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Avoidance of pro rata recognition of FAPI where s. 95(12) election (p. 1226) The … section 95(10) ITA … rule simply wipes out the avoidance of attribution and — using the rules in sections 91(1) and 95(1) ITA and section 5904 of the ITR — attributes FAPI in proportion to the overall dividend entitlement in the deemed CFA. ... Then, the rules attribute the FAPI of that deemed separate corporation to the relevant shareholders if — applying the rules in section 93.2 ITA — that separate corporation is a CFA of the electing party…. ... If Canco elects the proposed section 95(11) and 95(12) ITA regime – which treats Cell A as a separate corporation entirely owned by Canco – Canco’s participating percentage is 100 percent and its section 91(1) ITA attribution will be 100 percent of $2,000. ...

Her TFSA now has an FMV of $16,500 ($10,000 + $5,000 contribution + $6,500- $5,000) and her RRSP now has an FMV of $148,500 ($150,000 – $6,500 + $5,000). ...

. … Canco has a $10 trade payable to Subject Corp. at the acquisition time for goods previously purchased from Subject Corp. and used in Canco's active business. ... However, Canco's Bad Assets to Total Assets ratio after Canco repays its indebtedness to Subject Corp. is 80% [fn 33: Bad Assets = ($80 Investment in Subject Corp.) over Total Assets = $100 ($20 in business assets + $80 investment in Subject Corp.) = $80] (greater than 75%). ...

[fn: 58: See … Viking Food … and Ekamant Canada] …. [Finance’s] commentary associated with the application of the strategic business expansion exception in subsection (16) … would imply that the deeming rule under 212.3(25) is not intended to supplant any party who would otherwise be considered to have control in the absence of such deeming rule…. [T]he most appropriate … approach to determine whether a non-resident corporation controls a CRIC in the context of a partnership is to apply a two-part test (the “Two-Part Test”): one examining control under the current state of affairs and the second under the legal fiction created by the deemed ownership rule. ... The shares of this Canadian general partner, in turn, will be owned by one or more individuals- likely principals of the private equity firm. … This first alternative private equity structure works well in a situation where the fund is at the beginning stages of its life cycle…. ...

Brian Kearl, Carl Deeprose, "Leaving Canada's New High Tax Rate Regime: Considerations, Tips and Traps", 2016 Conference Report (Canadian Tax Foundation),32:1-24-- summary under Article 4 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 4 Test of a permanent home available (p. 32:9) In Salt, … [t]he appellant successfully argued that the tie-breaker rules deemed him to be resident in Australia because he had leased his house in Canada to an unrelated third party on arm's length terms and conditions, and therefore did not have a permanent home available in Canada. ... The CRA's position is that a home in Canada that is leased to someone other than "a third party on arm's length terms and conditions" counts as a permanent home that is "available" to the individual. … Test of centre of vital interests (p.32:10) In Gaudreau, … the Court ruled that … if a person who has a home in one state sets up a second in the other state while retaining the first, the fact that he retains the first in the environment where he has always lived, where he has worked, and where he has family and possessions, can, together with other elements, go to demonstrate that he has retained his centre of vital interests in the first state. ...

" … In Royal Oak Mines [[1996] 1 S.C.R. 369], the Supreme Court of Canada concluded that "reasonable effort" is an objective standard that can be assessed by reference to "comparable standards and practices within the particular industry." … Rossiter v. Chiasson, [1950] OWN 265 (HCJ)…[stated] the party need not "go to absurd, whimsical or unwarranted lengths" since "reasonable" means " 'logical,' 'sensible' and 'fair.' " … Crown Employees [1997 CarswellOnt 6197] explicitly held that reasonable efforts does not mean "all efforts. ... Appropriateness of avoiding penalties where reliance on expert reports (p. 32:18) [In DHL Corporation and Subsidiaries v CIR, 285 F. 3d 1210 (9th Cir. 2002); aff'g, in part, rev'g, in part, and remanding 76 TCM 1122 (1998)] the taxpayer ("DHL") hired Bain & Co., Inc. ...

Groupe Honco finding of multiple "main" purposes (pp. 9-10) In Groupe Honco (… 2013 FCA 128)…[t]he FCA said, "The phrase 'one of the main purposes' is unambiguous and implies that a taxpayer may have more than one main motive in acquiring shares. ... " … (The UK decisions referred to are Prudential Plc v. Revenue & Customs, [2007] UKSPC 636; IRC v. ... Revenue & Customs, [2012] UKFTT 104 (TC).) U.K. approach is better (p.10) The approach of the UK courts (to perhaps omit the words "one of" and turn the phrase into a simple "main purpose" test) and of the Canadian courts, as in Honco (to effectively drop the word "main" and make the phrase into a "one of the purposes" test), both attest to the uncertainty of the language. ...

.-- summary under Subsection 248(25.4) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(25.4) Example of sale of ½ of capital interest plus ½ of right to enforce income payment (p.271) [A]ssume that a beneficiary's capital interest in a unit trust initially consists of 1,000 units purchased for $10,000 on December 23, 2015. ... Consequently, the total adjusted cost base of the 500 units sold is $5,200: $5,000 + $200. ...

Div.)and Kucor Construction & Developments & Associates v. Canada Life Assurance Co. (1998 CanI.II4236 (ONCA)] ...

D.A.I., 2012 SCC 5, at paragraph 31.]… Breaking of series by intervening event (p. 84) One possible standard to consider for intervening events comes from the field of tort law: the concept of novus actus interveniens …. ... & R. Simard Inc. v. The Queen, for example, Tardif J wrote that a 12-month interval constituted a "long period of time" for the purpose of determining whether a series existed. ... [fn 67: … 2009 FCA 163, at paragraph 51.] Meaning of "family resemblance" (pp. 90-1) Milet has explained the idea of family resemblance as follows: [T]he various instances of a general term's application would be linked by, as Wittgenstein called them, "family resemblances" – the reference here being to the way that traits are shared by and dispersed among members of a family: for instance, a girl has red hair and is short like her father and grandmother, while her brother, who is also red-haired, is tall like his blond mother. ...