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. … [I]n other types of situations where property is used for commercial and residential activities and/or where the particular property is not zoned as being residential, no portion of a mortgage debt on such a property would be considered as being a debt secured by way of mortgage on a house or a housing project for the purpose of subsection 130.1(6) …. ...

27 October 2017 Internal T.I. 2017-0694231I7- Subsection 247(2), surplus, and FAPI-- summary under Paragraph (a) Summary Under Tax Topics- Income Tax Regulations- Regulation 5907- Subsection 5907(1)- Earnings- Paragraph (a) surplus could be adjusted by transfer-pricing adjustment The Directorate considered that where there was a s. 247(2) transfer pricing adjustment to increase Canco’s income as a result of having undercharged for goods or services provided to a non-resident subsidiary (CFA), s. 247(2) could not also be applied to reduce the exempt surplus or foreign accrual property income of CFA in respect of Canco. ...

CRA considered Foreign Sub to be the “taxpayer” and effectively treated Finco as the deemed corporation resident in Canada, so that Finco was liable under s. 215(1) for failure to “withhold” and remit Part XIII tax on the imputed benefit. ...

CRA considered Foreign Sub to be the “taxpayer” and effectively treated Finco as the deemed corporation resident in Canada, so that Finco was liable under s. 215(1) for failure to “withhold” and remit Part XIII tax on the imputed benefit. ...

CRA ruled that the repayment by Forco2 of its loan from the LLC would not be considered to be made “as part of a series of loans or other transactions and repayments” for the purpose of s. 90(8)(a) or 90(14). ...

6 October 2017 APFF Financial Strategies and Instruments Roundtable Q. 1, 2017-0705221C6 F- Property transfers- common law partners in Québec-- summary under Subsection 146.3(14) Summary Under Tax Topics- Income Tax Act- Section 146.3- Subsection 146.3(14) rollover pursuant to common-law partners' settlement agreement CRA considered that, although there is no right in Quebec arising out of a common-law partnership (as per Éric v. ...

CRA considered that the reasoning in Exida.com indicates that a Canadian corporation with no taxable income (or a loss) for a year is subject to a s. 162(7) penalty for failure to file a nil return. ...

16 May 2018 IFA Roundtable Q. 4, 2018-0748171C6- Penalties for Non-Residents-- summary under Subsection 247(4) Summary Under Tax Topics- Income Tax Act- Section 247- New- Subsection 247(4) potential extension/waiver where incorrect (no PE) claim for Treaty relief CRA indicated that it will not provide any special safe harbour for a non-resident corporation that did not make any T2 filings (other than a Treaty-based claim for exemption in an attached Sched. 91) or prepared contemporaneous documentation under s. 247(4) where it had reasonably (but, in CRA’s view, incorrectly) considered that it did not have a Canadian permanent establishment for its business. ...

However, where the shares were disposed of at their adjusted cost base because of the s. 70(6) rollover, the safe income that could reasonably be considered to contribute to the accrued gain on those shares would flow through to the estate. ...

21 August 2018 External T.I. 2018-0771811E5- 120.4 Excluded Shares-- summary under Paragraph (b) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Excluded Shares- Paragraph (b) 10% of votes and FMV tests can be satisfied on a collective basis Where a shareholder has non-voting common shares with a fair market value (“FMV”) equal to 20% of the total FMV of the corporation and “skinny” voting preferred shares having a nominal FMV but having 20% of the total votes of the corporation, would the shares be considered excluded shares assuming the tests in paragraphs (a) and (c) of the definition are met? ...