Search - connection

Meers: Re: Losses – Personal Scams We are writing in response to your email dated October 11, 2023 in which you requested our views on whether there is any tax recourse for losses incurred in connection with a “personal” scam, as opposed to losses incurred in connection with an “investment” scam. ...

They import such meanings as " in relation to ", " with reference to " or " in connection with ". The phrase " in respect of " is probably the widest of any expression intended to convey some connection between two related subject matters. ...

In connection with paragraph 118.2(2)(e) of the Act, you have referred to an example of an individual who is blind and, in your view, is eligible to claim the medical expense tax credit under that provision. ...

In connection with this decision, the Directorate is retracting the administrative position which was referred to in our memorandum to you dated May 17, 1996. ...

Paragraph 221(d) of the Act provides the Governor in Council the authority to make regulations "requiring any class of persons to make information returns respecting any class of information required in connection with assessments under this Act". ...

You have described the facts as follows; 24(1) 24(1) In order to qualify for the OETC pursuant to section 122.3 of the Income Tax Act, an individual resident in Canada in a taxation year must be employed by a specified employer throughout any period of more than 6 consecutive months that commenced before the end of the year and that individual must perform all or substantially all of his employment duties in a country or countries outside of Canada in connection with a contract under which the specified employer carried on business in such a country. 24(1)  To meet the all of substantially all" criteria, the Department's position is that not less than 90% of your employment duties must be performed outside Canada. ...

Each $XXXXXXXXXX Face Value amount of the Note redeemed, may be satisfied by: i) a payment of a cash amount of $XXXXXXXXXX, or at the option of the Taxpayer: ii) delivery of XXXXXXXXXX Underlying Shares, iii) payment of a cash amount equal to XXXXXXXXXX * the current market price per Underlying Share, or iv) any combination of ii) and iii), plus an additional redemption payment of: v) if current market price > $XXXXXXXXXX /share: Nil, or vi) if current market price < $XXXXXXXXXX /share: XXXXXXXXXX * $XXXXXXXXXX; i) In addition to any other amounts due or payable, a premium is payable in connection with the final measuring interest period preceding an exchange, a redemption, or the maturity date, equal to: i) all cash dividends and cash distributions, having an ex-dividend date during the final measuring interest period, in respect of X Underlying Shares where X equals the Face Value amount of the Note then outstanding / XXXXXXXXXX * XXXXXXXXXX, plus ii) the FMV of all non-cash distributions, having an ex-distribution date during the final measuring interest period, in respect of X Underlying Shares; j) Interest is payable XXXXXXXXXX on the Note equal to: i) XXXXXXXXXX % per annum, plus ii) A%, XXXXXXXXXX (i.e., A is the percentage of cash distributions paid on $XXXXXXXXXX of principal), and iii) B%, XXXXXXXXXX (i.e., B is the percentage of non-cash distributions paid on $XXXXXXXXXX of principal); k) The proceeds of the Note were used by the Taxpayer as follows: i) $XXXXXXXXXX was loaned to XXXXXXXXXX (the "Trust"). ... The XXXXXXXXXX shares were later sold XXXXXXXXXX for consideration that included a number of Underlying Shares, iii) $XXXXXXXXXX was paid to the Holder to be held in an interest bearing collateral account against the Taxpayer's obligation to pay interest, iv) $XXXXXXXXXX was used to pay legal fees in connection with the issuance of the Note, and v) $XXXXXXXXXX use unknown; l) On XXXXXXXXXX, when the current market price per Underlying Share was $XXXXXXXXXX, the Taxpayer exercised XXXXXXXXXX option to redeem $XXXXXXXXXX of the Face Value amount of the Note which resulted in the payment to the Holder of: i) $XXXXXXXXXX in accordance with h)iii) above, and ii) $XXXXXXXXXX in accordance with i) above; and m) On XXXXXXXXXX, when the current market price per Underlying Share was $XXXXXXXXXX, the Taxpayer exercised XXXXXXXXXX option to redeem $XXXXXXXXXX of the Face Value amount of the Note which resulted in the payment to the Holder of: i) $XXXXXXXXXX in accordance with h)iii) above, and ii) $XXXXXXXXXX in accordance with i) above. ... The interest paid on the $XXXXXXXXXX used to pay legal fees incurred in connection with issuing the Note, as noted in k)iv) above, is, in our view, deductible. ...

Furthermore, employment at XXXXXXXXXX is not in connection with the employer's "non-commercial activities". ... It should be noted, however, that Guideline 4 requires a) that the employer is resident on a reserve; b) that 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) that the duties of the 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. ... Furthermore, in our view, employment at XXXXXXXXXX is not in connection with the employer's "non-commercial activities". ...

The definition of "personal or living expenses" in subsection 248(1) includes "the expenses of properties maintained by any person for the use or benefit of the taxpayer or any person connected with the taxpayer by blood relationship, marriage or adoption, and not maintained in connection with a business carried on for profit or with a reasonable expectation of profit,... ... They import such meanings as "in relation to", "with reference to", or "in connection with." The phrase "in respect of" is probably the widest of any expression intended to convey some connection between two related subject matters. ...

Reasons FOR POSITION TAKEN: The wording of the provision authorizes a reassessment as long it is (1) a consequence of a decision on appeal in respect of a particular previous year, (2) completed within the time frame set out in the provision and (3) there is a reasonable connection to the change in the particular year. ... "related"- have reference to; stand in some relation to "relation"- what one person or thing has to do with another; kind of connection between persons or things. ... It is our view that as long as the connection between two things or actions is easily discernible then the two things or actions could reasonably be considered to be related. ...