Search - consideration

The consideration consisted of cash of $XXXXXXXXXX and common shares of Canco with a PUC of $XXXXXXXXXX. ... The Taxpayer has transferred the Property to a Canadian corporation, and taken back as consideration cash of $XXXXXXXXXX and shares with a PUC of $XXXXXXXXXX. ...

16 September 2004 Internal T.I. 2004-0083421I7 F- Clause de non-concurrence- employé Unedited CRA Tags 6(3) Principales Questions: Est-ce que le montant reçu en considération et contrepartie d'une clause de non-concurrence prévue à une convention intervenue entre un employé et son employeur lors de la cessation d'emploi est imposable? ... Le contribuable reçoit de la société une indemnité en considération et en contrepartie des engagements pris dans la convention. ...

Reasons: The contributions to the H&WT are consideration for insurance in respect of a period after the end of the year in which the contributions are made. ... Subparagraph 18(9)(a)(iii) of the Act provides that a taxpayer is not entitled to a deduction for any outlay or expense that is made or incurred as consideration for insurance where such outlay or expense is in respect of a period that is after the end of the year in which the outlay or expense is made. ...

., time during which an employee was required to be available for work, but was not requested to work) is not considered to be related to a specific location on or off reserve and should therefore not be taken into consideration in establishing the percentage of employment duties performed on or off reserve. Similarly, vacation leave, sick leave and statutory holidays should not be taken into consideration in establishing the percentage of employment duties performed on or off reserve, regardless of whether the leave or holidays were taken on or off reserve. ...

Whether there are any other considerations with respect to the application of the new policy. ... Question Are there any other considerations in respect of the new policy? ...

In our view, the taxpayer would also be entitled to claim a CCA of $10,000 in the sixth, seventh, eighth, ninth and tenth years in respect of the class 14 asset providing the UCC of the taxpayer's class 14, before any CCA claims for the particular taxation year but after taking into consideration the dispositions in the year, exceeds the aggregate of the CCA that can be claimed for each property of the class. ... Pursuant to paragraph 1100(1)(c) of the Regulations, the proceeds would only effect the claim for the remaining property in the taxpayer's class 14 if the UCC of the class, before any CCA claims for the particular taxation year but after taking into consideration the dispositions of the class in the year, would be less than the aggregate of the CCA that may otherwise be claimed for each property of the class. ...

Position Adoptée: Non Raisons POUR POSITION ADOPTÉE: Bien que les crédits aux paragraphes 118.5(1), 118.6(2) et 118.61(2) soient facultatifs selon le libellé de la Loi, la formule que l'on retrouve au paragraphe 118.61(1) et qui sert à calculer la partie inutilisée des crédits d'impôt pour frais de scolarité et pour études à la fin d'une année d'imposition prend en considération ce qui aurait pu être déductible en vertu des paragraphes mentionnés ci-haut aux fins du calcul du solde à reporter. ... Bien que les crédits aux paragraphes 118.5(1), 118.6(2) et 118.61(2) soient facultatifs, la formule que l'on retrouve au paragraphe 118.61(1) et qui sert à calculer la partie inutilisée des crédits d'impôt pour frais de scolarité et pour études à la fin d'une année d'imposition qui pourra être reportée à une année suivante prend en considération ce qui aurait pu être déductible en vertu des paragraphes mentionnés ci-haut. ...

If the consideration for the partnership units paid by the RRSP/RRIF trust exceeds the FMV of the units, there is an income inclusion to the annuitant pursuant to 146(9)(b)/146.3(4)(b). ... Note that paragraph 146(9)(b) (for an RRSP trust) or 146.3(4)(b) (for a RRIF trust) could result in an income inclusion to the annuitant for the year the SBILP unit is purchased if the value of the consideration paid by such a trust exceeds the value of the SBILP units acquired by the trust. ...

Under subsection 20.1(1) of the Act, when a property is disposed of for consideration which is not less than the fair market value of the property, the excess of the amount of the borrowed money over the fair market value of the property at the time of disposition will be deemed to be used for the purpose of earning income and, consequently, the interest expense on that excess amount will continue to be deductible pursuant to paragraph 20(1)(c) of the Act. ... " In your particular situation, as in the example in the Technical Notes stated above (and on the assumption that the grand parent receives no consideration on the transfer), the interest deduction would not be available to the grandparent following the disposition of the shares to the child unless the fair market value of the shares at the time of transfer is less than the outstanding amount of the borrowed money at that time. ...

However, in such situations, consideration should be given to assessing under 152(4)(a)(i), i.e., because there has been misrepresentation attributable to neglect or carelessness. ... The taxpayer filed a return for the period XXXXXXXXXX, claiming tax-exempt status but without taking into consideration the rules in subsection 149(10). 5. ...