Search - Listed Personal Property

Under the first requirement set out in paragraph (a) of the Definition, more than 50% of the FMV of the corporation's property must be attributable, throughout any 24-month period ending before the particular time, to one or more of the properties listed in subparagraphs (a)(i) to (iv) of the Definition (the "eligible properties"). Such eligible properties generally include: property used principally in the business of farming in which the individual or a relation (spouse or common-law partner, child or parent of the individual or of the beneficiary if the individual is a personal trust) (subpara. ... Since the farmland, which represents at least 90% of the value of all of P's property, is an eligible property, an interest in P is also an eligible property because it qualifies as a partnership interest described in subparagraph (a)(iii) of the Definition. ...

Your referral, which has arisen as a consequence of the audit of the XXXXXXXXXX personal income tax return of XXXXXXXXXX ("Taxpayer"), concerns the ownership of certain real property. ... Subsequently, upon her death, Brother listed the property for sale with the realtor XXXXXXXXXX ("Realtor"). 3. ... Other actions taken by Brother, consistent with the notion that he was the beneficial owner include the payment of realty taxes, and insurance on the property and the fact that Brother's name is listed as the owner on the purchase and sale agreement and all ancillary agreements and billings (i.e., bridge financing, commission expenses, lawyers reporting letter on the closing of the sale). ...

The Property was placed on the market in XXXXXXXXXX. The listed price was $XXXXXXXXXX. ... undivided interest in the Property to Child1 in trust, a? undivided interest in the Property to Child2 in trust and? ... Any personal use of the Property was incidental to Child3 as caretaker. ...

It is your view that since the property is not a "personal use property" ("PUP"), the subparagraph 40(2)(g)(iii) stop loss rule would not deny the loss. Generally, all property, other than inventory, constitutes capital property. Certain types of capital property fall within the definition of a PUP and certain PUPs are further defined to be "listed personal property" ("LPP"). ...

The financial assistance received for lost or destroyed essential personal property will constitute the proceeds of disposition for personal-use property. ... Since the assistance covers essential personal property, it is unlikely that it would be paid for listed personal property. The rules for the sale of personal-use property and listed personal property will apply. ...

Assistance Provided to Help Start Self-Employment Businesses Paragraph 12(1)(x) of the Act provides that certain inducements, reimbursements, contributions, allowances, grants, and assistance received by a taxpayer in the course of earning income from a business or property are required to be included in income. ... In addition, if a scholarship or bursary program provides allowances or reimbursements to pay for specific educational costs, such as those for lodging, personal travel, tools, books or equipment, those amounts are generally also included in income under paragraph 56(1)(n) of the Act. ... Other Payments Listed As funding for the EAPD Program and the FS Program is not provided by the Employment Insurance Act, the other benefit payments cannot be taxed under subparagraphs 56(1)(a)(iv), 56(1)(r)(ii) or 56(1)(r)(iii) of the Act. ...

Item c)- Assistance Provided to Help Start Self-Employment Businesses Paragraph 12(1)(x) of the Act provides that certain inducements, reimbursements, contributions, allowances, grants, and assistance received by a taxpayer in the course of earning income from a business or property are required to be included in income. ... In addition, if a scholarship or bursary program provides allowances or reimbursements to pay for specific educational costs, such as those for lodging, personal travel, tools, books or equipment, those amounts are generally also included in income under paragraph 56(1)(n) of the Act. ... Other Payments Listed As funding for the Opportunities Fund is provided by the Consolidated Revenue Fund, not the EI Act, the other benefit payments cannot be taxed under subparagraphs 56(1)(a)(iv), 56(1)(r)(ii) or 56(1)(r)(iii). ...

Definitions The following terms, as defined in the Policy, apply in respect of this technical interpretation: a) Community – Includes municipalities, local service districts, and / or unincorporated areas. b) Permanent Resident – Permanent residency is established if, in each of the two twelve-month periods immediately preceding the Relocation Request Date, an individual fulfills the requirements listed in (i), (ii) and (iii) below: i. ... The replacement property rules apply where a former property is involuntarily disposed of, or when a former property that is a "former business property" (footnote 3) is voluntarily disposed of, and a replacement property is acquired. ... As the Permanent Residential Property Owners generally would not be receiving this amount in the course of earning income from a business or property with respect to their personal residential property, the legal fees paid by the Department would likely not be taxable. ...

If a tax was not in fact paid by the purchaser of a property or service, the only listed exceptions provided in subsection 6(7) are in respect of any tax that would have been so payable “if the person were not exempt from the payment of that tax because of the nature of the person, or the use to which the property or service is to be put.” ... For example, subsection 24(3) of the Provincial Sales Tax Act (British Columbia), defines “purchase price” for the purposes of section 9 of that Act and states: “If, in relation to a sale in British Columbia of tangible personal property, tangible personal property on which the purchaser has previously paid an applicable tax or that was exempt from an applicable tax is accepted at the time of sale by the seller as consideration on account of the price of the tangible personal property sold, for the purposes of this Act, the purchase price of the tangible personal property sold is the amount equal to the initial price of the tangible personal property sold less the amount of the credit allowed for the tangible personal property accepted on account of the price of the tangible personal property sold. ... Therefore, it would not fall within the two listed exceptions in subsection 6(7) of the Act. ...

Subsection 107(1) is restricted in its application to personal trust (defined in subsection 248(1) of the Act). Disposition of capital units in non-personal trusts, such  24(1)   24(1)   are subject to subsection 107(1), however, where the disposition occurs before 1991 (or such earlier time after October 1, 1987 as the trust issues a beneficial interest in the trust) and the units were listed on a prescribed stock exchange on October 1, 1987. ... Again, subsection 107(2) is restricted to personal trusts except where the distribution occurs before 1991 (or the earlier date after October 1, 1987 described above) and the units were listed on a prescribed stock exchange on October 1, 1987. ...