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Before indicating that this asset was not excluded under s. 233.3(1) – specified foreign property – para. ...

It is, however, a real and enforceable debt and therefore a true obligation within the meaning of the above-mentioned Interpretation Bulletins and decisions (for an example of such an obligation in the context of a foreign exchange loss, see … Canadian General Electric …. ...

CRA stated: [P]aragraph 212(13.1)(a) … would not apply … to deem LP to be a person resident in Canada because LP does not appear to have any income from sources in Canada. ...

. … [F]or [these] purposes … the period of active farming or fishing by one or more eligible persons (i.e., the taxpayer, the taxpayer’s spouse (or common-law partner), a child of the taxpayer, or a parent of the taxpayer), does not have to coincide with the period of ownership [of the particular property by the taxpayer. ...

7 February 2006 External T.I. 2005-0122381E5 F- Consequential assessment-- summary under Subsection 152(4.3) Summary Under Tax Topics- Income Tax Act- Section 152- Subsection 152(4.3) taxpayer following a redetermination to allow a loss for Year 1 can carry that loss forward to a statute-barred year pursuant to s. 152(4.3) The Corporation initially had its loss denied for Year 1 but, many years later in Year 1 + X, CRA allowed that loss (“Determined Amount #2”). Can the Corporation carryforward the Year 1 loss (Determined Amount #2) to Year 1 + 2 (i.e., well prior to Year 1 + X)- even though the normal reassessment period for Year 1 + 2 has expired- in reliance on s. 152(4.3)? ...

The Trust and its beneficiaries then used their sales proceeds to subscribe for the shares of a newly-incorporated holding company (Holdco): Trust – 50% of the Holdco shares; Mr. and Mrs. X – 20% each; and Child X and Y – 5% each). Holdco generated $150,000 from investing these funds in the stock market and paid a $100,000 dividend pro rata to its shareholders, so that Child Y received a $5,000 dividend. ...

The beneficiaries then used their sales proceeds to subscribe for the shares of a newly-incorporated holding company (Holdco): Trust – 50% of the Holdco shares; Mr. and Mrs. X – 20% each; and Child X and Y – 5% each). Holdco generated $150,000 from investing these funds in the stock market and paid a $100,000 dividend pro rata to its shareholders. ...

CRA responded: Question 1 – Broad class of persons The phrase “a broad class of persons” … would generally encompass a large group of persons dealing with a financial institution at arm’s length who have been offered the same incentive without regard to tax considerations or their other personal or financial circumstances. … For example, an incentive offered by a financial institution to all clients who invest or maintain registered and non-registered accounts at a specific minimum dollar amount would generally be considered to be offered to a broad class of persons. … [W]hether an incentive offered only to a “select group” of clients would qualify for the exception would depend on the size of the group relative to the financial institution’s client base as a whole as well as on the particular criteria used to select eligible investors. ... Question 2 – Commercially reasonable In general terms, we consider reasonable incentive programs of the type frequently offered by financial institutions, such as moderate fee rebates or bonus interest payments, to be offered in a “normal commercial or investment context” in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly (described in this letter as commercially reasonable). … [F]actors indicating that an incentive program is not commercially reasonable would include disproportionate benefits relative to investment size, parties acting in concert and other commercially unreasonable behaviour that suggests a main purpose of the arrangement is to allow the investor to benefit from the registered plan’s tax exemption. Question 3 – Monetary value of incentive We consider the value of the incentive relative to the amount invested to be a significant factor in determining if an incentive program is commercially reasonable. ...

After noting that the (apparently Quebec) statutory provisions governing an IMB are similar to those governing a CBCA corporation, including providing that the IMB is a legal person (“personne morale”), has limited liability, except in relation to certain borrowings, has a board of directors and is governed by by-laws and resolutions – and the interests in it carry voting rights, CRA stated: [A]n IMB created under the XXXXXXXXXX qualifies as a corporation under subsection 248(1).However, paragraph 1100(26)(b) of the Regulations requires that each member of the partnership be a corporation described in paragraph 1100(26)(a) of the Regulations – that is a corporation whose principal business throughout a taxation year is: (i) manufacturing or processing; (ii) mining operation; or (iii) the sale, distribution or production of electricity, natural gas, oil, steam, heat or any other form of energy or potential energy – or another partnership described in paragraph 1100(26)(b) of the Regulations. … [B]ased on the limited facts provided … we cannot provide a definitive answer to this [latter] question. ...

Before finding that these premiums were not deductible in computing his income from a business, CRA stated: Where an insurance broker, who is self-employed, receives a commission from the sale of a life insurance policy owned by him …CRA … is generally of the opinion that this income does not have to be included in the calculation of the broker's business income as long as the broker is required to pay the premiums relating to the policy. ... Notwithstanding our position stated above, we are of the view that … the commission received or receivable could be considered taxable … where the amount of the commission is substantial. … Thus, because of the amounts of commissions received, it is likely that they will have to be included in the broker's income for the year in which they are received. ...