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(Tax Window, No. 18, p. 2, ¶1831)-- summary under Paragraph 20(1)(c) Summary Under Tax Topics- Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c) Where, in connection with the transfer by Opco to its parent, Holdco, of property subject to debt in excess of the property's ACB, Holdco first assumes the excess debt in consideration for a promissory note of Opco, and then Holdco surrenders that promissory note to Opco in consideration for the redemption of preference shares issued by Holdco to Opco on the transfer, the interest on the assumed debt will be deductible provided that interest on that debt was deductible by Opco and the property is used by Holdco to earn income. ...

(Tax Window, No. 18, p. 2, ¶1831)-- summary under Paragraph 85(1)(b) Summary Under Tax Topics- Income Tax Act- Section 85- Subsection 85(1)- Paragraph 85(1)(b) Where, in connection with the transfer by Opco to its parent, Holdco, of property subject to debt in excess of the property's ACB, Holdco first assumes the excess debt in consideration for a promissory note of Opco, and then Holdco surrenders that promissory note to Opco in consideration for the redemption of preference shares issued by Holdco to Opco on the transfer, s. 85(1)(b) will not apply to alter the agreed amount (being the property's ACB), i.e., the allocation of the assumed debt as consideration for the promissory note of Opco rather than as consideration for the transfer of the property will be respected. ...

4 June 1992 T.I. 920847 (December 1992 Access Letter, p. 34, ¶C245-044)-- summary under Subparagraph 53(1)(e)(iv) Summary Under Tax Topics- Income Tax Act- Section 53- Subsection 53(1)- Paragraph 53(1)(e)- Subparagraph 53(1)(e)(iv) Where, in connection the dissolution of a partnership under s. 98(3) and the recontribution of the property to a new partnership under s. 97(2), a partner borrows money to make a contribution to the old partnership immediately before its dissolution and receives a corresponding distribution of capital shortly after the formation of the new partnership, GAAR will be applied so as to prevent this avoidance of a capital gain on the dissolution of the partnership. ...

11 October 2012 External T.I. 2012-0432861E5- Clearance certificate under 159(2)-- summary under Subsection 159(2) Summary Under Tax Topics- Income Tax Act- Section 159- Subsection 159(2) A partnership "could" be a "taxpayer" for the purpose of s. 159(2) so that a general partner of a limited partnership, viewed as a legal representative of that taxpayer, "would" be required to apply for a certificate under s. 159(2) in connection with a winding-up of the partnership. ...

27 November 2013 External T.I. 2012-0473421E5- Indian Tax Exemption- Business Income-- summary under Section 87 Summary Under Tax Topics- Other Legislation/Constitution- Federal- Indian Act- Section 87 exempt fishing income The Robertson and Ballantyne decisions will be applied all of the following conditions are met: * The fishing activities of the fisher in waters near or abutting the reserve have a significant historical and continuing important economic connection to the reserve; and * The fisher is a member of a band-owned and-operated organization or cooperative of band members located on the reserve that has a predominant role in the fisher's fishing and selling activities and an important role in the general economic life of the reserve. ...

15 November 2012 External T.I. 2012-0461291E5 F- Frais judiciaires pour clarifier une servitude-- summary under Adjusted Cost Base Summary Under Tax Topics- Income Tax Act- Section 54- Adjusted Cost Base no comment on whether legal costs to avoid expanded easement were ACB addition The taxpayer incurred legal expenses in connection with a Superior Court action which defeated a claim of adjoining landowners that they had a larger easement over land of the taxpayer than reflected in the revised title. ...

25 April 2014 External T.I. 2013-0515621E5 F- Frais de voyage / Travelling expenses-- summary under Paragraph 6(1)(a) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) benefit where employer pays costs of friend to accompany employee on training trip An employee, who must undergo training outside the country, is allowed to be accompanied by a friend (who has no connection to the employer’s business) whose travel expenses (accommodation, airfare and meals) are paid by the employer. ...

CRA provides a general discussion of the application of the Act to the deemed contribution of property to a trust of which the bare owner and usufructuary are the beneficiaries, and of the application of s. 107(2.1) to the winding up of the trust in connection with the termination of the usufruct. ...

3 March 2015 External T.I. 2014-0540051E5 F- Indiens – Intérêts d'une institution hors réserve-- summary under Section 87 Summary Under Tax Topics- Other Legislation/Constitution- Federal- Indian Act- Section 87 life annuity purchased off reserve did not qualify An Indian with a redacted connection to a reserve purchased a life annuity for a financial institution off reserve given that there was no financial institution on a reserve within 100 km of him. ...

16 May 2016 External T.I. 2015-0571591E5- Employees Provident Fund of Malaysia-- summary under Subparagraph 110(1)(f)(i) Summary Under Tax Topics- Income Tax Act- 101-110- Section 110- Subsection 110(1)- Paragraph 110(1)(f)- Subparagraph 110(1)(f)(i) Treaty-exempt receipts must be included in income and deducted from taxable income under s. 110(1)(f)(i) In connection with the possibility that the a lump sum payment received by a recent Canadian resident out of a Malaysian pension plan (namely, the Employees Provident Fund of Malaysia, which is administered by the Ministry of Finance Malaysia) might be Treaty exempt, CRA stated that in such event: the individual who receives it still has to include the amount in income under clause 56(1)(a)(i)…but that individual can claim an offsetting deduction under subparagraph 110(1)(f)(i)… in computing the individual’s taxable income. ...