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15 October 2004 External T.I. 2004-0068421E5 F- Bien de remplacement-- summary under Paragraph 44(5)(a.1) Summary Under Tax Topics- Income Tax Act- Section 44- Subsection 44(5)- Paragraph 44(5)(a.1) rental use is a similar use even if shift from residential to commercial use The taxpayer and his brother acquired, in equal shares, a rental property ("Immovable A") that was rented to residential – as well as commercial tenants being the respective brothers’ holding companies. ...

Consequently … the amount to be included in the CDA will be $800,000, which is the proceeds of the life insurance policy ($850,000) received by the corporation as a result of the insured's death less the ACB of that policy to the corporation ($50,000) immediately before death. ...

Before finding that such incentive payments were includable in the income of such clients under s. 12(1)(x) (absent any election made under s, 12(2.2) respecting the premiums paid) given inter alia that they were received by such clients “in the course of earning income from … property,” namely, acquiring and holding the policies, CRA cited La Capitale (98 DTC 6215) (also regarding an insurance policy) for the proposition that "’property’ in the Act includes practically any type of economic interest” and indicated that “the Policyholder holds property for the purposes of the Act.” ...

2 December 2004 External T.I. 2004-0083931E5 F- Frais relatifs à une garantie prolongée-- summary under Paragraph 8(1)(h.1) Summary Under Tax Topics- Income Tax Act- Section 8- Subsection 8(1)- Paragraph 8(1)(h.1) cost of extended car warranty that meets the s. 8(1)(f) or (h.1) conditions is deductible on cash basis Regarding the deductibility of the cost of an extended warranty on an automobile paid by an employee, CRA stated: [T]he conditions of paragraph 8(1)(f) or paragraph 8(1)(h.1) … must be satisfied for the employee to be entitled to a deduction. ...

CRA indicated that following the subsequent decisions in Mimetix Pharmaceuticals, 9044-2807 and Lenester Sales “there was no need to change its position on de facto control and that it was of the opinion that the criteria contained in … IT-64R4 [paras. 21, 23] remained valid for determining whether a person or group of persons has de facto control of a corporation.” ...

Depending on the facts and circumstances … [CRA] would consider the application of subsection 245(2) to redetermine the tax consequences of the transactions described above and to recharacterize the proceeds received by SENC as a dividend. ...

8 October 2004 APFF Roundtable Q. 36, 2004-0087041C6 F- Option d'achat d'actions conférée à un consultant-- summary under Computation of Profit Summary Under Tax Topics- Income Tax Act- Section 9- Computation of Profit value of stock option granted to consultant generally is business income – and gain on exercise may also be business income CRA indicated that when a consultant receives a stock purchase option as payment for services rendered, the fair market value of the option on the date it was granted (which is a question of fact) less any amount paid to acquire the option is generally added to the consultant's business income under s. 9(1). ...

13 January 2005 External T.I. 2004-0101701E5 F- Bien substitué-- summary under Paragraph 248(5)(b) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(5)- Paragraph 248(5)(b) substituted property definition in s. 248(5)(b) does not apply for the purposes of s. 7(1.1) In finding that the provisions of s. 7(1.1) would not apply to shares received as a stock dividend on shares that had been acquired on the exercise of employee stock options, where such shares were sold before the latter shares had been disposed of, CRA stated: Since the provisions of subsection 7(1.1) do not refer to the term "substituted property", we are of the view that the definition in paragraph 248(5)(b) does not apply to the case submitted … [and] the provisions of paragraph 7(1)(a) would apply in the taxation year in which the held shares are ultimately disposed of or exchanged, even though the shares, received as a stock dividend on those held shares, have already been sold. ...

After referring to the s. 67 limitation, it stated: [T]he position set out in [1981 CTF Roundtable, Q.42], which applies to the reasonableness of bonuses paid to … shareholder-employees, also applies in determining the reasonableness of contributions, for the purposes of section 67, to an RCA for the benefit of a shareholder-manager. ...

After paraphrasing the s. 20(1)(r) wording and indicating that, to be deductible, “the contributions must relate to services rendered to that corporation as an employee,” CRA stated: [T]he position set out in [1981 CTF Roundtable, Q.42], which applies to the reasonableness of bonuses paid to … shareholder-employees, also applies in determining the reasonableness of contributions, for the purposes of section 67, to an RCA for the benefit of a shareholder-manager. ...