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Joint Committtee, "Federal Budget 2024 – Capital Gains Inclusion Rate", 22 January 2025 Joint Committee submission-- summary under Paragraph 38(a) Summary Under Tax Topics- Income Tax Act- Section 38- Paragraph 38(a) While the proposals to generally increase the capital gains inclusion rate (the “Capital Gains Proposals”) were not tabled in Parliament in the form of a bill before Parliament was prorogued on January 6, 2025 and there is substantial possibility that they will never be enacted, the Department of Finance and the CRA have confirmed that the ITA will be administered as though they were enacted. This uncertainty as to enactment is unlikely to be resolved prior to the time at which many taxpayers will be required to pay tax and/or file tax returns for their 2024 taxation years, for example, corporations (other than certain CCPCs) with a December 31, 2024 taxation year end are required to pay their tax due for 2024 by February 28, 2025 under the “balance-due day” definition. ...

Marc-Antoine Mongrain, Jean-François Thuot, "Income, Phantom Income, and Phantom Deductions", Canadian Tax Focus, Vol. 15, No. 1, February 2025, p. 2-- summary under Paragraph 55(2.1)(c) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) CRA or ARQ treatment of not adjusting for phantom income or phantom deductions (pp. 2-3) At the 2024 " CRA Update on Subsection 55(2) and Safe Income: Where are we Now? ”, CRA departed from its previous interpretation of Kruco, and indicated that “phantom” income (i.e., income for ITA purposes not resulting in tangible cash inflows) should no longer be included in computing safe income. ... Example 2 Where Opco has revenue of $1 million, tangible expenses of $200,000 and a phantom deduction of $150,000 so that its net income is $650,000, and it pays taxes of $150,000, one can consider that the phantom deduction offsets the taxes payable (which otherwise would reduce the safe income attributable to the shares), and that $650,000 ($650,000 net income + [$150,000 phantom deduction − $150,000 tax]) is the resulting safe income contributing to the capital gain on the shares. ...

Chris Lang, "Debt Restructuring Using a Reverse Vesting Order: Tax Issues", Canadian Tax Focus, Vol.15, No. 2, May 2025, p. 2-- summary under Subsection 80(13) Summary Under Tax Topics- Income Tax Act- Section 80- Subsection 80(13) Overview of Delta 9 (p. 2) In Delta 9, a licensed producer of cannabis (the target corporation) had entered CCAA proceedings. ... Peakhill Capital Inc. (2024 BCCA 246) …. ...

The Meaning of “De Facto Control” in the Context of Subsection 84.1(2.31)", Tax for the Owner-Manager, Vol. 25, No. 1, January 2025, p. 1-- summary under Paragraph 84.1(2.31)(c) Summary Under Tax Topics- Income Tax Act- Section 84.1- Subsection 84.1(2.31)- Paragraph 84.1(2.31)(c) Accommodation of 3-year retention of management while requirement to immediately relinquish de facto control (p.1) The immediate intergenerational transfer rules in s. 84.1(2.31) contemplate that the parents must (inter alia) give up de facto control of the business immediately after the disposition time, while being allowed to retain “management” of the business for up to three years after the disposition time. ... Langlois, which found that a 50% shareholder who had “an operational role, not a decision-making role” was not part of the de facto control of the corporation, whereas the other shareholder, who “[a]s the sole director … had the power that ensured him a dominant influence in the direction of the [corporation]” had de facto control. ...

", International Tax Highlights, Vol. 4, No. 1, February 2025, p. 4-- summary under Paragraph 212.3(1)(b) Summary Under Tax Topics- Income Tax Act- Section 212.3- Subsection 212.3(1)- Paragraph 212.3(1)(b) Scenario (p. 4) A widely-held private corporation resident in Canada (the “CRIC”) will emigrate from Canada for non-tax reasons. ... However, under s.212.3(1)(b), the s. 212.3 rules apply to an investment made by the CRIC in a subject corporation if as part of the series of transactions that includes the making of the investment, Forco acquired control of the CRIC and at the time of the “investment”, the Forco shares represented 25% or more of the votes or value of the CRIC – with s. 251(5)(b) rights being taken into account for these purposes. ...

Joint Committee, "Section 116 of the Income Tax Act", 24 January 2025 Joint Committee submission to the Assistant Commissioner of the Compliance Programs Branch of CRA-- summary under Subsection 116(5) Summary Under Tax Topics- Income Tax Act- Section 116- Subsection 116(5) Recommendations on the administration of s. 116 include: That CRA develop a system automatically generating a comfort letter (for extending the 30-day remittance deadline until the processing of the application). ... That, where CRA has determined that the subject property is not TCP, it issue a s. 116 certificate on that basis, rather than a letter stating that it cannot issue a certificate because the property is not TCP (the certificate could be issued on the basis that no Canadian income tax is owing on the disposition) – or, failing that, publish a position that such a “No-TCP” letter releases the purchaser from liability. ...