Search - connection

Guideline 4 provides an exemption for employment income where the following conditions are met: a) The employer is resident on a reserve; b) The employer is: an Indian band which has a reserve, or a tribal council representing one or more Indian bands which have reserves; or an Indian organization controlled by one or more such bands or tribal councils, if the organization is dedicated exclusively to the social, cultural, educational, or economic development of Indians who for the most part live on reserves; and c) The duties of employment are in connection with the employer's non-commercial activities carried on exclusively for the benefit of Indian's who for the most part live on reserves. ...

While it is a question of fact whether a particular arrangement may satisfy the definition of a PHSP, under the Canada Revenue Agency’s (“CRA’s”) revised PHSP position, a plan qualifies as a PHSP where: all of the expenses covered under the plan are medical or hospital expenses, or expenses incurred in connection with and within a reasonable time period following a medical expense; all or substantially all (generally 90% or more) of: the premiums paid under the plan (where the plan is insured) relate to medical expenses that are eligible for the medical expense tax credit; or the benefits paid to all employees in the calendar year (where the plan is self-insured) relate to medical expenses that are eligible for the medical expense tax credit; and the plan meets all other conditions outlined in paragraph 3 of Interpretation Bulletin IT-339R2, Meaning of private health services plan [1988 and subsequent taxation years]. ...

Specifically, Guideline 4 requires that: a) The employer is resident on a reserve; and b) The employer is: an Indian band which has a reserve, or a tribal council representing one or more Indian bands which have reserves; or an Indian organization controlled by one or more such bands or tribal councils, if the organization is dedicated exclusively to the social, cultural, educational, or economic development of Indians who for the most part live on reserves; and c) The duties of employment are in connection with the employer's non-commercial activities carried on exclusively for the benefit of Indians who for the most part live on reserves. ...

As of January 1, 2015, the CRA considers a plan to be a PHSP, where all of the following conditions are met: All of the expenses covered under the plan are: medical and hospital expenses (medical expenses) o expenses incurred in connection with a medical expense and within a reasonable time period following the medical expense (connected expenses) o a combination of medical expenses and connected expenses All or substantially all of the premiums paid (generally 90% or more) relate to medical expenses that are eligible for the medical expense tax credit The plan meets the conditions outlined in paragraph 3 of the Interpretation Bulletin IT-339R, Meaning of private health services plan [1988 and subsequent taxation years]. ...

However, if you are subject to tax in the Isle of Man on amounts withdrawn from the PF, in general, a foreign tax credit may be available on your Canadian income tax and benefit return in connection with any taxes paid to the government of the Isle of Man. ...

In addition, it must be possible to clearly demonstrate a causal connection between the mental infirmity and the dependence of the child or grandchild for support. ...

As of January 1, 2015, the CRA considers a plan to be a PHSP, where all of the following conditions are met: All of the expenses covered under the plan are: medical and hospital expenses (medical expenses) o expenses incurred in connection with a medical expense and within a reasonable time period following the medical expense (connected expenses) o a combination of medical expenses and connected expenses All or substantially all of the premiums paid (generally 90% or more) relate to medical expenses that are eligible for the medical expense tax credit The plan meets the conditions outlined in paragraph 3 of the Interpretation Bulletin IT-339R, Meaning of private health services plan [1988 and subsequent taxation years]. ...

Any income or capital gain earned in connection with a plan that is neither a pension plan nor EBP is generally taxable in Canada on a current, annual basis; however, this determination is ultimately a question of fact and will depend on the characterization of the particular plan and its respective treatment under the Act. ...

This is being done on the basis that such costs would have been deductible under paragraph 118.2(2)(l.2) had they been made in connection with modifications to the existing dwelling, rather than as part and parcel of an addition to that dwelling.  ...

In concluding, our Department recognizes the importance to the banks of providing some guidance as to the tax implications that arise in connection with foreign currency borrowings and various financial products.  ...