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2 November 2023 APFF Roundtable

In essence, consideration of all the facts and circumstances surrounding a particular situation must be taken into account in determining, from a practical and business point of view, what the payments in question were intended to accomplish. ... In addition, section 68 provides special rules for the allocation of mixed consideration, i.e., an amount received or receivable from a person where it is reasonable to consider that this amount represents in part the consideration for: (i) the disposition of property of a taxpayer, (ii) the provision of services by a taxpayer, or (iii) a restrictive covenant granted by a taxpayer. Briefly, this allocation is based on the part of the amount that can reasonably be regarded as being the consideration for the disposition, consideration for the provision of services or consideration for the restrictive covenant, irrespective of the form or legal effect of the contract or agreement. ...

27 February 2003 CBA Roundtable

The CCRA’s position continues to be based on the consideration of various factors, one of which continues to be the place of contract. ... Audit assignment is then based on this assessment, taking into consideration resource availability. ... If there was a sale of the dark fibre, then we would consider the sale to be a sale of real property, subject to the considerations noted in the above paragraph. ...

Subsection 212.3(2) - Commentary

Example 2-A (basic FA dumping transaction) A Canadian subsidiary (a CRIC) of a non-resident corporation (the parent) purchases the shares of a non-resident subsidiary of the parent, having a fair market value ("FMV") of $100 in consideration for issuing interest-bearing debt to the parent of $60 and shares having a PUC and FMV of $40 (i.e., consideration that complies with the thin capitalization rules in s. 18(4)). ... In these situations, it would often be the case that the acquired Canadian corporation would also own assets other than foreign affiliate shares and thus, it is necessary to reasonably allocate the consideration paid by the CRIC to the foreign affiliate assets. In the absence of specific factors that indicate otherwise, it would be expected that the most reasonable way to allocate the consideration would be on a pro-rata basis based on the fair market value of the underlying assets acquired. ...

25 September 2017 CTF Finance Roundtable on 18 July 2017 Proposals

To give a general example of those considerations, though, there is a question as to whether we should allow corporations to segregate their assets into a distinct corporation in a way that would allow the distinct corporation to retain the existing treatment. ... Oral Response Brian Ernewein: We do not consider it to be exceptional to have different rules for family members or for people not dealing at arm’s length – it is more the norm than the exception in relation to valuation or other similar kinds of considerations. ... The same policy considerations would inform the application of 246.1 to that situation. ...

15 September 2020 IFA Roundtable

The position is that any assessment that relies on a domestic anti-avoidance rule will be eligible for MAP consideration- but Canada will simply present the Canadian position relying on the anti-avoidance rule to the other Competent Authority for potential relief by the other country. ... FA1 acquires the common shares of New FA3 from New FA2 in consideration for a promissory note in the amount of $100. ... Canco contributes the common shares of New FA3 to New FA2 in consideration for additional common shares of New FA2, such that subsection 85.1(3) applies to this transfer of shares. ...

3 November 2023 APFF Financial Strategies Roundtable

., its CSV of $150), the FMV of the consideration given ($0) and the ACB[FN7: As defined in subsection 148(9)] of the Policy ($50). ... This consideration may be all or any part of the beneficiary's income or capital interest, as the case may be. ... Regarding the consideration given for the interest, in the situation described, since the transfer of the interest in the Policy by Trust X to its beneficiary Xco would be in repayment of the promissory note, the consideration given by the beneficiary would correspond to the amount of the debt repaid. ...

23 May 2013 IFA Roundtable

Canco acquires preferred shares of FA for nominal consideration, and receives thereon a distribution of FA's exempt earnings- in order that on the subsequent sale of the FA common shares, Canco can realize a loss which will offset a FX gain on repayment of Canco's debt. ... Notes from Presentation CRA cannot provide guidelines on the more closely connected test without the benefit of an examination of all the relevant factual considerations which would be reviewed on audit. ... Cash pooling arrangements would require closer consideration, and the same analysis may not apply. ...

16 May 2018 IFA Roundtable

During that examination, we would take a look at a number of different things such as giving consideration to other articles in the particular covered treaty, for example, paragraph 7(a) of the Canada-France Treaty. Consideration would also be given to any relevant competent authority agreement, for example the Canada-Netherlands agreement regarding closed funds for mutual account. Consideration would also be given to any existing ruling that had been issued in the past, for example those on Switzerland contractual investment funds and Ireland common contractual funds. ...

6 October 2017 APFF Financial Strategies and Instruments Roundtable

However, the legal relationship between an individual who entrusts his or her money to a financial institution can only be definitively determined on a consideration of all the relevant facts. ... Donor ($200,000), (ii) the FMV of the consideration given for the interest ($0) and (iii) the ACB of the interest to Mr. ... Q.12 $100 per-month late-filing penalty What are the policy considerations for s. 220(3.5) penalties arising on making late elections as permitted in the Minister’s discretion under Reg. 600 and on making them more equitable, particularly for individuals? ...

Subsection 84(2) - Commentary

There has been found to be an indirect distribution of corporate property to a shareholder where the shareholder sells a corporation, whose principal assets consist (perhaps as a result of a sale of business assets) principally of liquid assets, to an accommodation party for cash consideration, where that purchaser, as part of the same series of transactions, merges with or receives distributions from the purchased corporation in order to recoup the funds used to pay the purchase price (RMM, see also Smythe, David). ... Pipeline transactions CRA has been willing not to apply s. 84(2) to "post-mortem pipeline transactions" in which an estate, whose cost of shares of an Opco have been stepped up on the death of the deceased under s. 70(5), sells the shares of Opco (or a Holdco holding an Opco) to a Newco in consideration for a promissory note, which then is paid off by Newco from distributions out of the Opco assets- provided that there is a one-year delay before such distribution occurs (see, most recently, 2012-0464501R3, 2012-0401811R3 and 2011 STEPs Roundtable, Q. 5 2011-0401861C6). ... It also has ruled that s. 84(2) applies where the share consideration received on the sale of a newly-incorporated business of the public company is distributed to the purblic company's shareholders (2012 Ruling 2012-0435291R3), although presumably such distribution would be exempted from deemed dividend treatment under the proposed amendments to s. 84(4.1) (one-time distribution of proceeds of disposition) if it were not already exempted by s. 84(2). ...

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