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11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F- RRIF – Minimum amount after death-- summary under Minimum Amount Summary Under Tax Topics- Income Tax Act- Section 146.3- Subsection 146.3(1)- Minimum Amount required recognition of RRIF minimum amount in post-terminal year of transfer of RRIF to surviving spouse The deceased, who died in November, bequeathed his RRIF to his surviving spouse, to whom it was transferred in the subsequent year. ... CRA also indicated, in the situation where the death had occurred before the deceased could withdraw the minimum amount for the year of death, but the transfer of his RRIF to the surviving spouse was not made until the following calendar year, then there was no need for the RRIF issuer to pay the minimum amount for the year of death – but that the eligible amount received by the surviving spouse in the subsequent year would be reduced by the minimum amount for that year. ...

8 July 2020 CALU Roundtable Q. 2, 2020-0842141C6- Return of premiums on death & CDA-- summary under Paragraph (d) Summary Under Tax Topics- Income Tax Act- Section 89- Subsection 89(1)- Capital Dividend Account- Paragraph (d) a refund of premiums on death under a life insurance policy can increase the CDA of the corporate owner A private corporation is the owner and beneficiary of an exempt life insurance policy (with an adjusted cost basis of $90,000) on the life of a shareholder, who dies from, say, suicide or skydiving, which does not void the policy, but instead results in the insurer repaying all premiums ($100,000). ... CRA responded: A disposition of an interest in a life insurance policy is defined in subsection 148(9) of the Act and specifically excludes a payment made under an exempt life insurance policy as a consequence of the death of a person whose life was insured under the policy. … Where proceeds of a life insurance policy are received by a corporation as a beneficiary under an exempt life insurance policy in consequence of death of any person, the proceeds would not, in our view, generally be received as the result of a disposition in relation to an interest in a life insurance policy under subsection 148(9) of the Act. ...

7 October 2022 APFF Financial Strategies and Instruments Roundtable Q. 2, 2022-0936281C6 F- police d'assurance-vie & avantage-- summary under Financing Expenditures Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(b)- Capital Expenditure v. ... CRA indicated that if Opco reimbursed the Holdcos for the premiums, it would become a question of fact as to whether s. 246(1) applies (even in the absence of the s. 246(2) exception) and that such reimbursements potentially could be included in their incomes pursuant to s. 9 or 12(1)(x) – but regardless of whether there was such an inclusion, the premiums would be non-deductible to the Holdcos because “premiums paid under a life insurance policy are not deductible in computing a taxpayer's business income because they are capital expenditures.” ...

20 June 2023 STEP Roundtable Q. 4, 2023-0968111C6- Trust Reporting – Definition of Beneficiary-- summary under Subsection 204.2(1) Summary Under Tax Topics- Income Tax Regulations- Regulation 204.2- Subsection 204.2(1) "beneficiary" includes a contingent beneficiary Pursuant to Reg. 204.2(1)(a), a trustee of a trust is required to report information about each “beneficiary” of the trust, unless the trust is subject to one of the exceptions in s. 150(1.2) or an exception in s. 204.2(2) applies. ... CRA indicated that, very generally, a beneficiary of a trust is a person, other than the protector, who has the right to compel the trustee to properly enforce the terms of the trust, regardless of whether that person’s right to the income or capital of the trust is immediate, future, contingent, absolute or conditional on the exercise of the discretion of any person – so that, accordingly, a beneficiary in the ordinary sense would include a beneficiary whose interest is contingent. ...

3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 3, 2023-0976921C6 F- CELIAPP- Acquisition d'une quote-part d'une habitation admissible / FHSA- Acquisition of a share of a qualifying home-- summary under Qualifying Withdrawal Summary Under Tax Topics- Income Tax Act- Section 146.6- Subsection 146.6(1)- Qualifying Withdrawal a qualifying withdrawal from an FHSA can fund the purchase of a co-ownership interest in a qualifying home An individual and two unrelated individuals acquired a duplex in equal shares on December 10, 2023 and began living in one of the units as his principal place of residence on December 20, 2023, with the other unit being rented out. ... In finding that the various references in the “qualifying withdrawal” definition to acquiring a qualifying home include acquiring a co-ownership interest in the home, notwithstanding the absence of a specific deeming rule like s. 146.01(2)(a) providing that the acquisition of a qualifying home includes the acquisition by a taxpayer "jointly with one or more other persons," CRA stated that “it is not clear … that the mere reference to the acquisition of a qualifying home in the context of the definition of ‘qualifying withdrawal’ can exclude the possibility of an acquisition made by the individual jointly with one or more persons” and that “[i]t seems clear that the legislator did not wish to exclude individuals who wish to purchase a qualifying home jointly with one or more persons, even if only for spousal couples.” ...

4 June 2024 STEP Roundtable Q. 10, 2024-1010241C6- Update on trust / estate issues-- summary under Paragraph 104(6)(b) Summary Under Tax Topics- Income Tax Act- 101-110- Section 104- Subsection 104(6)- Paragraph 104(6)(b) an amount paid by a trust to a beneficiary is not deductible under s. 104(6) if it was not payable under the trust deed CRA referred to an unreported 2023 Tax Court of Canada decision (which has not been appealed), which concerned a family trust that realized a substantial capital gain on the disposition of small business corporation shares, paid $100,000 to each of two minor beneficiaries in the same taxation year, and claimed the deduction therefor pursuant to s. 104(6)(b) – notwithstanding that the trust deed prohibited any distributions to designated persons in respect of the father. ...

10 October 2024 APFF Roundtable Q. 2, 2024-1028371C6- Transfert intergénérationnel d’entreprise – nouvelles règles-- summary under Paragraph 84.1(2.3)(i) Summary Under Tax Topics- Income Tax Act- Section 84.1- Subsection 84.1(2.3)- Paragraph 84.1(2.3)(i) parent remaining as director of the subject corporation would entail a retention of management A parent wishes to access the s. 84.1(2.31) or (2.32) rules regarding a transfer of shares of Parent Inc. ... Regarding the requirements in s. 84.1(2.31)(g) or s. 84.1(2.32)(h) for a timely transfer of business “management” to the children (specified in s. 84.1(2.3)(i) to refer to the direction or supervision of business activities), CRA stated: [W]here the parent remains a director of Parent Inc. and steps are not taken to completely and permanently cease to hold such office, within the time periods stipulated by paragraphs 84.1(2.31)(g) and 84.1(2.32)(h), including any longer period that is reasonable in the circumstances, the requirements of subparagraphs 84.1(2.31)(g)(ii) and 84.1(2.32)(h)(ii) would not be satisfied … regardless of whether the parent is the sole director or one of the directors, and regardless of whether the direction of the day-to-day activities is in the hands of the children. ...

11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 8, 2019-0811901C6 F- RRIF – Minimum amount after death-- summary under Subsection 146.3(6.11) Summary Under Tax Topics- Income Tax Act- Section 146.3- Subsection 146.3(6.11) deduction of RRIF minimum amount in post-terminal year of transfer out of deceased's RRIF to surviving spouse Monsieur, who died in November, bequeathed all his RRIF to his surviving spouse. ... (b) There is … no requirement for a RRIF issuer to pay the minimum amount by withdrawing from a retirement income fund after the death of the last annuitant. … Where the designated benefit is received by the spouse or common-law partner in the year following that of the death of the last annuitant of a RRIF, the eligible amount will be equal to the designated benefit after deducting the minimum amount to be withdrawn from the RRIF for the year in which the benefit is received. ...

5 October 2012 Roundtable, 2012-0453201C6 F- Règles d'attribution- séparation & décès-- summary under Subsection 74.5(3) Summary Under Tax Topics- Income Tax Act- Section 74.5- Subsection 74.5(3) s. 74.5(3) busting of attribution occurs even if they were living separate and apart for under 90 days before the death of the transferee common-law spouse Two common-law partners- within the meaning of s. 248(1)- separated on June 1, 2012 and started living separate and apart because of a breakdown of their common-law relationship. ... Respecting Q.2, CRA noted that, in light of s. 74.5(3)(a), s. 74.1(1) would not apply to the 2 ½ months’ of rental income and the recapture, so that it would be included in the Transferee's income; and that provided a s. 74.5(3)(b) election was made, s. 74.2(1) would not apply to attribute the amount of the taxable capital gain to the Transferor. ...

29 November 2016 CTF Roundtable Q. 1, 2016-0669301C6- GAAR & 21-year rule planning-- summary under Subsection 104(5.8) Summary Under Tax Topics- Income Tax Act- 101-110- Section 104- Subsection 104(5.8) making a s. 107(2) distribution to a corporate beneficiary held by a new trust is an abusive circumvention of the s. 104(4) 21-year rule A discretionary trust (Old Trust) that is approaching its 21st anniversary distributes property with an unrealized gain to a corporate beneficiary (Canco) that is wholly owned by a newly-established discretionary trust (New Trust – also resident in Canada) under s. 107(2). ...