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Thus, there is an issue as to whether compensation payable to the lender is deductible to the borrower under s. 20(1)(c) (if it is considered to have received the loan on capital account), given that there is no period of time over which interest could accrue. ...

Accordingly … business interruption insurance proceeds would generally be included in qualifying revenue and would generally not be considered an extraordinary item. ...

Thus, where a trust that CRA considered to have been resident in Ontario had reported all along on the basis that it was resident in Alberta, CRA’s initial assessment of the trust federally and in Alberta for a particular year would start the normal reassessment period running for that year regarding any subsequent reassessment of Ontario tax. ...

27 January 2022- 11:10pm Hubmar – Court of Quebec finds that the applicable salaries of employees engaged in SR&ED but who did not record their time could not be recognized Email this Content Although the ARQ accepted that the taxpayer was carrying on SR&ED, the taxpayer had failed to establish with any convincing evidence what proportion of the remuneration of its employees qualified under the Quebec equivalent of federal Reg. 2900(2)(b) as being amounts that could reasonably be considered to be in respect of the prosecution of such SR&ED. ...

20 March 2022- 11:18pm Pastuch – Tax Court of Canada applies issue estoppel to preclude reviewing compellability of documents from a Saskatchewan regulatory authority Email this Content The taxpayer, who had appealed reassessments of three of her taxation years for which CRA had added approximately $2.8M in shareholder benefits to her income, brought a motion pursuant to Rule 86 to compel the Financial and Consumer Affairs Authority of Saskatchewan (“FCAA”) to turn over certain documents that she considered to be relevant to her appeal. ...

13 July 2022- 10:26pm CRA indicates that a s. 164(6) amendment must be made through filing an amended return, not a T1 Adjustment Request Email this Content The conditions for allowing capital losses of a graduated rate estate in its first taxation year to be considered capital losses of the deceased pursuant to s. 164(6) include that an election is filed, and the legal representative amend the deceased’s final T1 return of income. ...

X, did not provide services or property, directly or indirectly, in any manner whatever, to the other, then on that basis neither CCPC would be considered to have earned income described in s. ...

Generally, an estate is considered to be fully administered when the assets in the estate have been distributed and, if applicable, a clearance certificate is requested. ...

CRA indicated that where in a particular year, more than 50% of a particular property is being used for some purpose other than farming (or fishing) or is otherwise vacant or idle, generally speaking, such non-farming use would result in the entire property not being considered as being used principally in the business of farming in Canada for the year. ...

CRA accepted a representation that the partnership activity (of holding shares of subsidiaries) was carried on in common with a view to a profit and that the partnership was considered a partnership for purposes of the Act prior to the domestication transaction, and ruled that following the domestication, the partnership will be treated as a partnership for purposes of the Act. ...