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Before finding that the taxpayer could not recognize an expense as the rewards were earned (as an expense had not yet been “incurred”), and that the applicable deductions were deferred until the points were redeemed, CRA stated: [T]he courts have held that an expense will not be considered to have been incurred unless the taxpayer has an obligation to pay money to someone … [and] that a legal obligation to pay under contract does not exist until all contractual preconditions to which the payment relates are fulfilled. ...

CRA ruled that these transactions will not be considered in themselves to result in a disposition or increase in interest described in any of ss. 55(3)(a)(i) to (v) and, in particular, that the share issuance by Holdco to the Opco shareholders will not be described in s. 55(3)(a)(ii) by virtue of s. 55(3.01)(g). ...

It is not apparent from the above-quoted passages from his judgment that Bocock J would have considered this distinction to be relevant. ...

He stated that he found “compelling the Applicants’ position … that CRA appears to have considered the relevant statutory authority to have been sufficient to authorize a reassessment of Strike’s income tax return for the 2017 taxation year (a year in which the Applicants submit the reassessment was favourable to CRA).“ Neal Armstrong. ...

On the other hand, regarding any supply of copyright or other intangible personal property (IPP), CRA noted that s.142(1)(c) provides that a supply of IPP is deemed to be made in Canada if the property may be used in whole or in part in Canada, and stated that the “expression ‘may be used’ is interpreted to mean ‘allowed to be used’ – so that “a supply of IPP could be considered to be made in Canada even if it is not actually used in Canada.” ...

Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(f) corporation was considered to have paid an amount on conversion of convertible notes equal to their face amount and stated capital of the issued shares 18 September 2001 Internal T.I. 2001-0082997 F- COTISATIONS PATRONALES REGIME DIFFERES Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Incurring of Expense Fédération case does not impact the deductibility of contributions to various deferred compensation plans ...

CRA stated: If the partnership pays the foreign tax on behalf of the partner or the foreign tax is withheld on behalf of the partner in accordance with foreign law from the foreign income paid to the partnership, such amount would be considered [for purposes of s. 53(2)(c)(v)] to be received by the partner on account or in lieu of payment of, or in satisfaction of, a distribution of the partner’s share of the partnership profits or partnership capital. ...

After also noting that the L.C. was issued pursuant to the agreement for the supply of aluminum to Sural and for invoicing Sural therefor, he concluded that the US$16 million should be considered as a partial payment of the unpaid Sural invoices, so that the ARQ position was confirmed. ...

21 October 2024- 12:12am CRA indicates that Foix established that s. 84(2) should be construed broadly Email this Content When asked to comment on the Federal Court of Appeal decision in Foix, which found that s. 84(2) applied to a particular hybrid sale transaction, CRA stated: According to the broad interpretation of subsection 84(2) adopted by the Court, “transactions leading to an alleged distribution or appropriation of funds or property are to be considered as a whole in a way that is temporally flexible”. ...

Would a new group (A, B and C) be considered to have acquired control of Opco, or would CRA consider that the group formed by A and B still controlled the corporation? ...