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5 October 2018 APFF Roundtable Q. 9, 2018-0768801C6 F- Tax on Split-- summary under Subparagraph (a)(i) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Shares- Paragraph (a)- Subparagraph (a)(i) portfolio investment company might qualify as having a business 2018 STEP Roundtable Q.6 and Q.7 confirmed that the shares of a holding company (or of a company generating no business income) cannot qualify as excluded shares, whereas Examples 8 to 12 of CRA’s “ Guidance on the application of the split income rules for adults ” and the Department of Finance’s “ Technical Backgrounder on Measures to Address Income Sprinkling ” provide that such shares so qualify. ... CRA stated: The CRA's response to [Q.7] …was based on the assumption made in the statement of that question that the corporation had no business income. … …[In its Guidance] … to demonstrate that the various exclusions were applicable … to entities carrying on a business whose principal purpose is to derive income from property, including interest, dividends, rents and royalties, such as investment management corporations (in Examples 8 and 12), the CRA assumed that these corporations maintained a sufficient level of activity such that their income could be considered as derived from such a business. ... X, her shares are “excluded shares” if such $100,000 of income was “derived from the carrying on of a business the purpose of which is to earn interest income and dividends … notwithstanding the fact that the capital used in the acquisition by Holdco of the property used in carrying on its business was derived from dividends received from Opco.” ...

X in the hypothetical situation …. The inapplicability of this provision arises from … the terms of the loan [being] determined independently of the terms of the trust indenture, as confirmed … in Howson …. ...

After indicating that the employer likely would not have a deemed permanent establishment in Ontario by virtue of this arrangement unless the employer was carrying on business in Ontario through the cottage, CRA went on to state: Even if the CRA were to conclude that … Mr. ... X's remuneration. … [T]he deeming rules in I.T.R. subsection 400(2) … do not … extend to I.T.R. sections 100 and 102, which are relevant to determining whether an employee reports for work at an establishment of the employee’s employer located in a particular province, as well as in determining the amounts to be deducted or withheld by the employer from the employee's remuneration. ...

CRA stated: Since the date of the cancellation of Interpretation Bulletin IT-265R3, there have been no legislative changes or court decisions reversing … [CRA’s] position …. As a result, we are of the view that paragraphs 8 to 10 [thereof] … still represent the CRA's position with respect to deferred or instalment payments. ...

The CRA accepts that, pursuant to the tax relief measure described in paragraph 7 of Article XXI … a gift made by a Canadian resident to a U.S. 501(c)(3) organization will be an eligible gift for purposes of the deduction in computing taxable income under section 110.1 …. or a non-refundable tax credit … under section 118.1 … subject to the income limitations, described in those sections, from U.S. sources. ... [S]ince subsections 149.1(2), (3) and (4) … govern the revocation of a charity’s registered status, and not the imposition of taxes, the Canada-U.S. ... Accordingly … Article XXI[(7)] of the Canada-U.S. Treaty does not deem a U.S. 501(c)(3) organization to be a qualified donee, for purposes of subsections 149.1(2), (3) and (4) …. ...

2004 Ruling 2004-007680-- summary under Paragraph 12(1)(x) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(x) contributions of capital // www.bci.ca/ "> www.bci.ca): Non-capital losses of BCI are transferred to its affiliate, Bell Canada, pursuant to transactions under which a subsidiary of Bell Canada ("Bell Subco") borrows up to $17 billion on a day-light loan and uses the borrowed money to subscribe for preferred shares of a newly-incorporated subsidiary of BCI ("BCI Subco"), BCI Subco lends the money on a non-interest bearing basis to BCI, BCI lends the same funds on an interest-bearing basis (1 basis point lower than the dividend rate on the preferred shares) to Bell Subco, which pays off the day-light loan. ...

. … Thus … Corporation A did not become a CCPC at the time of the signing of the purchase offer made by Corporation B since it continued to be controlled by Pubco at that time. ...

CRA responded: [W]here a court orders one spouse to pay maintenance to another then, as regards the spouse to whom the court has granted the support, this is a situation respecting an entitlement a right arising out of the marriage of such spouses …. [T]he …. transfer [by X] was made under such a court order for the payment of maintenance to X and was intended to have the support granted to X under the court order be effected in in a more liquid form. ...

29 October 2013 External T.I. 2013-0501941E5- RCA transitional rule-- summary under Advantage Summary Under Tax Topics- Income Tax Act- Section 207.5- Subsection 207.5(1)- Advantage // www.parl.gc.ca/HousePublications/Publication.aspx?DocId=5765988&File=41 ">: Subsection 44(3) of Bill C-45 introduces anti-avoidance rules, s. 207.5, for RCA advantages and prohibited investments. ...

After noting that if the estate distribution occurred as part of the series in which Corporation A received its s. 84(3) dividend, the three brothers would have an increase in their interest in Corporation B described in s. 55(3)(a)(v), and with the estate distribution also constituting an s. 55(3)(a)(iii) event, CRA stated: [I]t appears … given … the jurisprudence on the concept of a series of transactions and on the interpretation of subsection 248(10), that the distribution of the shares of the capital stock of Corporation B could be part of a series of transactions in which the dividend was received by Corporation A. ...