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Agnico-Eagle - Tax Court of Canada finds that the U.S. dollar principal of a convertible debenture should be considered on conversion to have been settled at the historical exchange rate

She found that when U.S. dollar convertible debentures of Agnico-Eagle were converted after the underlying shares had substantially appreciated in Canadian dollar terms (as well as in depreciated U.S. dollars), the "true consideration" for the shares issued on conversion should be considered to have been received by Agnico when the debentures were previously issued and the conversion price was agreed to. ...

CRA considers that use of s. 212.1(4) to step-up cross border PUC (or debt) is abusive

17 December 2014- 8:05am CRA considers that use of s. 212.1(4) to step-up cross border PUC (or debt) is abusive Email this Content A non-resident corporation (NR Target) holding shares of a Canadian sub (CanOpco) with nominal paid-up capital will be prohibited by s. 212.1 from stepping up the cross-border PUC by transferring its CanOpco shares to a new Canadian holding company (CanAc) in consideration for CanAc shares with a high stated capital. ...

Gervais – Federal Court of Appeal finds that a scheme to use basis averaging to permit spousal use of the capital gains exemption technically worked

Rather than dealing with the GAAR issue raised by the Crown (which Jorré J had ducked), Boivin JA remitted the file to the Tax Court for consideration of this issue. ...

CRA permits safe income to be allocated based on which class of discretionary shares receives dividends

For example, if Husband holds 99 Class A common shares of Opco and his estranged wife held 1 Class B common share (issued at the same time as the Class A shares, and entitled to only 1% of the remaining property on liquidation), which she has transferred under s. 85(1) to a new Holdco, CRA will accept that a dividend, which is paid only on the Class B share, comes 100% out of all of Opco’s safe income, so that the dividend is tax-free (subject to Part IV tax considerations). ...

The s. 248(1) – “disposition” – para. (n) exemption for upstream non-resident mergers is narrower than the s. 87(8) rollover

Summaries of Gordon Zittlau, “Corporate Reorganizations Involving Taxable Canadian Property – Foreign Merger Considerations,” International Tax Planning (Federated Press), Vol. ...

Crooks – Tax Court applies the “ultimate liability” doctrine to trump the bad form of the taxpayer’s agreements so that for HST purposes she was the sole recipient of a supply

He characterized the amended purchase agreement as instead entailing, at most, a supply of a 1% interest in the property by the taxpayer to her friend in consideration for her friend’s guarantee – and as not resulting in any interest in the condo also being supplied by the builder to the friend. ...

Intrawest – Tax Court of Canada finds that time share fees charged to Canadian and U.S. residents respecting resort condos located throughout North America were 100% GST-taxable

29 June 2016- 12:21am Intrawest – Tax Court of Canada finds that time share fees charged to Canadian and U.S. residents respecting resort condos located throughout North America were 100% GST-taxable Email this Content A Canadian-resident non-share corporation, most of whose members had time share points which entitled them to book stays at Canadian, U.S. and Mexican resort condos beneficially owned by the corporation, was found to be receiving its annual fees from them as consideration for a single supply of a service, namely, funding the operating costs of the time share program. ...

ENMAX Energy – Alberta Court of Queen’s Bench finds that an 11.5% interest rate on unsecured intercompany debt was reasonable under s. 20(1)(c) notwithstanding that this exceeded an arm’s length rate of around 8.5%

Instead he applied a Gabco- derived test as to “whether no business would have contracted to pay that amount, having only its business considerations in mind and under the form of transaction pursuant to which the obligation was incurred,” and concluded that the interest was fully deductible. ...

CRA provides s. 55(3)(a) rulings conditional on the U.S. parents receiving, and waiving the right to object to, GAAR assessments to reduce outside Canadian basis that they “paid for” by paying 5% Canadian withholding tax

17 July 2016- 10:31pm CRA provides s. 55(3)(a) rulings conditional on the U.S. parents receiving, and waiving the right to object to, GAAR assessments to reduce outside Canadian basis that they “paid for” by paying 5% Canadian withholding tax Email this Content In connection with a s. 55(3)(a) distribution of a Canadian subsidiary (Canco3) to a sister chain of companies held by U.S. parents, Canco3 redeemed all but one of its common shares held by its immediate Canadian parent in consideration for a promissory note, thereby resulting in a step-up in its outside basis. ...

Acornwood – UK Upper Tribunal softens a judicial rule that the income-producing purpose test should not track the actual use of the expenditure by the expenditure’s recipient

The balance of 85 went back to Shamrock as the consideration for a share of revenues from the production, with Shamrock using 80 of that sum to purchase a deposit which was used, as to the interest thereon, to fund the required stream of income payment to the LLP (which matched the investors’ interest expense) and, as to the deposit’s principal, to ultimately make a final payment to be applied to fund the repayment of their principal owing. ...

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