4 & Reverse Earn-out-- summary under Subsection 143.4(2) Summary Under Tax Topics- Income Tax Act- Section 143.4- Subsection 143.4(2) reverse earnout obligation of Buyco re Target shares A newly formed corporation ("Newco") purchases the shares of a target corporation ("Target") for consideration that includes an earn-out clause (resulting in a debt which is subsequently forgiven). ... However we can offer the following general comments which nonetheless, in some circumstances, would not apply in a particular situation. … … (a) …[A] reduction in the cost of the shares in the capital stock of Target through the application of subsection 143.4(2) prior to the amalgamation would in general permit the debt to qualify as "excluded obligation" as defined in subsection 80(1), by reason of the application of paragraph (a) of that definition. ...

LLPs & LLLPs-- summary under Section 96 Summary Under Tax Topics- Income Tax Act- Section 96 LLPs and LLLPs treated as corporations In concluding that limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) governed by the laws of Florida and Delaware were corporations, CRA referred to their “separate legal personality” and “the extensive limitation of liability afforded to all of their members,” and also stated: [I]t has become widely accepted that U.S….LLCs…are properly viewed as corporations for the purposes of the Act, notwithstanding… Anson …. We see little substantive difference between LLPs, LLLPs and LLCs governed by the laws of the states of Florida and Delaware. … We suspect that much of this reasoning may be applicable in respect of entities of other states of the U.S. and perhaps other foreign jurisdictions…. ...

15 May 2019 IFA Roundtable Q. 3, 2019-0798741C6- Participating Debt Interest & US Treaty-- summary under Article 11 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 11 contingent interest under Art. XI(6)(b) of the US Treaty does not taint contemporaneous fixed interest 2016-0664041R3 dealt with a term loan which included both periodic non-participating interest payments, as well as future additional payments (the “Additional Amounts”) that were contingent on the index price of a particular commodity, and ruled that the former were not “participating debt interest” if, at or before the time of each payment thereof, no Additional Amount had been paid or become payable – but that all payments of periodic non-participating interest would be considered to be “participating debt interest” subject to withholding tax once an Additional Amount was paid or became payable. Unlike the definition in the Act of “participating debt interest,” which refers to an interest payment “... all or any portion of which interest is contingent or dependent...”, the Canada-US Treaty definition of contingent interest in Art. ...