Search - consideration

Would a subsection 162(7.3) penalty apply in various scenarios involving a tax preparer that prepares a return for consideration, but for some reason, the taxpayer decides to file that prepared return or a different return in paper format? ... Subsection 150.1(2.3) requires a tax preparer to file any return of income prepared by the tax preparer for consideration by way of electronic filing, except that 10 of the returns of corporations and 10 of the returns of individuals may be filed other than by way of electronic filing. ... Would the subsection 162(7.3) penalty apply where a tax preparer prepares a return for consideration, but for some reason, the taxpayer decides to file that prepared return or a different return in paper format? ...

What considerations go into the determination of whether or not there has been a misrepresentation? ...

Carruthers A/Large File Case Manager (613) 670-9000 2015-057429 Payment in consideration for the termination of XXXXXXXXXX We are writing in response to your email dated XXXXXXXXXX which was forwarded to us by the Large Business Audit Division of the International and Large Business Directorate (ILBD) of the Compliance Programs Branch (CPB). ... Conclusion Based on our understanding of the relevant circumstances as described above, in our view, the Early Termination Payment will be made by Canco to Forco as consideration for the termination of the XXXXXXXXXX under which rent would have been payable for the use of the Canadian XXXXXXXXXX Property. ... In that case, the Court dismissed the taxpayer's appeal from an assessment made under Part XIII of the Act where the tax had been assessed on a payment made as consideration for the anticipatory breach of an agreement under which rent would have been payable for the use in Canada of an offshore drilling rig. ...

A reorganization will take place in the United Kingdom whereby all the shares of UK1 will be cancelled; as consideration for the cancellation UK2 will issue its own shares to the previous shareholders of UK1; and UK1 will issue shares to UK2 equal to the shares cancelled. ...

Marc LeBlond (613) 946-3261 Le 6 octobre 2006 2006-019601 ROUND TABLE ON FEDERAL TAXATION APFF- 2006 CONFERENCE Question 11 PUC Reduction Without Consideration to Avoid a Capital Gain on a Winding-Up Corporation A acquires all the shares issued and outstanding of Corporation B for $1 million paid cash and, thus, has an ACB equal to this amount. ... In order to avoid any capital gain on the winding-up of Corporation B, the PUC of Corporation B is reduced to $1 million without consideration immediately before the winding-up of Corporation B. ...

Consequently, while CPP contributions that are required to be paid during the leave period are to be deducted and remitted by the trustee as by any other employer, CPP contributions paid in the year prior to the leave period must be taken into consideration by the trustee.  ... However, since CPP contributions made during the year prior to the leave period are to be taken into consideration by the trustee, the amount of contributory earnings reported by the trustee may not coincide with the earnings reported in box "C" for that particular year. ...

Consideration given to tax policy in interpreting legislation Q. In interpreting tax legislation, does the CCRA take into account tax policy and the intent of the legislation? ...

We have also suggested other minor editing changes to the Project for your consideration as noted thereon.  ...

The taxpayer disposed of the ECP in XXXXXXXXXX to a non-arm's-length non-resident sister company ("SisterCo") in consideration for a promissory note. 4. ... Analysis Whether the proposed adjustment has to be made pursuant to subsection 247(2) The Law: Paragraph 69(1)(b) reads as follows: 69(1) Inadequate considerations- Except as expressly otherwise provided in this Act […] b) where a taxpayer has disposed of anything (i) to a person with whom the taxpayer was not dealing at arm's-length for no proceeds or for proceeds less than the fair market value thereof at the time the taxpayer so disposed of it […] the taxpayer shall be deemed to have received proceeds of disposition thereof equal to that fair market value; [Our italics] Subsection 247(2) reads as follows: 247(2) Transfer pricing adjustment – Where a taxpayer and a non-resident person with whom the taxpayer does not deal at arm's-length are participants in a transaction, and a) the terms and conditions made or imposed in respect of the transaction between any of the participants differ from those that would have been made between persons dealing at arm's-length, or […] any amounts that, but for this section and section 245, would be determined for the purposes of the Act in respect of the taxpayer shall be adjusted to the quantum that would have been determined if c) where only paragraph (a) applies, the terms and conditions made or imposed in respect of the transaction between the participants in the transaction had been those that would have been made between persons dealing at arm's-length [Our italics] Subsection 247(8) reads as follows: 247(8) Provisions not applicable – Where subsection (2) would, if this Act were read without reference to sections 67 and 68 and subsections 69(1) and (1.2), apply to adjust an amount under this Act, sections 67 and 68 and subsections 69(1) and (1.2) shall not apply to determine the amount if subsection (2) is applied to adjust the amount. ...

Some key considerations from the decision: When contemplating the establishment of a trust which will acquire securities of an employer to be held for the benefit of employees, consideration of the EBP rules is advised. ...