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You have advised us that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in this ruling request is: (i) in an earlier return of the taxpayers or any related person; (ii) being considered by a tax services office ("TSO") or taxation centre ("TC") in connection with a tax return previously filed by the taxpayers or any related person; (iii) under objection by the taxpayers or any related person; (iv) before the courts; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ...

To the best of your knowledge and that of the taxpayer involved, none of the issues contained in this ruling request are: (i) dealt with in an earlier return of the taxpayers or a related person; (ii) being considered by a tax services office or a taxation centre in connection with a previously filed tax return of the taxpayers or a related person; (iii) under objection by the taxpayers or a related person; (iv) the subject of a ruling previously issued by the Income Tax Rulings Directorate to the taxpayers or a related person; nor (v) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired. ...

We understand that to the best of your knowledge, and that of XXXXXXXXXX, none of the issues contained herein: (a) is in an earlier tax return of XXXXXXXXXX or any person related thereto; (b) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of XXXXXXXXXX or any person related thereto; (c) is under objection by XXXXXXXXXX or any person related thereto; (d) is before the Courts or, if a judgment has been issued, the time limit for appeal to a higher Court has expired; (e) is the subject of an advance income tax ruling previously issued by the Income Tax Rulings Directorate to XXXXXXXXXX or any person related thereto; (f) will result in XXXXXXXXXX or any person related thereto being unable to pay its outstanding tax liabilities; or (g) will have any impact on the existing tax liabilities of the XXXXXXXXXX or any person related thereto. ...

As a result, the Shareholders of the Company are considered to have disposed of their Shares for proceeds comprising of the shares of Newco received by each of them. ...

The indicia considered by the courts include the following: 1. the intention of the parties; 2. the substance (or principal component) of the contract; 3. the actual and primary role of taxpayer; 4. the subject matter of the transaction (primary versus incidental); and 5. the ownership of the goods. ...

You have advised that to the best of your knowledge, and that of the responsible officers of each of the taxpayers, none of the issues involved in this Ruling is: (i) in an earlier return of any of the taxpayers or a related person; (ii) being considered by a tax services office (TSO) or taxation centre (TC) in connection with a previously filed tax return of any of the taxpayers or a related person; (iii) under objection by any of the taxpayers or a related person; (iv) before the courts or if a judgment has been issued the time limit for appeal to a higher court has expired; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ...

Reasons: (1) It is not CRA's practice. (2) Technically, the CRA cannot defer the processing of the validly made election under ss 184(3) in light of the contradictory actions of the corporation. (3)(a) Technically, the CRA cannot defer the processing of the notice of objection filed by the corporation's shareholder in light of the contradictory actions of the corporation's shareholder and the corporation as well as the fact that there is no direct link between the reassessment of the corporation's Part I tax and the reassessment of the corporation's shareholder's Part I tax. (3)(b) The waiver should be considered inadmissible in light of the contradictory actions of the corporation's shareholder who had to approve the filing by the corporation of its election under 184(3). ...

To the best of your knowledge and that of the taxpayer, none of the issues involved in this request for an advance income tax ruling is: (i) dealt with in an earlier return of the taxpayer or a related person; (ii) being considered by any tax services office or taxation centre in connection with a tax return previously filed by the taxpayer or a related person; (iii) under objection by the taxpayer or by a related person; (iv) the subject of a previously issued ruling by the Income Tax Rulings Directorate; or (v) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired. ...

We understand that to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the requested ruling is: (i) dealt with in an earlier return of Finco or a related person; (ii) being considered by any tax services office or taxation centre in connection with a tax return already filed; (iii) under objection by Finco or by a related person; (iv) the subject of a previously issued ruling by the Income Tax Rulings Directorate of the CRA to Finco or a related party; nor (v) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired. ...

We understand that, to the best of your knowledge and that of the above-referenced taxpayer, none of the issues involved in the ruling request is: (i) in an earlier return of the Company or a related person; (ii) being considered by a tax services office or tax centre in connection with a previously filed tax return of the Company or a related person; (iii) under objection by the Company or a related person; (iv) before the courts; nor, (v) the subject of a ruling previously issued by the Directorate. ...