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After noting that these transactions would require the Trust to have the power to distribute amount equal to deemed income, that the determination to do so would need to be documented and that an amount would be considered to be payable “if a promissory note is issued that is payable on demand without any restriction,” CRA stated that the transactions appeared to strip the Opco surplus by converting a taxable dividend to a payment of a capital nature that is not taxable to Mr. ...

Where trustees exercise this right during the year without, however, paying property in kind or distributing funds before the end of the year, an amount will be considered payable under subsection 104(24) if a promissory note is issued that is payable on demand without any restriction. ...

26 April 2016 Internal T.I. 2015-0623571I7- one-time salary transition payment-- summary under Paragraph 8(1)(n) Summary Under Tax Topics- Income Tax Act- Section 8- Subsection 8(1)- Paragraph 8(1)(n) deduction for repayment of transitional advance CRA considered that an advance to an employee is current s. 5 income to him or her even if the advance is required to be repaid if the future services are not performed. ...

If the elective return is filed late, the election will be considered invalid. ...

CRA considered that if the non-resident corporation misses this deadline, there is no ability to access s. 216.1, and (based on s. 115(2.1)) the non-resident corporation cannot late-file a “regular” Part I return where the provision of the acting services had resulted in it having a Canadian permanent establishment under the Treaty. ...

In particular, we agree that when determining if the partnership is a “reporting entity” for purposes of paragraph 233.4(1)(c), the NRT would not be considered resident in Canada. ...

After finding that the loans might have given rise to an immediate gain under s. 40(3.1), CRA went on to state: [T]he profits of a limited partnership in a situation such as that described would not be considered as contributions of capital for the purposes of subsection 40(3.13). … The concept of a contribution of capital to a general partnership (SENC) or limited partnership is not limited to what is mentioned in…your letter. ...

Is the residence considered to be property that is used principally in the course of an active business (or a farming business) for purposes of the definition of “qualified small business corporation share” (or “share of the capital stock of a family farm or fishing corporation”) in s. 110.6(1)? ...

CRA responded: 2011-0417471E5 dated February 21, 2012…[indicates] that a building is normally considered to be a single property for the purposes of subsection 45(1)…. ...

CRA considered that because, after this change, the use of the single property (the triplex) was still 50% personal and 50% 3 rd-party rental, the change of use rules in s. 45 did not apply. ...