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With no increase in the FMV of the share considered to result from the declared dividend, it is uncertain whether the safe income exception would apply given that such safe income would not contribute to the hypothetical capital gain on the share. ...

CRA indicates that these changes to the VDP will come into effect on October 1, 2025, and that applications received prior to that date will be considered for VDP relief under the old guidelines. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2000-01-21 10 January 2000 External T.I. 9908665 F- PROGRAMME IMMIGRANT INVESTISSEUR Income Tax Act- Section 248- Subsection 248(1)- Small Business Corporation an asset pledged as security for a long-term debt of the business is not in itself considered to be used in that business 10 January 2000 External T.I. 9908925 F- FRAIS DE VOYAGE DU CONJOINT Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) reimbursement of family’s travel expenses when professor is on continuing education leave, is a taxable benefit 10 January 2000 External T.I. 9917635 F- FRAIS JURIDIQUES-PENSION ALIMENTAIRE Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Legal and other Professional Fees legal fees to modify rather than to enforce support were not deductible 21 December 1999 External T.I. 9928755 F- INDEMNITE DE DEPART-DECES Income Tax Act- Section 248- Subsection 248(1)- Retiring Allowance retiring allowance paid to beneficiary of deceased employee is a death benefit Income Tax Act- Section 248- Subsection 248(1)- Death Benefit retiring allowance paid after death was death benefit 6 January 2000 External T.I. 9929675 F- FUSION- CAPITAL VERSÉ ET PBR Income Tax Act- Section 87- Subsection 87(4) transfer of individual’s directly held shares to his Holdco at a high elected amount followed by the 2 corporations’ amalgamation reflected in stepped-up ACB of Amalco shares 20 December 1999 External T.I. 9930245 F- COOPERATIVE DE CREDIT ET CAPITAL ACTIONS Income Tax Act- Section 248- Subsection 248(1)- Share no difference between French and English definition of “share”/ interest in federation fund not a “share” ...

Although the time of an amalgamation was generally considered to be the earliest time on the date of amalgamation in the absence of a particular time being specified in the certificate of amalgamation, here: [F]or the purposes of determining whether the shares of the capital stock of Targetco qualified as a QSBCS at the time of their disposition by Mr. ...

MacNaughton, given the evidence before the Tax Court that: the witnesses considered Ms. ...

There is not considered to be such a right where the shareholders’ agreement for a corporation carrying on a franchised operation (“Franchisee”) specifies that in the event that the individual manager of Franchisee (who holds 50% of Franchisee’s commons shares) departs, the other 50% common shareholder (the Franchisor) has the mandate to find a third party to purchase the manager’s shares – or that, in such event, the manager’s shares are to be automatically redeemed by Franchisee. ...

21 February 2017- 12:34am There are still numerous open questions on the taxation of Canadian trusts Email this Content Comments on the taxation of trusts resident in Canada include: A CRA indication that a charity is a majority-interest beneficiary of a trust when the trustee has the discretion to make a gift to the charity under the declaration of trust may not be correct, given that “it is unclear whether the charity has the power to compel the administration of the trust, which is generally recognized as a necessary condition for a person to be considered a beneficiary.” ...

Paris J instead found that what should be considered to have occurred was that Armour used all of the $2.4 million credit owing to it by the Province (which was not allocated under any of the agreements with the Province) to acquire the fee simple interest to the property on behalf of ADL and that, in exchange for that $2.4 million, Armour acquired the new (nominal-rent long-term) leasehold interest in the property from ADL Thus, the $2.4 million was a capital expenditure to acquire a capital asset (being such leasehold interest – which presumably would not be treated by CRA as a Class 13 asset). ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2017-07-26 28 June 2017 External T.I. 2016-0653921E5 F- Beneficiary/person beneficially interested Income Tax Act- Section 70- Subsection 70(3) a testamentary trust could be a beneficiary or beneficially interested in an estate Income Tax Act- Section 248- Subsection 248(25) testamentary trust could be considered to have a right as beneficiary in estate 2014-12-10 10 October 2014 APFF Roundtable, 2014-0534821C6 F- Question 2- APFF Round Table Income Tax Act- Section 212- Subsection 212(1)- Paragraph 212(1)(l) non-resident transferor must obtain SIN 10 October 2014 APFF Roundtable Q. 4, 2014-0534831C6 F- 2014 APFF Roundtable, Q. 4- Late-filed 86.1 election & 220(3.5) penalty Income Tax Act- Section 86.1- Subsection 86.1(2) general principles applied to relief of s. 86.1 late-election penalties 10 October 2014 APFF Roundtable Q. 4, 2014-0538231C6 F- 2014 APFF Roundtable, Q. 4- Beneficially interested Income Tax Act- Section 248- Subsection 248(25) legatee by particular title is included notwithstanding priority over heirs 10 October 2014 APFF Roundtable Q. 19, 2014-0538041C6 F- 2014 APFF Roundtable, Q. 19- Stock dividend Income Tax Act- Section 74.4- Subsection 74.4(2) non-application to stock dividend, cf. s. 86 reorg Income Tax Regulations- Regulation 6205- Subsection 6205(2) purpose test in Reg. 6205(2)(a) is not necessarily accomplished by all estate freezes/"arrangement" broad Income Tax Act- Section 15- Subsection 15(1.1) not engaged if stock dividend is proportional Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(c) SI apportionment to stock dividend prefs 10 October 2014 APFF Roundtable Q. 21, 2014-0538091C6 F- 2014 APFF Roundtable, Q. 21- Impact of the Descarries Case Income Tax Act- Section 245- Subsection 245(4) Descarries failed to recognize scheme against indirect surplus stripping Income Tax Act- Section 248- Subsection 248(28) will not impose double taxation under s. 84(2) and (3) Income Tax Act- Section 84- Subsection 84(2) Descarries failed to recognize breadth of s. 84(2) ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2014-11-26 10 October 2014 APFF Roundtable Q. 20, 2014-0534671C6 F- D&D Livestock Income Tax Act- Section 245- Subsection 245(4) unjustified duplication of fiscal attributes is abusive Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b)- Subparagraph 55(2.1)(b)(i) CRA is concerned by planining that can result in an unjustified duplication of fiscal attributes including ACB 2014-11-19 30 June 2014 Internal T.I. 2013-0508411I7 F- Part IV Tax and the Dividend Refund Income Tax Act- Section 152- Subsection 152(4)- Paragraph 152(4)(a)- Subparagraph 152(4)(a)(i) failure to circularly calculate Part IV tax and dividend refund is neglect given published TIs Income Tax Act- Section 186- Subsection 186(1) when to stop circular calculation for cross dividends arising after tuck under 6 October 2014 External T.I. 2014-0543751E5 F- Rollover of a part of an interest in a partnership Income Tax Act- Section 85- Subsection 85(1.1) fractional partnership interest qualifies as eligible property Income Tax Act- Section 248- Subsection 248(1)- Property partnership interest is one property- but fraction thereof also is property if transferred 17 October 2014 Internal T.I. 2014-0535121I7 F- Hypothèque et créance irrécouvrable Income Tax Act- Section 50- Subsection 50(1) second mortgagee not entitled to deduction as it did not exercise its remedies 10 October 2014 APFF Roundtable, 2014-0538141C6 F- Interest deductibility Income Tax Act- Section 20- Subsection 20(1)- Paragraph 20(1)(c)- Subparagraph 20(1)(c)(ii) interest on mortgage assumed on devise of land to beneficiary considered as amount payable for the property 10 October 2014 APFF Roundtable, 2014-0538021C6 F- Meaning of beneficiary Income Tax Act- Section 248- Subsection 248(25) Propep applied: beneficiary under s. 55(5)(e)(ii) included beneficially interested per s. 248(25)(a) Income Tax Act- Section 55- Subsection 55(5)- Paragraph 55(5)(e)- Subparagraph 55(5)(e)(ii) beneficiary under s. 55(5)(e)(ii) includes beneficially interested under s. 248(25)(a) ...