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CRA has now imposed a condition, effective March 16, 2021, that prohibits employers and members from contributing to a money purchase provision of an IPP or to a designated plan if actuarial surplus under the defined benefit provision of the plan is more than the surplus limit – so that any required contributions to the plan’s money purchase provision are permitted only if they are made from the surplus. ...

27 February 2020 CBA Roundtable, Q.14-- summary under Subsection 298(7) Summary Under Tax Topics- Excise Tax Act- Section 298- Subsection 298(7) CRA is considering whether a GST/HST waiver can be restricted to a specific issue The questioner encountered a considered CRA audit position that, since no provision allows CRA to assess, in its audit of taxable and exempt supplies made by a registered supplier, for anything other than the net tax collectible by the supplier, it would not be permissible for the supplier to limit a waiver to whether a particular supply was exempt or taxable – instead, the “matter” at issue must be regarded as the entire net tax calculation for the reporting period, so that the waiver cannot be limited to something less than this. ...

To the extent that payments made by a partnership to a retired partner are in respect of an interest in the partnership, or any right in respect of such an interest, the payment would be consideration for an exempt supply of a financial service …. ...

In response to a suggestion that this Example needed to be reviewed in light of s. 179(9), CRA responded (perhaps on the basis that it continued to consider the non-resident to be required to be registered): The CRA has reviewed the leasing examples in P-051R2 and has determined that the introduction of new subsection 179(9) … does not impact the rationale or carrying on business conclusions in those examples. ...

. … Under section 1 of the Regulations, a bank is defined for purposes of the Regulations in respect of a fiscal year to not include an insurer. ...

Income Tax Mandatory Disclosure Rules Consultation: Sample Notifiable Transactions (Finance Release Webpage), 4 February 2022-- summary under Section 123.3 Summary Under Tax Topics- Income Tax Act- Section 123.3 The notifiable transactions designated by CRA pursuant to draft s. 237.4(3) with the concurrence of Finance include: Foreign continuance A corporation holding assets that are or will become investment assets continues from Canada to the corporate laws of a foreign jurisdiction, so that it ceases to be a “Canadian corporation” and a CCPC (so that it is not subject to additional tax under ss. 123.3 and 123.4) – but maintains its central management and control in Canada so that it is not subject to the emigration rules or the foreign accrual property income regime. ...

. … The supply of a VPI made to a Canadian resident is subject to the same GST/HST tax treatment regardless of whether the person supplying the VPI was the person that acted as a miner with respect to the issuance of the VPI or is another person involved in the making of a supply of a VPI. ...

25 March 2021 CBA Commodity Taxes Roundtable, Q.9-- summary under Subsection 296(2.1) Summary Under Tax Topics- Excise Tax Act- Section 296- Subsection 296(2.1) CRA is required to allow unclaimed rebates when assessing under s. 296 without first requiring the receipt of rebate applications CRA stated that “[w]e confirm and agree with” the presented proposition: [T]hat the effect of s. 296(2.1)(c), as confirmed in the UPS case, is that, provided all the other conditions of s. 296(2.1) are met, unclaimed rebates are to be allowed notwithstanding that the normal rebate application period has not expired, regardless of whether the person claimed a rebate …. ...

25 March 2021 CBA Commodity Taxes Roundtable, Q.10-- summary under Subsection 281.1(1) Summary Under Tax Topics- Excise Tax Act- Section 281.1- Subsection 281.1(1) CRA initially imposes instalment interest on VDP-accepted wash transactions “given … system limitations” CRA accepts a voluntary disclosure for a wash transaction, so that the supplier is granted full relief from penalties and reduces the applicable interest rate to 0% for each of the reporting periods that was accepted under the voluntary disclosure. ...

Modernizing and Strengthening the General Anti-Avoidance Rule, Department of Finance Consultation Paper, 11 August 2022-- summary under Subsection 245(3) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(3) Narrowing “bona fide purpose” It may be appropriate to provide that a “ bona fide purpose” does not include foreign (or provincial) tax savings (contrary to what was suggested obiter by the TCC in Loblaw), and perhaps the same should be done for creditor proofing (whose presence as a purpose may be “particularly difficult for the Crown to confirm or refute” (p. 12). ...