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5 July 1990 TI AC59710-- summary under Paragraph 12(1)(a) Summary Under Tax Topics- Income Tax Act- Section 12- Subsection 12(1)- Paragraph 12(1)(a) Where a promissory note is given in consideration for services, the acceptance of the note would be considered to be an amount received under s. 12(1)(a) where the note has been accepted as absolute payment for the services, whereas if the no te has been accepted as conditional payment, s. 12(1)(a) will apply only when actual payments are made on the note assuming the related services have not yet been performed at that time. ...

16 March 2012 External T.I. 2011-0423191E5 F- Disposition d'une participation dans une SP-- summary under Subparagraph (b)(i) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(1)- Disposition- Paragraph (b)- Subparagraph (b)(i) disposition of partnership interest even though no proceeds received Before confirming that there could be a disposition when there has been a distribution of all the partnership property and the fair market value of the property distributed to a partner is less than the adjusted cost base of its interest, CRA stated: Although there is usually a corresponding acquisition of the property by another person and consideration flowing to the person disposing of the property, Canada Revenue Agency considers that these characteristics need not always be present for the purposes of the definition of "proceeds of disposition" in section 54. ...

However, where the surviving spouse reaches a settlement with the executors and property is transferred to the surviving spouse in consideration for a release of his or her rights to make a claim under the Family Law Act for an equalization and net family property, the rollover is not available. ...

3 October 2011 External T.I. 2011-0421341E5- Paragraphs 55(3.1)(c) or (d)-- summary under Paragraph 55(3.1)(c) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(3.1)- Paragraph 55(3.1)(c) before a distribution made in the course of a butterfly reorganization, Opco sells real estate used in operating its business (and representing more than 10% of the value of the business) to a non-related person for fair market value consideration consisting solely of cash. ...

8 August 2014 External T.I. 2014-0524951E5- Debt forgiveness; liability on dissolution-- summary under Paragraph 80(2)(a) Summary Under Tax Topics- Income Tax Act- Section 80- Subsection 80(2)- Paragraph 80(2)(a) meaning of "settle" Before going on to note that the debt parking rules in ss. 80.01(6) and (8) would in any event deem the debt to be forgiven, CRA noted that in the circumstances there might also be a settlement of the debt for nil consideration on more general principles, and quoted a statement in Carma Developers Ltd. v. ...

CRA stated: [A] cost-plus plan under which the administrator agrees to reimburse the sole employee-shareholder, his or her spouse, and members of his or her household for actual medical and hospital expenses and receives, as consideration, an amount equal to the amount reimbursed plus an administrative fee, does not qualify as a PHSP since it does not contain the necessary elements of insurance. ...

20 February 2013 External T.I. 2012-0473051E5 F- Frais de gestion versés à un conjoint-- summary under Section 67 Summary Under Tax Topics- Income Tax Act- Section 67 determining reasonableness of spousal management fee entails a “comparison to an amount paid for similar services according to industry standards” In the course of a general discussion of fees paid by the taxpayer for management services of the taxpayer’s spouse, CRA stated: The determination of the reasonableness of an amount for purposes of section 67 includes a consideration, among other things, of the nature and extent of the services actually provided by your spouse and their comparison to an amount paid for similar services according to industry standards. ...

27 January 2014 External T.I. 2013-0504191E5 F- RRSP, qualified investment-- summary under Paragraph (a) Summary Under Tax Topics- Income Tax Act- Section 207.01- Subsection 207.01(1)- Advantage- Paragraph (a) annuitant's free use of property of corporation held by RRSP is an advantage An RRSP annuitant uses, for no consideration, property of a corporation of which the RRSP holds shares. ...

2 April 2013 External T.I. 2013-0478221E5 F- CIAPH- acquisition pour une somme nominale-- summary under Subsection 118.05(3) Summary Under Tax Topics- Income Tax Act- Section 118.05- Subsection 118.05(3) purchase for nominal consideration still generates the credit Can the first-time home buyers' tax credit ("HBTC") be claimed where the taxpayer buys a house for the sum of a dollar? ...

6 October 2014 External T.I. 2014-0543751E5 F- Rollover of a part of an interest in a partnership-- summary under Subsection 85(1.1) Summary Under Tax Topics- Income Tax Act- Section 85- Subsection 85(1.1) fractional partnership interest qualifies as eligible property X, who wished to dispose of half of interest (which is capital property) in a partnership to a taxable Canadian corporation in consideration for shares. ...