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Any of OT's debts for which the property so transferred cannot reasonably be considered to be security shall be repaid before this proposed transaction. ... The OT will not, solely by virtue of the amendments referred to in 56 above, be considered to have disposed of its property or resettled a new trust. ... Target will not, solely by virtue of the amendments referred to in 28 above, be considered to have disposed of its property or resettled a new trust. ...

Revenue Canada has considered that such a purpose is present if an outlay is made with an expectation of profit. ... Subsection 245(2) of the Act was considered applicable to require an inclusion in income of the cash held by a distributor. ... Unusual items such as deferred charges should be considered as a possible way of circumventing the 95% debt limit. ...

We understand that to the best of your knowledge, and that of the taxpayers involved, none of the matters considered in this ruling request are: a) in an earlier return of the taxpayers or related persons; b) being considered by a tax services office or tax centre in connection with a previously filed tax return of the taxpayers or related persons; c) under objection by the taxpayers or related persons; d) before the courts; or e) the subject of a ruling previously issued by this Directorate to the taxpayers or related persons. ... Pursuant to paragraph (h) of the definition of "disposition" in subsection 248(1), Newco-Amalco will not be considered to have a disposition of the Fund Units as a result of the distribution made by the Fund to Newco-Amalco (as described in paragraph 79). ... More particularly, you did not request, nor have we considered or given any ruling with respect to any other aspect of the Facts stated above (including the Facts Relating to the Acquisition of the Fund) or any other aspect of the taxation of the Fund. ...

Therefore the affilate must be resident in the same country under both tests in order to be considered "resident in a designated treaty country". ... In this example the shares of S4 would not be considered excluded property. ... It is a question of fact whether a partnership, and thereby its members, is considered to be carrying on a trade or business. ...

In order for the amount of a retiring allowance to be considered reasonable in a non-arms length situation, it should not exceed the amount that would be considered reasonable in an arm's length situation. ... Accordingly, in the above situation and assuming (i) is met, the daughter would be considered financially dependant on the mother and the proceeds from the mother's RRIF would be considered a refund of premiums to the daughter. ... A shareholder's loan which is repaid within one year of the end of the taxation year in which the debt was incurred may be included in income if it is considered to be part of a series of loans and repayments. ...

Whether any particular transaction is considered to be part of a series of transactions depends on the relevant facts and circumstances. ... Based on these statements, most practitioners would have considered the transactions in Hickman Motors Ltd. v. ... All relevant facts will be considered and reference made to the tests and guidelines established by the courts. ...

For greater certainty, for purposes of the determinations described in Paragraphs 42 and 43: (d) any tax accounts such as the balance of any non-capital losses of the Canadian DC Group or the balance of any RDTOH or CDA, if any, will not be considered property; (e) the amount of any deferred or future income tax receivable will not be considered property; (f) advances and loans receivable of the Canadian DC Group, or portions thereof (including those owing from non-arm’s length persons) that (i) are due within the next XXXXXXXXXX, (ii) have no fixed terms of repayment, (iii) are due on demand, (iv) are all advances or loans receivable from the Cash Sweepings, or (v) is the Sister Canco 5 Loan Receivable, will be considered cash or near-cash property; (g) the real properties, leasehold interests in real property, as described in Paragraph 24, and XXXXXXXXXX of the Canadian DC Group, will be considered business property since they are used in business operations; (h) any amount recorded as a capital lease asset for accounting purposes represents only an accounting entry and will not be considered property; (i) income tax instalments and other taxes receivable (excluding HST/GST/PST/QST) within a year, which relate to either an assessment, additional assessment, reassessment or variance thereof received prior to the Canadian DC Transfer, or a return filed for a taxation year for which no assessment, additional assessment, reassessment or variance thereof has been received prior to the Canadian DC Transfer, will be classified as cash or near-cash property. Income and other taxes receivable (excluding HST/GST/PST/QST) that relate to taxation years for which a return has not been filed will not be considered property; (j) HST/GST/PST/QST receivables recorded for financial statement purposes will not be considered property, except to the extent that such balances represent amounts of HST/GST/PST/QST receivable recorded on the financial statements which relate to reporting periods ending prior to the Canadian DC Transfer, for which a return has been filed; (k) Canadian DC will be considered to have Significant Influence over a corporation if it has Significant Influence over that corporation or over any other corporation that has Significant Influence over that corporation, or if Canadian DC in combination with corporations over which it has Significant Influence have Significant Influence over that corporation. ... Following the set-off, each such note will be considered to be paid in full and will be cancelled. ...

Reasons: 1) The proposed definition of "swap transaction" excludes a transfer of property that is a distribution from or contribution to a TFSA trust. 2) Based on wording included in the proposed legislation. 3) The TFSA trust would be regarded as having written a naked call option, which may result in the trust being considered to be carrying on a business. ... For purposes of applying subsection 146.2(6) of the ITA, where a TFSA trust is considered to be carrying on a business, the trust will be taxable to the extent of the income earned from that business. ...

We have previously opined that where a MIC acquires units of a mutual fund trust, it will be considered to have an investment in units of a trust and not to have any interest in the property held by the trust (document 2002-016532). ... We note that section 253.1 of the Act provides that for the purposes of certain specified provisions of the Act stated therein, including paragraph 130.1(6)(b) of the Act, where a trust or corporation holds an interest in a partnership and, by operation of any law in respect of the partnership, the liability of the partner as a member of the partnership is limited, the trust or corporation will not be considered to carry on any business or other activity of the partnership, solely because the trust or corporation acquired and holds the partnership interest. ...

Reasons: Since subsection 40(3.6) of the Act applies, the taxpayer is not considered to have sustained a loss for the purposes of subsection 39(1) or 39(2) of the Act April 23, 2012 XXXXXXXXXX HEADQUARTERS Large File Case Manager Income Tax Rulings XXXXXXXXXX Tax Services Office Directorate A. ... Since Parent’s loss is deemed to be nil because of the application of subsection 40(3.6), Parent cannot be considered to have “sustained a loss” at the time that U.S. ...