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You have asked us to review the EIA and to comment on the following issues: a)     whether the costs of setting up plans under the EIA would be deductible under paragraph 20(1)(e) of the Income Tax Act (Canada) (the "ITA"); b)     whether provincial reimbursement of plan set-up costs would be an employee benefit under paragraph 6(1)(a) of the Act or an inducement payment under paragraph 12(1)(x) of the Act; c)     whether shares issued in accordance with the plans would be "short-term preferred shares" or "taxable preferred shares" as those teas are defined in subsection 248(1) of the ITA; d)     whether the depository acting as custodian of shares issued under the plans will be a trustee of those shares for purposes of section 104 of the ITA; e)     whether an employee will be able to deduct interest expense incurred on money borrowed to purchase shares issued under the plans; f)     the nature for tax purposes of any repayment of tax credits made on the early disposition of shares issued under the plan; g)     whether shares issued under the plans will cease to be qualified investments for RRSP's and RRIF's if part of the dividends paid on the shares are in lieu of salary; and h)     whether employees entitled to tax credits in respect of shares issued under the plans would be eligible for a reduced rate of source deductions under subsection 153(1.1) of the ITA. 19(1) has requested that we comment on the following additional issues: i)     whether a deeming provision contained in paragraph 1(2)(c) of the EIA applies for purposes of the ITA; j)      whether an EVCC qualifies to make an election under subsection 39(4) of the ITA; k)     the applicability of subsection 15(1) of the ITA to rights to acquire shares under a plan; and l)     whether the investment protection account established pursuant to section 23 of the is a trust. ... The EIA requires that the retraction price for the share reflect the value of the share, which value may be determined by: a)     an independent opinion from a qualified person; b)     a formula referencing financial information of the corporation; or c)     a formula referencing the trading value of a class of shares of the corporation trading on a public stock exchange; provided that the valuation method d)     applies consistently over the life of the plan; e)     does not provide for a premium for control or discount of minority interests; and f)     is computed without reference to any tax credit provided under the ITA or the Income Tax Act of British Columbia. ... Effect of Paragraph 1(2)(c) of EIA for Income Tax Purposes Paragraph 1(2)(c) of the EIA provides as follows: (2)        For the purposes of this Act (...) ...

28 May 1990 Administrative Letter 59636 F- Definition of "Qualified Farm Property" Unedited CRA Tags 110.6(1) qualified farm property, 110.6(2), 248(1) personal trust 19(1) File No. 5-9636   R.B. ... With respect to the specific questions posed in your letter our comments are as follows. 1.      ... This definition will ensure that interests in partnerships that have ceased to carry on a business of farming in Canada because of the retirement of its partners will be included as qualified farm property of an individual provided that all or substantially all of the property of the partnership meets the 24 month use test.       ...

6 March 1991 Administrative Letter 901876 F- Foreign Accrual Property Income Unedited CRA Tags 91(1), 95(1) foreign accrual property income, 95(2)(f), 91(4) ITR 5907(1.1), 5907(1.3), 5907(1.3)(a)   March 6, 1991   AUDIT PROGRAMS DIRECTORATE              Rulings Directorate International Audits                    O. Laurikainen                                         (613) 957-2129 Attention:  David Burton Subject: Paragraph 95(1)(c) of the Income Tax Act ("Act") Subsection 5907(1.3) of the Regulations to the Act ("Regulations") 24(1) This is in response to your memorandum of August 20, 1990 wherein you request our interpretation of the application of the above provisions to an actual case scenario involving the above corporations.  ...

Various  —  see summary at beginning of reply. REASONS FOR POSITION TAKEN: 1. ... At page 792, the court noted:      "It is not open to question that income can be in the form of money's worth. ... (a)     We are of the opinion that the issuance and receipt of the IDU Bonds was not a payment of interest for purposes of the Canada  — XXXXXXXXXX Income Tax Convention (the "Treaty").       ...

Your reasons for these conclusions are as follows: 1)     Interpretation Bulletin ("IT") 145R, paragraphs 47 to 49, states that work performed on goods owned by another parry is a contract for service and therefore is not M & P. 2)     IT 145R, paragraph 4, and IT 147R2, paragraph 9, both contain the statement that "the manufacturer or processor of the goods need not necessarily be the vendor of the goods".  ... This opinion is based on the above four representations made by the taxpayer and on the following additional information:-       IT 331R, paragraph 29, states "Goods manufactured or processed must be for sale or lease but the manufacturer or processor need not be the vendor or lessor of the goods".-      The comments in paragraphs 47 to 49 of IT 145R, relate to were performed on goods owned by another party where the goods are not for resale or lease by the other party and as such are not applicable to the taxpayer's situation.-       Comments in paragraph 5 of IT 145R state that the dyeing of cloth can be considered the processing of goods.  As acid and stone washing would be in the same category as dyeing cloth it is unlikely that the activities could be considered a service rather than processing.-       Paragraph 9 of IT 147R2 states that the manufacturer or processor of the goods need not necessarily be the vendor of the goods.-       The facts in the Dixie X-Ray Associates Limited case can be distinguished from that of the taxpayer in that the case involved taxpayers who were providing a service and no physical goods were sold or leased.  ...

26 March 1990 Administrative Letter 59016 F- Sale of Partnership Interest Unedited CRA Tags 1100(17), 1100(16), 1100(15) 19(1) File No. 5-9016   D. ... In your letter you outline the following hypothetical situation in which a partnership interest is sold: 1)     Partnership X has a fiscal year-end of December 31. 2)     Partnership X carries on the business of renting "leasing property" as that term is defined by subsection 1100(17) of the Income Tax Regulations (the "Regulations"). 3)     The sole partners of Partnership X are Corporation A and Corporation B. 4)     Corporation A is a "principal leasing business corporation" as defined in subsection 1100(16) of the Regulations. Corporation B is not a "principal leasing business corporation". 5)     Corporation C intends to purchase the partnership interest held by Corporation B immediately after Partnership X's December 31, 1989 year-end and upon the commencement of the January 1, 1990 partnership fiscal period. 6)     Corporation C is a "principal leasing business corporation". ...

3 October 1990 Administrative Letter 59816 F- Exchange Loss or Gain Unedited CRA Tags 39(2), 53(2)(b)(ii), 40, 39(1) 24(1) 5-9816   G. Kauppinen   (613) 957-2117 19(1) October 3, 1990 Dear Sirs: This is in reply to your letter dated March 19, 1990 wherein you request our opinion regarding the application of subsection 39(2) and subparagraph 53(2)(b)(ii) of the Income Tax Act (the "Act") in the following circumstances: 1.     The taxpayer is a corporation (the "Shareholder") incorporated in and a resident of Canada for the purposes of the Act. 2.      ...

23 August 1989 Administrative Letter 58036 F- Transfer from Ireland Unedited CRA Tags n/a 19(1) File No. 5-8036   W.C. Harding   (613) 957-3499 August 23, 1989 Dear Sirs: Re:  Transfer from Ireland This is in reply to your letter of May 4, 1989 wherein you requested we confirm that: (a)       the responses provided in our letter to you of February 18, 1988 are still valid; and (b)       the individual's credited service in the Irish plan, as discussed in that letter, may be counted as credited service in the Canadian plan if the sponsors of the transferor and transferee plans are associated or affiliated companies. ... If further Revenue Canada advice is then required, your concerns should be addressed to:      Registered Pension and Deferred Income Plans Division Revenue Canada, Taxation Ottawa, Ontario K1A 0L8 The name and registration number of the Canadian plan should be provided with any submissions. ...

The major provisions encompassed in paragraph 149(1)(j) are as follows: a)     the corporation must have been constituted exclusively for the purpose of carrying on or promoting SRED. b)     no part of the corporation's income can be payable to, or can otherwise be available for the personal benefit of, any proprietor, member or shareholder of the corporation. c)     the corporation cannot acquire control of any other corporation. d)     the corporation cannot carry on any business. e)     the corporation must expend amounts in Canada either on SRED which is directly undertaken by or on behalf of the corporation, or by way of payments to a body described in clause 37(1)(a)(ii)(A) or (B) to be used for SRED, and the aggregate of such expenditures cannot be less than 90% of the corporation's income for the period. As you requested, we have highlighted some relevant provisions in the Act: a)     subsection 127(9)- qualified expenditure for purposes of the investment tax credit. b)     subsection 37(1) as revised by Bill C-139 which received Royal Assent on September 13, 1988- deduction for SRED expenditures. c)     paragraph 149(1)(j)- description of a non-profit corporation for SRED. d)     subsection 149(8)- the meaning of control and income. e)     subsection 149(9)- rule for computing income for the purpose of determining whether a corporation is described in paragraph 149(1)(j) for any particular taxation year. ... Supporting documents such as the Articles of Incorporation and company by-laws should be submitted. c)     a description of the corporation's arrangements for funding. d)     a description of the corporation's arrangements for disbursing moneys. e)     a description of the corporation's planned activities.  ...

& 2.     If the company gives an employee a notice of termination, for example of one (1) month, but tells the employee if you leave immediately we will pay you for that month in addition to the amount in respect of the termination of employment, will that additional amount constitute a "retiring allowance"?       ... These constitute the payments that will be considered as retiring allowances. 4.     Retiring allowances need not be paid in a lump sum amount but may be paid over several months or years by way of fixed periodic amounts.       ...