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Table of contents Discussion and interpretation Overview of the capital dividend account Capital dividend account – private corporation qualification Capital dividend account – election Election under subsection 83(2) and its effects Late-filed elections Capital dividend account – components General discussion of the CDA balance determination CDA Component 1 – non-taxable portion of capital gains CDA Component 2 – capital dividends received by the corporation CDA Component 3 – eligible capital amounts CDA Component 4 – life insurance policy proceeds CDA Component 5 – trust distributions CDA Component 6 – capital dividends payable Special rules Amalgamation or winding-up Payments in kind and deemed dividend payments Excessive elections Overstatements Additional tax on excessive elections Election to avoid additional tax Anti-avoidance rule Application Reference History Discussion and interpretation Overview of the capital dividend account 1.1 This section will give the reader an overview and general description of the capital dividend account (CDA) and the mechanism to pay tax-free dividends from that account. ... CDA Component 5 – trust distributions 1.73 This paragraph has been deleted. ... The non-deductible portion of the capital loss of Corporation B is $75,000. $50,000 – $75,000 = – $25,000 Component 1 = NIL (because Component 1 cannot be a negative amount) Component 3 Amount included in income of Corporation A pursuant to paragraph 14(1)(b) (see ¶ 1.54) Component 3 = $25,000 Component 4 Net proceeds of a life insurance policy received by Corporation B Component 4 = $40,000 Calculation of CDA balance of Amalco: Component 1 + Component 3 + Component 4 = $65,000 In the first tax year after amalgamation, Amalco realizes a capital gain of $90,000, the non-taxable portion of which is $45,000. ...