Search - consideration

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? ...

Other Considerations: In addition to the rules respecting qualified investments for RRSP's, certain registration requirements will affect the manner in which the annuity purchase is handled. ...

INCOME TAX CONSIDERATIONS A. Overview There are two principal issues that arise under the Act with respect to the involvement by a participant in the FIT/MicroFIT Program or in the Net Metering Program: (a) whether amounts or credits earned by a participant for electricity supplied by the participant to the provincial electricity grid are required to be included in computing the income of the participant under the Act; and (b) whether the participant is entitled to claim capital cost allowance (“CCA”) with respect to the renewable energy equipment acquired by the participant and, if so, whether the specified energy property rules would apply to limit the amount of CCA the participant is entitled to claim. ...

INCOME TAX CONSIDERATIONS There are two principal issues that arise under the Act with respect to the involvement by a participant in the Nova Scotia Enhanced Net Metering Program: (a) whether amounts or credits earned by a participant for electricity supplied by the participant to the provincial electricity grid are required to be included in computing the income of the participant under the Act; and (b) whether the participant is entitled to claim capital cost allowance (“CCA”) with respect to the renewable energy equipment acquired by the participant. ...

In the CCRA's view, the entire amount of the mortgage assumed is assumed as consideration for the transferred property. ... The consideration given upon the redemption is the assumption of the $700 mortgage. In the CCRA's view, the entire amount of the mortgage assumed is assumed as consideration for the transferred property. ...

Moreover, the identical phrase in subparagraph 74.4(3)(a)(ii) refers to the time the individual actually receives consideration from the corporation or an arm's length person, other than excluded consideration, that is received in exchange for excluded consideration previously received by the individual for the transferred property (or excluded consideration substituted for such excluded consideration). ... A for the property, being $Nil and (ii) the FMV, at the time of receipt, of any consideration (other than excluded consideration at the time of receipt) received by Mr. A from Aco in exchange for excluded consideration previously received by Mr. ...

Principal Issues: Does a transfer pursuant to 97(1) allow for a reserve for a note taken back as part consideration. Position: In our opinion 97(1) contemplates an exchange pf property for property ie: partnership interest only received as consideration. Reasons: 97(2) allows for reserve if true conditional payment received as part consideration. ...

Reasons: Paragraph 85(1)(f) refers to the consideration received other than shares of a transferee corporation or interest in a transferee partnership. ... With respect to the ACB of the consideration (other than a partnership interest) received, the elected amount is allocated first to any such property. In the scenario presented above, since only one property (the Note) was received as consideration, paragraph 85(1)(f) of the Act provides that the cost to the transferor of the note received as consideration is deemed to be the lesser of: (i) the FMV of the note, and (ii) the FMV of the property disposed of to the partnership. ...

Principal Issues: Whether or not certain dispositions of property to a registered charity for some consideration can result in a gift. ... As previously determined, the assumption of a mortgage by the recipient of the property is consideration Mr. ... The proceeds from the sale of shares for an amount equal to the shares' adjusted cost base in your first situation would constitute valuable consideration. ...

PRINCIPAL ISSUE: Whether the income tax payable by the annuitant of a spousal RRSP constitute consideration for the purpose of paragraph 160(1) of the Act. ... It is our view that the income tax liability created by the taxation of a spousal RRSP withdrawal does not represent a consideration given by the spouse for the property transferred but constitutes an obligation of the annuitant pursuant to the Act. Consequently, such an amount is not consideration for the purpose of section 160 of the Act because it is not value given by the spousal annuitant. ...