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In finding that such commuted value was to be included at the time of the transfer in the individual’s income pursuant to s. 56(1)(a)(i), CRA stated that “the Individual is considered to have constructively received the benefit on the basis that, by virtue of the Transfer, the benefit has been set apart for the Individual”- and found, in the alternative, that s. 56(2) would apply to include the commuted value in the individual’s income on the basis that the individual had directed or concurred in the payment of an amount to a third party (the UK SIPP) and that amount, had it been paid to the individual, would have been included under s. 56(1)(a)(i). ...

For example (Example 10), a government department. which is required under its governing legislation to maintain public parks, makes a transfer payment to a grantee so that the grantee will undertake such maintenance: the government department is considered to likely be contracting out to acquire taxable services from the grantee. ...

CRA indicated that the quoted words indicated that “the consumption, use or supply of the property or service by the person must be connected with or arise from the provision of the service of transporting the passengers or property” and then indicated that it was not aware of any situation where the aircraft itself was to be considered as “the actual property being supplied under the provision.” ...

CRA considered such loss of the safe harbour to be anomalous, and had notified Finance accordingly. ...

Given that there is a tax regime in Barbados that is specific to insurance companies, a Class 2 licensee is considered by CRA to receive a special tax benefit for the purposes of Art. ...

CRA indicated that for purposes of the exclusion in (e)(i) of the “automobile” definition for “van”-type vehicles for transporting equipment having a “seating capacity” of under four, it considered a minivan to be a van-type vehicle and that the three seat test would be satisfied "if the modification reducing the number of seats to a maximum of three seats is of a permanent nature.” ...

19 June 2023- 11:59pm CRA discusses the application of the procedural provisions for adjusting CEWS and CERS claims Email this Content After noting that the instructions provided by CRA both on the application for the CEWS benefit and the CRA website indicated that a separate application must be filed for each RP account, the Directorate indicated that such separate applications aggregating to an overall deemed overpayment for a qualifying period should be considered to constitute an application for the qualifying period in the prescribed form and manner as required by para. ...

The addition to the corporation’s CDA would be considered to occur at the end of the taxation year of the trust in which the trust made the distribution to the corporation, given that the s. 104(21) designation cannot be made before the end of the trust’s taxation year. ...

21 July 2023- 12:33am CRA releases a memorandum on the GST/HST closely related corporation rules Email this Content CRA has released a new memorandum on the rules regarding when corporations qualify as closely related for ETA purposes Points covered include: CRA considers that a Canadian permanent establishment is not deemed by s. 132(2) to be a Canadian resident person for purposes of being potentially considered to be part of a closely related group of persons. ...

23 July 2023- 11:37pm CRA has published a memorandum on when corporations and partnerships are closely related for purposes of the ETA s. 156 election Email this Content CRA has published a new memorandum regarding when Canadian partnerships and corporations will be considered to be closely related to each other for purposes of the ETA s. 156 (nil consideration) election. ...