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Michel Lambert 7 octobre 2005 2005-013670 957-8962 TABLE RONDE SUR LA FISCALITÉ FÉDÉRALE APFF- CONGRÈS 2005 Question 9 Transferring an Insurance Policy to a Child Subsection 148(8) of the ITA stipulates that if the interest of a policyholder in a life insurance policy, other than an annuity contract, is transferred to the policyholder's child for no consideration and the child of the policyholder or beneficiary of the transfer is the person whose life is insured under the policy, the interest is deemed to have been disposed of by the policyholder for proceeds of disposition equal to the adjusted cost basis to the policyholder of the interest immediately before the transfer, and to have been acquired by the person who acquired the interest for a cost equal to those proceeds. ...

If so, could this situation be viewed favourably for fairness consideration? ...

Given the broad nature of these provisions, where a private foundation is a beneficiary under an alter-ego trust, consideration must be given to subsections 188.1(3.3) to (3.5) for the purposes of determining the private foundation’s excess corporate holdings percentage and divestment obligation percentage for a taxation year. ...

Could the CRA advise if there are any insurance products or strategies (other than “Golini” type strategies) that are subject to specific audit programs or are under consideration by the GAAR Committee? ...

In our view, since, because of this circularity, it cannot be conclusively determined that Company C is a wholly owned corporation with respect to Company A, Company B is not a wholly owned corporation with respect to Company A. 2.Whether a taxpayer desires to confer a benefit on a related party is a question of fact that can be determined only after consideration of all the facts and circumstances. ...

Toutefois, le principe du rattachement demeure un facteur à prendre en considération dans la détermination de l’image la plus fidèle possible du bénéfice. ...

Cette série d'opérations hypothétique ne comprendrait donc que des opérations motivées par des considérations d'ordre non fiscal. ...

The quantity and quality of his efforts must also be taken into consideration in determining his share in the income of the business. ...

As the matter is not free from doubt and as it is not apparent that this could happen, if there is an actual case the full details should be referred to the Department for our consideration. ...

The fact that an election was filed under paragraph 110.6(19)(a) of the Act with respect to a principal residence will be taken into consideration in determining whether property of more than 1/2 hectare is part of an individual’s principal residence. ...