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B is a partner of ABCD LLP and that he is also a shareholder of Serviceco, he will be able to assign all or any portion of the business limit which has been allocated to him by ABCD LLP …. ... D, he is also a partner of ABCD LLP, but given that he is not a shareholder of Serviceco, he does not satisfy the condition provided in paragraph 125(8)(a). … With respect to Holdco A and Holdco C, they are partners of ABCD LLP, but they are not shareholders of Serviceco …. ...

The Trust and its beneficiaries then used their sales proceeds to subscribe for the shares of a newly-incorporated holding company (Holdco): Trust – 50% of the Holdco shares; Mr. and Mrs. X – 20% each; and Child X and Y – 5% each). Holdco generated $150,000 from investing these funds in the stock market and paid a $100,000 dividend pro rata to its shareholders with Trust, in turn, distributing its $50,000 dividend to Mrs. ...

. … By virtue of the definitions “eligible pension income” and “pension income” in subsections 60.03(1) and 118(7) …, the only type of payment from a defined benefit provision of a registered pension plan (such as an IPP) that is eligible for pension income splitting under section 60.03 is a life annuity payment. ... It is not part of a series of periodic payments …. Words and Phrases annuity ...

In Situations 1 and 2, were the survivor payments and "exempt contributions," as defined in s. 207.01(1) (the "Definition") $90,000 and $100,000, respectively – and what about Situations 3 and 4? After indicating that “a particular payment may qualify as a survivor payment, whether the money is paid directly to the survivor under the TFSA or first paid to the executor before it is paid by the executor to the survivor” and also referencing s. 248(8)(a), CRA stated: Thus, where amounts from a deceased holder's TFSA are first paid to the executor of the estate before being paid by the executor to the survivor … the survivor payment is equal to amounts paid under the TFSA to the estate of the deceased holder, to the extent that the survivor is entitled to a TFSA by virtue of the will of the deceased holder … and the survivor receives an equivalent or higher amount from the estate as a result of the death of the deceased holder. ...

. … Individual A will be absent for her entire 2020 taxation year …. As a result, Aco's business will not be an excluded business in respect of Individual A for her 2020 taxation year, as well as for subsequent taxation years in the permanent disability scenario. That said, [where] the various exclusions, including those respecting an excluded business … do not apply in a particular situation, the underlying logic is that, in such circumstances, the most appropriate test, in determining whether the income from a related business respecting a specified individual should be excluded from the calculation of split income, should be based on the general test as to whether the amount constitutes a "reasonable return" based on the specific criteria applicable in the circumstances, including the work performed, the property contributed, the risks assumed, the total amounts paid or payable and such other factors as may be relevant. ...

When asked about its interpretation of “reasonable error,” CRA first stated that “[f]or the error to be reasonable, it must … be considered by an impartial person to be more likely to occur rather than less likely to occur based on the circumstances of the taxpayer.” ... CRA then gave the following examples of instances where CRA has accepted that there was reasonable error: The taxpayer's notice of (re)assessment) indicated an RRSP deduction limit of $0, where in fact the limit was a negative amount, so that the taxpayer may have mistakenly believed that the taxpayer was entitled to the $2,000 allowance …; The taxpayer, through no personal fault, had over-contributed due to inaccurate information provided on the RRSP deduction limit statement [or by] the CRA…; The taxpayer's RRSP deduction limit had been reduced retroactively, due to events such as the late submission of a pension adjustment or amended pension adjustment, or the late submission of an exempt past service pension adjustment or T215 slip … for exempt past service pension adjustments; The taxpayer, a TFSA holder, had made multiple contributions to and withdrawals from his TFSA with the objective of maintaining a TFSA account balance below the contribution limit. ...

This excess space could be used in the future in the manufacturing business if ABC Inc. were to need additional space – or, alternatively, the latter space might be leased to third parties for use as residential housing, so that such conversion to manufacturing use is not anticipated. ... However, there is nothing in the facts submitted … to support such a conclusion. ... (b)(ii) of the definition income is derived from property that is used or held principally for the purpose of gaining or producing income from an active business: [T]here are arguments to support the contention that the building used 65% by ABC Inc. in its manufacturing activities could be a property used or held primarily to earn income from its manufacturing business for the purposes of subparagraph (b)(ii) …. ...

. … IT-226R states … that a gift of a capital interest in a trust is made when the transfer of the property to the trust has been completed and the equitable interest in the trust has vested in the qualified done … [which occurs] where, among other conditions, the size of the qualified donee's interest can be ascertained and it is clear that the qualified donee will eventually receive full ownership of the transferred property. ...

On the subsequent sale, s. 74.2(1) would apply to attribute ¼ (i.e., $50,000/$200,000) of B’s taxable capital gain to A. ... Here, CRA assumed that the initial payment by A represented a loan to B as to ½ and that the return received by A on the sale of the property for $700,000 represented interest on that loan. Here, again, s. 74.2(1) generally would apply to attribute ¼ of B’s taxable capital gain to A, given that the requirements of s. 74.5(2)(c) for timely payment of interest on that loan would not have been satisfied. ...

21 February 2023 CPAC Roundtable Q. 12, 2022-0947201C6- TOSI- Excluded Business-- summary under Paragraph 120.4(1.1)(a) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1.1)- Paragraph 120.4(1.1)(a) CRA is prepared to ignore reasonable absences for injury, illness, or birth in applying the actively-engaged TOSI test Regarding the requirement in s. 120.4(1) – “excluded business” – that a specified individual be actively engaged on a regular, continuous, and substantial basis in the activities of the business in either the taxation year, or any five taxation years of the specified individual, s. 120.4(1.1)(a) deems an individual to be so engaged in a taxation year if the individual works in the business at least an average of 20 hours per week during the portion of the year in which the business operates. When asked regarding the impact on this test if the employment is interrupted by injury, illness or the birth or adoption of a child, CRA stated: [T]he 2018 Explanatory Notes support a practical approach …. ...