Search - consideration

"), quatre choses sont nécessaires pour la validé d'un contrat:-     Des parties ayant la capacité légale de contracter;-     Leur consentement donné légalement;-     Quelque chose qui soit l'objet du contrat; et-     Une cause ou considération licite. 24(1) Le paragraphe 88(2) de la loi peut être applicable généralement lorsqu'une corporation canadienne a été liquidée après 1988.  ...

Generally, favourable consideration of granting such relief will only be given where the income has been taxed by the Other Contracting State in which the taxpayer is resident such that a case of "double taxation" in fact exists.  ...

Our Comments The Courts have described interest as "the return or consideration or compensation for the use or retention by one person of a sum of money, belonging to, in a colloquial sense, or owed to, another". ...

Specifically, you have referred the following example for our consideration: A corporation, whose fiscal year end is September 30, has been carrying on business since before January 1, 1972. ...

In order to obtain our views on the specific transaction described in your letter, you should provide the full details to the local district taxation office for their consideration and reply.  ...

In the situation under consideration, it is our understanding XXXXXXXXXX With respect to the above situation, subparagraph 15(2)(a)(ii) of the Income Tax Act (the Act) refers in part to a loan made "to enable or assist the individual to acquire a dwelling... where the dwelling is for the individual's habitation". ...

However, where a payor advances funds to a taxpayer who is bound by contract to hold the advances for eventual distribution to contractees upon completion of certain services to be performed on behalf of the payor and to return to the payor any excess funds to the payor because of services not performed by contractees, it is our view that ownership of the advances remains with the payor and should not be taken into consideration by the holder in determining the percentage of its assets that are used in an active business. ...

The "Penalty For Late Filed Elections" calculation box on page 1 of Form T2060 refers to partnership property received by all former members in consideration of all interests in the partnership and to the sum of the proceeds of disposition of each former member's partnership interests. ...

While it is the Department's practice to allow a deduction for dues relating to periods of non-employment where the individual is actively seeking further employment for which membership in the union is required, consideration of whether the deduction should be allowed for a period of leave can only be made after an examination of the purpose of the leave and the reason for maintaining the membership during the period of that leave.  ...

As a result, it is our view that, in addition to disallowing a deduction in respect of the benefit where the relevant corporation has no laid out cost (i.e. shares were issued from treasury), paragraph 7(3)(b) of the Act disallows laid out costs incurred with respect to the benefit under any agreement to sell or issue shares to an employee of a corporation or to sell or issue shares of a non-arm's length corporation at less than fair market value or for no consideration.  ...