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(This may have occurred because the transactions under consideration were completed before the rulings were ultimately given.) ...

For example, a taxpayer with a property with an adjusted cost base and fair market value of $20 and $120, respectively, contributes the property under s. 97(2) to a newly-formed LP in consideration for units with a FMV of $120. ...

Instead, he transferred the shares to a new holding company (P Pom) under s. 85(1) in consideration for high ($1M) basis Class G shares and low basis Class A shares, and redeemed the Class G shares. ...

The Province then breached terms of the building lease and, in the subsequent settlement agreement, the parties agreed that, in addition to making a cash payment, the Province owed $2.4 million to Armour and that Armour, in consideration for $2.4 million to be paid by way of set-off, would be granted an irrevocable option to acquire the Province’s freehold interest (with the ground lease being terminated). ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2013-05-15 28 March 2013 External T.I. 2012-0460481E5 F- Allocation pour usage d'un véhicule à moteur Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b)- Subparagraph 6(1)(b)(x) fixed allowance of $4.60 for each trip under 10 kilometres deemed unreasonable 13 February 2013 External T.I. 2011-0430921E5 F- S. 261- Loss carry-back & loss carry-forward Income Tax Act- Section 261- Subsection 261(12) conversion to U.S. dollar and back again changed non-capital losses Income Tax Act- Section 261- Subsection 261(15) carryback of non-capital loss following revocation of functional currency election to functional currency year 28 March 2013 External T.I. 2012-0460031E5 F- Prime pour partager chambre à deux Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) allowance paid by 3rd-party customer to employees re double-occupancy rooms was taxable Income Tax Regulations- Regulation 200- Subsection 200(1) T4As to be issued by employer for allowance paid by 3rd-party customer to employees 2 April 2013 External T.I. 2013-0478221E5 F- CIAPH- acquisition pour une somme nominale Income Tax Act- Section 118.05- Subsection 118.05(3) purchase for nominal consideration still generates the credit 19 March 2013 External T.I. 2012-0444001E5 F- Dépenses d'adoption lors de démarches abandonnées Income Tax Act- Section 118.01- Subsection 118.01(1)- Eligible Adoption Expense expenses must be incurred in relation to successfully-adopted child 11 March 2013 External T.I. 2012-0469231E5 F- Deferred terminal loss Income Tax Act- Section 13- Subsection 13(21.2) notional properties fall in same class so that losses suspended until triggering events for all properties/ordering of dispositions to affiliated and unaffiliated transferees generally not relevant Income Tax Act- Section 13- Subsection 13(21.1)- Paragraph 13(21.1)(a) s. 13(21.1)(a) adjusts the proceeds as determined under s. 85 ...

On the butterfly proper, DC transfers Newco to TCo in consideration for preferred shares and the assumption of liabilities – except that in order to ensure that the transfer of cash (under the consolidated look-through approach) represented by the transfer of Newco is in the same proportion as the transfer of business assets, there also is a transfer of cash made as of the date of this butterfly distribution but that, in fact (and similarly to 2012-0459781R3 and 2014-0530961R3), is transferred a redacted number of days thereafter in order to accommodate a more accurate computation of the required amount. ...

Woods JA found that this stock dividend, when viewed in combination with the subsequent immediate redemption of the stock dividend shares, had the same effect as a cash dividend and, therefore effected a transfer of property to the Holdco for no consideration for purposes of s. 160. ...

For example, he could: do a drop-down of half of his Opco shares to a wholly-owned Newco on a s. 85(1) rollover basis have Newco do a dirty s. 85(1) exchange of its Opco shares with Opco for new Opco shares, thereby realizing a $5M capital gain and additions to its capital dividend account and refundable dividend tax on hand account sell in two equal tranches his remaining Opco shares to Newco in consideration for two $2.5M notes, thereby generating, under s. 84.1: a $2.5M capital dividend; and a $2.5M taxable dividend (generating a dividend refund) Since he and Newco have high basis in the Opco shares, the sale to the purchaser can now close without further gain being realized. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2019-01-09 19 July 2018 External T.I. 2014-0551941E5 F- Déplacement effectué par un employé Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(b) travel allowances of employees at accounting firms for travel on their audit engagements might be taxable 2012-12-05 5 October 2012 APFF Roundtable Q. 13, 2012-0454181C6 F- Discretionary Dividend Shares Income Tax Act- Section 245- Subsection 245(4) general policy against conferring a benefit on a corporation Income Tax Act- 101-110- Section 110.6- Subsection 110.6(7)- Paragraph 110.6(7)(b) acquisition by Holdco of discretionary dividend shares of Opco at undervalue could engage s. 110.6(7) application to Opco commons Income Tax Act- Section 15- Subsection 15(1) discretionary dividend shares issued for nominal consideration 2012-11-28 27 August 2012 Internal T.I. 2012-0435571I7 F- Opposition à une cotisation Income Tax Act- Section 165- Subsection 165(1) Act does not limit the reasons for an objection (taxpayer can change mind up to objection time) 22 October 2012 External T.I. 2012-0432241E5 F- Impôt des enfants mineurs- gain en capital Income Tax Act- Section 120.4- Subsection 120.4(4) purported dirty s. 85(1) capital gains crystallization by minor child instead generates dividend 2012-11-14 22 October 2012 External T.I. 2012-0452491E5 F- Repas fournis dans le cadre d'une formation Income Tax Act- Section 67.1- Subsection 67.1(2)- Paragraph 67.1(2)(a) Pink Elephant followed/potential exception for training business where it breaks out meals on its invoices Income Tax Act- Section 67.1- Subsection 67.1(1) trainees required to break out meal portion of their invoices even if not separately identified Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(b)- Capital Expenditure v. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2012-01-27 4 January 2012 Internal T.I. 2011-0408081I7 F- Transactions entre une société et ses actionnaires Income Tax Act- Section 13- Subsection 13(7)- Paragraph 13(7)(e)- Subparagraph 13(7)(e)(i) s. 13(7)(e)(i) capital cost equals consideration paid even where in excess of FMV 2012-01-20 13 January 2012 Internal T.I. 2011-0414111I7 F- Deemed Interest Incomes- Exception 17(8) Income Tax Act- Section 17- Subsection 17(8)- Paragraph 17(8)(a)- Subparagraph 17(8)(a)(ii) CFA 1's purchased debt of CFA 2 did not qualify as a loan or advance 4 January 2012 External T.I. 2011-0414731E5 F- Interaction between 84.1 and 83(2) ITA Income Tax Act- Section 83- Subsection 83(2) no s. 83(2) election available for s. 84.1(1)(b) deemed dividend paid to non-shareholder Income Tax Act- Section 84- Subsection 84(7) s. 84(7) might contradict CRA position that no s. 83(2) election on s. 84.1 dividend to non-shareholder 2012-01-13 16 December 2011 External T.I. 2011-0419211E5 F- Choix à 45(2) Income Tax Act- Section 45- Subsection 45(2) devisee of changed-use principal residence cannot benefit from s. 45(2) election by estate in years following testator’s death 2011-12-30 16 December 2011 External T.I. 2011-0412502E5 F- Remboursement- frais de scolarité Income Tax Act- Section 118.1- Subsection 118.1(5)- Paragraph 118.1(5)(a)- Subparagraph 118.1(5)(a)(iii) credit can be claimed where employee is subsequently required to reimburse employer for employer-paid tuition Income Tax Act- Section 118.6- Subsection 118.6(1)- Qualifying Educational Program no benefit denying credit if employee is subsequently required to reimburse employer for employer-paid tuition 21 November 2011 External T.I. 2011-0422191E5 F- Price adjustment clause and redemption of shares General Concepts- Effective Date additional payment, pursuant to price adjustment clause, in year following shares; redemption is recognized then Income Tax Act- Section 84- Subsection 84(3) price adjustment payment recognized as s. 84(3) dividend when received ...