Search - consideration

15 January 2018 External T.I. 2017-0722961E5- Winding-up of a partnership-- summary under Subsection 98(5) Summary Under Tax Topics- Income Tax Act- Section 98- Subsection 98(5) amalgamation of a former partner with a former partnership subsidiary within 3 months of the partnership wind-up ousts s. 98(5) The Partnership, whose 0.01% general partner (GPCo) is wholly-owned by its 99.99% limited partner (LPCo), transfers it business assets (the “Business Assets”) to newly-incorporated subsidiary (“Newco”) under s. 85(2) in consideration for Newco shares. ...

7 February 2018 External T.I. 2016-0637221E5- Rollover of Mineral Rights-- summary under Canadian development expense Summary Under Tax Topics- Income Tax Act- Section 66.2- Subsection 66.2(5)- Canadian development expense cost of property added to CCDE or COGPE The Taxpayer, which is not in the business of exploration and development of mineral properties, wishes to transfer the Property (which may consist of subsurface rights to explore for qualifying mineral or hydrocarbon resources) on a tax deferred basis to a taxable Canadian corporation in consideration for shares. ...

7 February 2018 External T.I. 2016-0637221E5- Rollover of Mineral Rights-- summary under Paragraph 85(1)(a) Summary Under Tax Topics- Income Tax Act- Section 85- Subsection 85(1)- Paragraph 85(1)(a) nil amount can be elected The Taxpayer, which is not in the business of exploration and development of mineral properties, wishes to transfer the Property (which may consist of subsurface rights to explore for qualifying mineral or hydrocarbon resources) on a tax deferred basis to a taxable Canadian corporation in consideration for shares. ...

16 August 2017 Internal T.I. 2017-0701291I7- Exclusive Distributorship Rights-- summary under Restrictive Covenant Summary Under Tax Topics- Income Tax Act- Section 56.4- Subsection 56.4(1)- Restrictive Covenant a lump sum paid to a non-resident for granting an exclusive right to distribute its product in Canada was for a restrictive covenant In consideration for a lump sum, a non-resident in a Treaty country (NRco) granted an arm’s length Canadian company (Canco) the exclusive right to distribute its product in Canada. ...

16 August 2017 Internal T.I. 2017-0701291I7- Exclusive Distributorship Rights-- summary under Paragraph 212(1)(i) Summary Under Tax Topics- Income Tax Act- Section 212- Subsection 212(1)- Paragraph 212(1)(i) a lump sum paid to a non-resident for granting an exclusive right to distribute its product in Canada was subject to s. 212(1)(i) withholding In consideration for a lump sum, a non-resident in a Treaty country (NRco) granted an arm’s length Canadian company (Canco) the exclusive right to distribute its product in Canada, with Canco agreeing not to acquire or sell competitive products. ...

In finding that no such deduction was permitted, CRA stated: Generally, a plan will be considered to be a pension plan where contributions have been made to the plan by or on behalf of an employer or former employer of an employee in consideration for services rendered by the employee and the contributions are used to provide an annuity or other periodic payment on or after the employee's retirement. … [A] plan will not be a pension plan where the only payment provided for under the terms of the plan is a single lump sum payable on retirement or loss of employment. … [A] plan that is excluded from being a salary deferral arrangement (“SDA”) by virtue of the special exception for professional athletes in paragraph (j) of the SDA definition in subsection 248(1) [also] will not be a pension plan, regardless of the form of benefits provided. ...

Use of terminal loss to bump elected amount As part of the spin-off transactions, Subco will transfer the Property to Newco in consideration for the assumption of liabilities and the issuance of redeemable Newco Preferred shares. ...

Donor ($200,000), (ii) the FMV of the consideration given for the interest ($0) and (iii) the ACB of the interest to Mr. ...

With the consent of the Pensioners, the non-resident “Parent” (which actually appears to be an Opco grandparent) assumes these “SERP Obligations” for no consideration. ...

GP II will sell its undivided interest in each property to Partnership for fair market value consideration and then will be wound up. ​​​​​​​ ...