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In accordance with Interpretation Bulletin IT-392, a NYLLC is considered to have capital stock consisting of 100 issued shares and each owner of a beneficial interest in the NYLLC is then considered to own a number of shares proportionate to his beneficial interest in the NYLLC. Each amount distributed on account of profits by the NYLLC to its owners will be considered dividends for the purpose of the Act and the Regulations made thereunder. ... On the other hand, where the mind and management of the NYLLC is situated in the U.S., resulting in the NYLLC not being considered a resident of Canada for purposes of the Act, it will not be considered as being a resident of either Contracting State for purposes of the Convention, if it is treated as a partnership for purposes of the Code. ...

Position: There is twelve-month "grace period" in which a newspaper that was previously considered a Canadian newspaper will continue to be considered so for purposes of subsection 19(1) of the Act. ... To be considered a Canadian newspaper, certain Canadian ownership criteria must be met. ... Therefore, there is twelve-month "grace period" in which a newspaper that was previously considered a Canadian newspaper will continue to be considered so for purposes of subsection 19(1) of the Act. ...

Position: If a temporary base has been established overseas amounts paid for meals and lodging in that place are considered personal expenses and are not deductible as research expenses. ... Specifically you ask whether the following expenses incurred in New Zealand would be considered research expenses:? ... While those expenses cannot be deducted in the year in which they are incurred, they are considered to be deductible in the year in which the grant is received. ...

It Is our view that where cash that is temporarily surplus to the needs of the business is invested in short-term income-producing investments, those investments may be considered to be used in the business.  Therefore, income from such investments would be considered to pertain to or be incident to that business.  ... Rather such funds would be considered as permanently set aside for non-qualified uses (i.e. uses other than in an active business).  ...

Therefore. income from such investments would be considered to pertain to or be incident to that business. ... Rather such funds would be considered as permanently set aside for non- qualified uses (i.e. uses other than in an active business). The income from such investments would not be considered to pertain to or be incident to an active business. ...

You ask if the price specified in the agreement for the trees would be considered inventory for the purposes of the Mandatory Inventory Adjustment (MIA) under paragraph 28(1)(c) of the Act. ... IT-433 states in essence that Christmas tree growing is considered a farming business. ... The cost of replacement plants or trees is considered to be a deductible expense. ...

Accordingly for purposes of section 114 of the Act the individual in situation (i) above would not be considered to be employed in Canada during the non-residency period. In accordance with common law, where a partnership carries on business each of the partners, whether limited or general, will be considered to carry on that business. Where the partnership carries on that business through a permanent establishment, each of the partners are considered to carry on that business through a permanent establishment. ...

Answer In our view, the fact that the appropriate withholding taxes are not paid may be viewed as an indication that there is no such agreement between the corporation and the shareholder and the amount may not be considered paid. If however it is clear from the facts that the amount is considered paid by both parties and if the requisite preconditions previously described are met, then the bonus will normally be considered paid by the corporation and received by the individual. ... Question 3 If the corporation credits the gross amount of the bonus to the employee/ shareholder's loan account and no withholding taxes are subsequently paid, is the bonus considered to be paid for purposes of subsection 78(4)? ...

Construction is not considered "manufacturing or processing" by virtue of subparagraph 125.1(3)(b)(iii). ... " The fact that an activity which if performed at the taxpayers' place of business would be considered "manufacturing or processing" should be of no significance in assessing whether the taxpayers' activities at the construction site are considered manufacturing and processing for purposes of the Act. ... Labour costs for activities considered as construction would obviously not be included in "manufacturing and processing labour". ...

While, in these circumstances, the sub-leasing revenue would be considered from the operation of ships, in any case where the sub-time chartering activity constitutes a separate business the revenue therefrom would not be considered to be from the operation of ships. ... Income from shipbroking will not be considered income from the operation of ships. ... Interpretation Bulletins IT-290, IT-371 and IT-400 outline some of the criteria that should be considered when determining which of a corporation's businesses should be considered its principal business. ...