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He considered that, normatively, 3295940 should have been caused by s. 55(2) to have realized a capital gain of $31.5M on Step 4. ...

Expense- Current expense vs. capital acquisition costs of integrating targets that were on-charged to them after closing were currently deductible to parent 3 August 2004 Internal T.I. 2004-0077991I7 F- Allocations d'aide à domicile reçues de la SAAQ Income Tax Act- Section 3- Paragraph 3(a) insurance proceeds to compensate for parent’s home care services provided to disabled son were non-taxable Income Tax Act- Section 152- Subsection 152(1) CRA applies changes to its position as a result of taxpayer-friendly judgments effective to post-judgment assessments 2004-08-13 12 July 2004 Internal T.I. 2004-0077981I7 F- Dédommagement-Régime de pension Income Tax Act- Section 3- Paragraph 3(a) lump sum settlement of pension claim was non-taxable 2004-08-06 27 July 2004 External T.I. 2004-0077581E5 F- Transfert d'un REÉR à une fiducie Income Tax Act- Section 146- Subsection 146(2)- Paragraph 146(2)(b.4) qualifying RRSP cannot have a trust as the annuitant Income Tax Act- Section 146- Subsection 146(12) transfer by an individual of his RRSP to a trust set up for his exclusive benefit would engage s. 146(12)(b) Income Tax Act- Section 146- Subsection 146(1)- Retirement Savings Plan listing of qualified issuers 30 July 2004 External T.I. 2004-0063811E5 F- Soutien administratif à une filiale Income Tax Act- Section 37- Subsection 37(8)- Paragraph 37(8)(a)- Subparagraph 37(8)(a)(ii)- Clause 37(8)(a)(ii)(A) parent can use traditional method while subsidiary uses proxy method Income Tax Act- Section 37- Subsection 37(13) administrative support tasks of the parent respecting SR&ED activities of its subsidiary would not be considered SR&ED of the parent 3 August 2004 External T.I. 2004-0066431E5 F- Contrat de rente et fiducie Income Tax Act- Section 75- Subsection 75(2) "by a trust" includes any transaction performed by the trustees 30 July 2004 External T.I. 2004-0083841E5 F- Développement informatique Income Tax Act- Section 13- Subsection 13(21)- Undepreciated Capital Cost- A whether an interest in software has been acquired is determined under common or civil law ...

The 2021 Explanatory Notes indicate that corporate partners may claim the s. 110(1)(e) deduction in some circumstances involving employees of partnerships, which appear to be those referred to in 2001-0115933, where CRA noted that there were no agreements in place which limited any of the employees’ employment relationship to any of the partners and that "[c]onsequently, each of the employees of the partnership are considered to be employees of each of the partners of the partnership for the purposes of section 7"- so that it should be possible to allocate the deduction among the corporate partners who are treated as employers under such policy. ...

Given that the definition of “contribution” includes transfers and loans that form part of a series of transactions that includes a transfer or loan of property by another person to the relevant trust, to the extent the transfer or loan to the trust can reasonably be considered to be made “in respect of” the transfer or loan at issue, an outright gift by a Canadian resident to a nonresident donee should be appropriately documented and care should be taken that any subsequent dealing with the donated property by such donee, such as a transfer to a U.S. trust for the benefit of that individual, is independent from the original gift. ...

In finding that that was the situation here, he indicated that: “the trustee's distributions had no impact on the rights of a beneficiary of the Trust who had or had not received a distribution;” and although the taxpayer “had a right under the Trust to be considered by the trustee for any distribution on the same basis as the other beneficiaries … there is no reason to believe that anyone would have paid even a very small amount for [this right].” ...

Furthermore, he considered that the reasonable way in the circumstances to deny the tax benefit was to treat s. 160 as applying to the extent of the shortfall in consideration given on the transfer. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2024-12-04 19 January 2024 External T.I. 2020-0865921E5 F- Foreign Currency dispositions by an individual Income Tax Act- Section 39- Subsection 39(1.1) foreign currency dispositions under s. 39(1.1) include FX bank deposit conversions 2001-04-13 28 March 2001 External T.I. 2001-0070415 F- Interaction entre les articles 51 et 116 Income Tax Act- Section 116- Subsection 116(5) acquisition of the exchanged shares by the corporation on a s. 51 exchange at a cost equal to PUC of issued shares Income Tax Act- Section 54- Adjusted Cost Base a corporation acquires shares in its capital on a s. 51 exchange at a cost equal to the PUC of the shares issued therefor Income Tax Act- Section 116- Subsection 116(6)- Paragraph 116(6)(a) s. 116(6)(a) does not apply to shares acquired by Canco on a s. 51 exchange of Canco shares Income Tax Act- Section 51- Subsection 51(1) on a s. 51 exchange, the corporation is considered to have acquired the exchanged shares at a cost equal to the PUC of the shares issued by it 26 March 2001 External T.I. 2001-0070165 F- Conventions fiscales et lois provinciales Treaties- Income Tax Conventions- Article 12 Canada will not reduce its withholding rate to 0% to make room for Quebec taxes imposed on the same property income Treaties- Income Tax Conventions- Article 2 Canada has no obligation to absorb Quebec taxes imposed on property income with treaty-reduced withholding 26 March 2001 External T.I. 2001-0070585 F- Interaction entre Convention Canada-US et LIR Treaties- Income Tax Conventions- Article 13 Art. ...

Bundle Date Translated severed letter Summaries under Summary descriptor 2025-04-09 2024 Ruling 2023-0998291R3 F- Multi-wings split-up net asset butterfly 55(3)(b) Income Tax Act- Section 55- Subsection 55(1)- Distribution split-up butterfly between a divorced couple where excess debt is allocated to land rather than building to produce capital gains treatment Income Tax Act- Section 85- Subsection 85(1)- Paragraph 85(1)(b) excess debt allocated on s. 85(1) transfer of land and building to the land so as to produce capital gains rather than recapture 17 January 2025 Internal T.I. 2024-1029791I7 F- SSUC- Rémunération de la haute direction / CEWS- Income Tax Act- Section 125.7- Subsection 125.7(1)- Executive Remuneration no adjustments are made to an eligible entity's Statement of Executive Compensation for NEOs filed pursuant to NI 51-102 for CEWS repayment purposes Income Tax Act- Section 125.7- Subsection 125.7(14) repayment based on NI 51-102 statements, without adjustments 2000-10-13 18 September 2000 External T.I. 2000-0026805 F- PAIEMENTS DANS LE CADRE D'UN CONGEDIEMENT Income Tax Act- Section 248- Subsection 248(1)- Retiring Allowance payment in lieu of reasonable notice was s. 5 employment income Income Tax Regulations- Regulation 102- Subsection 102(1) reimbursed legal costs of dismissed employee paid by the employer are not subject to withholding if such costs were deductible under s. 8(1)(b) 3 October 2000 Internal T.I. 2000-0039997 F- VENDEAU-CONFERENCE ET CONGRES Income Tax Act- Section 8- Subsection 8(1)- Paragraph 8(1)(f)- Subparagraph 8(1)(f)(v) costs of presentations to improve skills of salespeople who generated commissions to the taxpayer were not capital expenditures, cf. cost of attending conference 20 September 2000 External T.I. 2000-0043435 F- Associé quittant société de personnes Income Tax Act- Section 53- Subsection 53(1)- Paragraph 53(1)(e)- Subparagraph 53(1)(e)(i) adjustments to avoid double taxation on a completed withdrawal from a partnership are considered first by the TSO, generally as part of an audit 2000-09-29 14 September 2000 External T.I. 2000-0037085 F- ALLOCATION DE RETRAITE Income Tax Act- Section 248- Subsection 248(1)- Retiring Allowance a lump sum amount paid in satisfaction of salary insurance benefits could not be transmuted into a retiring allowance Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(f) a lump sum paid in satisfaction of an insurer's obligations under a wage loss replacement plan were taxable irrespective of whether paid as a lump sum and via the employer Income Tax Act- Section 153- Subsection 153(1)- Paragraph 153(1)(a) lump sum wage loss payments paid by an insurance company to the employer for on-payment were subject to source deductions 14 September 2000 External T.I. 2000-0023515 F- TAXE DE VENTE AVANTAGE IMPOSABLE Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(f) payment by employer of sales tax on insurance premiums under an employee-funded sickness or accident insurance plan did not taint the plan Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) payment by employer of sales tax on insurance premiums under an employee-funded sickness or accident insurance plan is a taxable benefit 2000-09-15 11 September 2000 External T.I. 2000-0045115 F- FERR TRANSFERT Income Tax Act- Section 60- Paragraph 60(l) an individual's spouse may make a transfer from a spousal RRIF a non-spousal RRIF of the spouse (which then becomes a spousal RRIF) Income Tax Act- Section 146.3- Subsection 146.3(5.1) spousal RRIF status has relevance only for purposes of s. 146.3(5.1) ...

Given the number of judges in the minority, the chances of the President ultimately prevailing in the US Supreme Court might be considered to be more than trivial. ...

The bigger problem was posed by the combined effect of s 248(32)(b) (deeming the amount of limited-recourse debt to be a benefit), s. 143.2(7)(a) (deeming debt to be limited-recourse if there were no bona fide arrangements for repayment within 10 years) and s. 143.2(12) (deeming there to be no such arrangement if the debtor’s arrangement to repay within 10 years “can reasonably be considered to be part of a series of loans or other indebtedness and repayments that ends more than 10 years after it begins.”) ...