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13 January 2005 External T.I. 2004-0101701E5 F- Bien substitué-- summary under Paragraph 248(5)(b) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(5)- Paragraph 248(5)(b) substituted property definition in s. 248(5)(b) does not apply for the purposes of s. 7(1.1) In finding that the provisions of s. 7(1.1) would not apply to shares received as a stock dividend on shares that had been acquired on the exercise of employee stock options, where such shares were sold before the latter shares had been disposed of, CRA stated: Since the provisions of subsection 7(1.1) do not refer to the term "substituted property", we are of the view that the definition in paragraph 248(5)(b) does not apply to the case submitted … [and] the provisions of paragraph 7(1)(a) would apply in the taxation year in which the held shares are ultimately disposed of or exchanged, even though the shares, received as a stock dividend on those held shares, have already been sold. ...

24 January 2005 External T.I. 2004-0099471E5 F- Convention de retraite pour un actionnaire-employé-- summary under Paragraph 20(1)(r) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(r) no deduction regarding pre-incorporation services, and longstanding CRA position re shareholder-manager compensation Are contributions by a corporation to an RCA deductible in computing its income where the contributions relate to services rendered by a shareholder-employee while self-employed and before the corporation’s incorporation? ... After referring to the s. 67 limitation, it stated: [T]he position set out in [1981 CTF Roundtable, Q.42], which applies to the reasonableness of bonuses paid to … shareholder-employees, also applies in determining the reasonableness of contributions, for the purposes of section 67, to an RCA for the benefit of a shareholder-manager. ...

24 January 2005 External T.I. 2004-0099471E5 F- Convention de retraite pour un actionnaire-employé-- summary under Section 67 Summary Under Tax Topics- Income Tax Act- Section 67 81 Roundtable position on shareholder-manager compensation also applies to RCA contributions Are contributions by a corporation to an RCA deductible in computing its income where the contributions relate to services rendered by a shareholder-employee while self-employed and before the corporation’s incorporation? After paraphrasing the s. 20(1)(r) wording and indicating that, to be deductible, “the contributions must relate to services rendered to that corporation as an employee,” CRA stated: [T]he position set out in [1981 CTF Roundtable, Q.42], which applies to the reasonableness of bonuses paid to … shareholder-employees, also applies in determining the reasonableness of contributions, for the purposes of section 67, to an RCA for the benefit of a shareholder-manager. ...

28 October 2005 External T.I. 2005-0145891E5 F- Redemption of Shares- Balance of Purchase Price-- summary under Subsection 84(3) Summary Under Tax Topics- Income Tax Act- Section 84- Subsection 84(3) amount of deemed dividend arose on redemption date based on amount of covenanted future redemption payments On January 1, 2005, Canco purchases for cancellation 100 common shares, having a fair market value of $100,000, in consideration for paying $25,000 per annum during the four following years to the redeemed shareholder (“Shareholder”). As a legal matter, the 100 shares were cancelled on January 1, 2005 and, thereafter, the Shareholder held a debt claim of $100,000. ... CRA responded: … [T]he amount of the deemed dividend at the time of the purchase for cancellation of the shares of the capital stock of Canco on January 1, 2005 would be equal to the value of any consideration given by Canco and received by the Shareholder for the Shareholder’s shares of the capital stock of Canco at the time of the purchase for cancellation of such shares, including any covenants or promises to pay amounts in the future, that would be in excess of the paid-up capital in respect of such shares. ...

6 May 2005 External T.I. 2005-0116981E5 F- Rollover under section 85 of an ECP-- summary under Paragraph 14(1)(a) Summary Under Tax Topics- Income Tax Act- Section 14- Subsection 14(1)- Paragraph 14(1)(a) “exempt gains balance" is of no utility in calculating the amount to be included in income under … 14(1)(a)" Mr. ... In 2005, he transferred his business to a wholly-owned corporation under s. 85. ... X's income for 2005 under paragraph 14(1)(a) because Mr. X has already claimed deductions in respect of the Goodwill pursuant to paragraph 20(1)(b).” ...

7 April 2005 External T.I. 2004-0099191E5 F- Inventaire d'un artiste-- summary under Subsection 70(2) Summary Under Tax Topics- Income Tax Act- Section 70- Subsection 70(2) application of s. 70(2) or (3) to artist’s inventory After noting that the inventory of an artist that is valued at nil pursuant to s. 10(6) is a right or thing, CRA indicated that, subject to s. 70(3), the value of the inventory is included in the deceased’s terminal return unless the legal representative elects under s. 70(2) to file a separate return for the year of death. ... Where s. 70(3) applies, the value of the deceased's rights or property will instead be included in computing the income of the beneficiary for the taxation year in which the beneficiary received it, and the beneficiary’s cost will be determined under s. 69(1.1) to equal the total of the part of the cost thereof to the deceased as had not been deducted by the deceased in computing the deceased’s income for any year, and any expenditures made or incurred by the beneficiary to acquire the property – which cost will be used to compute the beneficiary's income when the inventory is sold. ...

18 March 2005 External T.I. 2005-0117691E5 F- Significant increase in interest in any corp-- summary under Subparagraph 55(3)(a)(ii) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(3)- Paragraph 55(3)(a)- Subparagraph 55(3)(a)(ii) preliminary transfer of Opco shares to Holdco preliminary to a spin-off engaged the s. 55(3)(a)(ii) exclusion Two brothers (X and Y) each hold half the shares of Opco which, in turn, holds 35% of the shares (being common shares) of Subco. ... Y) who were unrelated persons immediately before the particular time …. ...

20 April 2005 External T.I. 2005-0119901E5 F- Associated Corporations- Shareholders' Agreement-- summary under Paragraph 256(1.4)(a) Summary Under Tax Topics- Income Tax Act- Section 256- Subsection 256(1.4)- Paragraph 256(1.4)(a) presumption of the referenced shares being issued and outstanding is relevant only re treasury shares and does not multiply already-issued shares Two individuals (X and Y) each held all of the shares of Gesco and Holdco, respectively, and each of Gesco and Holdco held ½ of all the shares (being 50 common shares each) of Opco. ...

30 May 2005 External T.I. 2005-0127861E5- Securities transactions- capital gain or income-- summary under Options Summary Under Tax Topics- Income Tax Act- Section 9- Capital Gain vs. ... CRA stated: [A]s indicated in … IT-479R …[t]he CRA generally presumes that: (a) the gain or loss realized by a holder of options is on the same account as the holder's transactions in shares; (b) the gain or loss realized by a writer of covered options is on the same account as the underlying shares; and (c) the gain or loss realized by a writer of naked options is normally on income account. ...

24 June 2005 External T.I. 2005-0126251E5 F- Montants alloués pour personne handicapée-- summary under Subsection 118.3(2) Summary Under Tax Topics- Income Tax Act- Section 118.3- Subsection 118.3(2) parent could not take a transfer of the unused credit because she was no longer financially supporting her impaired daughter Could the taxpayer claim the unused portion of the disability tax credit for her daughter who was now over 18 years of age, given that the daughter had been placed in a specialized centre since she was two and a half years old and the taxpayer was no longer having to pay for her daughter as she was receiving social assistance benefits? ... CRA stated that: Generally, a person is dependent on an individual if the individual provides for the individual's basic needs or necessities on a regular and consistent basis … [so that the taxpayer] cannot claim the wholly dependent person tax credit for dependants with physical or mental disabilities. ...