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29 November 2022 CTF Roundtable Q. 3, 2022-0949771C6- Post-closing adjustments and the impact to escrow shares-- summary under Subsection 84(3) Summary Under Tax Topics- Income Tax Act- Section 84- Subsection 84(3) cancellation of escrow shares triggered a deemed dividend Under an agreement for the sale of a corporation (Target) solely for shares of the purchaser, which were validly issued on the closing, a portion of such shares were placed in escrow at the time of their issuance – then were cancelled to satisfy an obligation of the vendor to repay a downward adjustment to the purchase price equal to such shares’ value (which exceeded their paid-up capital). ...

In this regard, the Directorate noted that decisions such as Clibetre and Orlando indicate that “where requested changes to elements of the taxpayer’s return of income are denied, and there is no change to the tax payable previously assessed … there has been no ‘reassessment’ of tax by the Minister,” and such denial is instead “simply a notification that a reassessment has not been done” (“even if the notification is titled a ‘Notice of Reassessment’.”) ...

The individual’s taxable capital gain arising from the transfer of the capital property to the CRT would not be included in variable B …. ...

In responding affirmatively, CRA stated: [S]ection 122.92 … does not require that an eligible dwelling be built prior to, or concurrently with, a secondary unit in order for qualifying expenditures to qualify for the MGHRTC. ...

Where a contribution is made in respect of new or future hires comprised of unidentified individuals, most of whom are not yet employees of the employer, this requirement would not be met and the contribution would not be deductible under subsection 144.1(6) …. ...

23 March 2023 External T.I. 2023-0967391E5- Incentive for nurses to go back to practice-- summary under Subsection 5(1) Summary Under Tax Topics- Income Tax Act- Section 5- Subsection 5(1) s. 56(1)(r)(i) rather than s. 5(1) applies to inducement payments made by the government directly to a prospective employee of a hospital CRA indicated that where a provincial government sponsors a program that is designed to deliver incentive payments or earnings supplements directly to eligible nurses, such amounts are included in their income under s. 56(1)(r)(i) (“earnings supplements provided under a [government-sponsored] project … to encourage individuals to obtain or keep employment”) whereas if it sponsors a program designed to have employers deliver the payments directly to them, such amounts are included in their employment income under s. 5(1). ...

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 concluded that such an IMB qualifies as a corporation. ...

For general guidance on when a modification to the rights and privileges attached to a share may, or may not, result in a disposition, see … IT-448 [paras. 9-16]. ...

20 June 2023 STEP Roundtable Q. 7, 2023-0959581C6- Deemed Resident Trust and the Resident Portion-- summary under Subparagraph 94(2)(g)(iv) Summary Under Tax Topics- Income Tax Act- Section 94- Subsection 94(2)- Paragraph 94(2)(g)- Subparagraph 94(2)(g)(iv) application where a s. 94 trust lent to a resident beneficiary, and when loan repaid Regarding where a loan is made by a non-resident trust (which has made a valid (resident portion) election under s. 94(3)(f)) to a Canadian resident beneficiary, CRA noted that s. 94(2)(g)(iv) provides that the loan to the beneficiary involves the acquisition by the trust of the debt which entails a deemed transfer by the debtor – so that, here, there is a deemed transfer of property from the beneficiary to the trust. ...

Regarding the computation of the benefit, in cases where the fair market rent did not provide a reasonable return on the value of the property, the amount of the benefit is to be determined using the imputed rent approach – which in general entailed multiplying what would generally be a normal rate of return for the non-resident corporation by the greater of the cost and fair market value of the property, and adding operating costs other than interest paid on liabilities connected with the property. ...