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10 January 1992 Roundtable, 912219A F- Capital Gain Deduction Unedited CRA Tags 110.6(8)   File: 7-912219   Officer:  P. ... The following transactions take place:-     Before the sale, A transfers all his/her common shares to a new corporation (GESCO) in return for GESCO shares. ... The shares issued by GESCO to A thus have an adjusted cost base of $350,000 and a value of $400,000.-     A then sells the GESCO shares to B for $400,000, thereby realizing another capital gain of $50,000. ...

Society of Trust and Estate Practitioners (STEP) National Conference STEP / CRA Round Table June 16 & 17, 2014 Toronto, Ontario Question 4 – US Limited Liability Limited Partnerships ("LLLPs") Question Certain US States have enacted legislation to enable LLLPs. ...

A et Mme A détiennent chacun 50 % des actions du capital-actions de la société Opco 2. ... Par ailleurs, l’alinéa 129(1)a) L.I.R. édicte qu’Opco 2 peut obtenir un remboursement au titre de dividendes (« RTD ») à l’égard des dividendes imposables qu’elle a versés sur des actions de son capital-actions au cours d’une année d’imposition et à un moment où elle était une société privée. Or, dans l’interprétation technique 2002-0128955 (l’« Interprétation »), l’ARC a pris position à l’effet qu’un dividende réputé versé en vertu de l’alinéa 84.1(1)b) L.I.R. ne peut être considéré comme un dividende imposable que la société a versé sur des actions de son capital-actions pour les fins de l’application de l’alinéa 129(1)a) L.I.R. ...

STEP CRA Roundtable – June 2014 Question 2 – A Joint Spousal or Common-Law Partner Trust A "joint spousal or common-law partner trust" is defined in subparagraph 73(1.01)(c)(iii) to be a trust under which the individual or the individual's spouse or common-law partner, in combination with the other is entitled to receive all of the income of the trust that arises before the later of the death of the individual and the death of the spouse or common-law partner, and no other person may before the later of those deaths, receive or otherwise obtain the use of any of the income or capital of the trust. ...

CLHIA CRA Roundtable – May 2017 Question 1 – Capital Dividend Account Background Paragraph (d) of the definition of capital dividend account (CDA) in subsection 89(1) of the Act was amended in 2016 by Bill C-29 (enacted December 15, 2016) to generally provide for an addition to the CDA of a corporation equal to the amount by which the proceeds of a life insurance policy of which a corporation was a beneficiary in consequence of the death of any person after March 21, 2016, exceed the adjusted cost basis (ACB) immediately before the death, of a policyholder’s interest in the policy. ...

CLHIA Roundtable – September 2023 Question 2 – Reimbursement by Advisor of Policyholder Expense Background In CRA technical interpretation 2010-0359401C6 dated May 4, 2010, the Canada Revenue Agency (CRA) was asked to comment on the tax treatment of a cash rebate of commissions paid by a licensed life insurance advisor to a client who purchases a life insurance policy. ...

Reasons: A TCP approach leads to different results depending on the facts. 2016 International Fiscal Association Conference CRA Roundtable Question 5 – Upstream loans – Subsections 90(7) and 90(9) Part A Assume the following hypothetical facts: a) Canco, a corporation resident in Canada, directly owns all the shares of FA1, a foreign affiliate of Canco. b) FA1 owns all the shares of FA2, another foreign affiliate of Canco. c) FA2 generates excess liquidity in its active business and loans $10M to FA1. d) FA1 immediately uses the funds to make a $10M loan to Canco. e) The shares of FA1 held by Canco have a $4M adjusted cost base. f) At the lending time, FA1 has an exempt deficit of $20M and FA2 has exempt surplus of $100M. g) The loans are not repaid within two years. ...

Therefore the condition in paragraph 261(20)(b) that the taxpayers have different tax reporting currencies will be met. 2017 International Fiscal Association Conference CRA Roundtable Question 4 – Subsections 261(20) / (21) and foreign affiliates If the conditions set out in subsection 261(20) are satisfied, subsection 261(21) provides that, for purposes of determining a taxpayer’s income, gain or loss in respect of a “specified transaction”, certain fluctuations in the relative values of the taxpayer’s “tax reporting currency” and the tax reporting currency of a related taxpayer are deemed not to have occurred. ...

Reasons: This approach facilitates compliance and administration. 2017 International Fiscal Association Conference CRA Roundtable Question 3 – U.S. LLPs & LLLPs At the November 2016 Canadian Tax Foundation (the “CTF”) annual conference in Calgary, the CRA announced that it had established an internal working group to study compliance issues related to Florida and Delaware limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) arising from its prior announcement that it would generally consider such entities to be corporations for the purposes of Canadian income tax law. ...

Reasons: para. 7(3)(b) is unchanged and the new deduction under para. 110(1)(e) has significant limitations. 2023 International Fiscal Association Conference CRA Roundtable Question 1 – section 247 & recent changes regarding stock-based compensation CRA has traditionally not allowed inbound charges for stock option expenses incurred by related parties to be deducted by a Canadian taxpayer when the cost of such stock options is included in the cost of services provided by the related non-resident person. ...