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The definition of a QSBCS in subsection 110.6(1) of the Act incorporates, inter alia, three main tests, as briefly discussed below, that must be met in order for the individual’s shares to be considered as QSBCS for these purposes. 1) Small Business Corporation (“SBC”) Test The first test, in paragraph (a) of the QSBCS definition, examines the use of the particular corporation’s assets at the time the shares are sold (i.e., the “determination time”) and requires that the shares must be the shares of a SBC at the determination time. ... If the particular corporation itself has sufficient eligible assets described in (i) above to meet the 50% Holding Period Asset Use Test in paragraph (c), then the more stringent 90% Holding Period Asset Use Test described in paragraph (d) of the definition of QSBCS would not have to be considered. ...

Reasons: In the context of applying paragraph (g) of the definition of "specified foreign property" in subsection 233.3(1) of the Act, subsection 96(1) of the Act does not apply and the general partnership is not considered a separate person. ... As all the partners of the Partnership are jointly and severally liable for the debts incurred by the Partnership, we are of the view that the Loan represents indebtedness owed to the (Canadian resident) by a non-resident person(s) and therefore constitutes "specified foreign property" as defined in subsection 233.3(1) of the Act because for the purposes of paragraph (g) of that definition, each of the partners would be considered to owe the full amount of the indebtedness incurred by the Partnership. ...

Two arrangements are being considered: 1. A one to one arrangement whereby the donor specifies the donee to whom he or she is giving a specified portion of his or her vacation; and 2. ... An amount is generally considered to be received in an individual's personal capacity where the amount is: philanthropic; voluntary; not based on employment factors such as performance, position, or years of service; and not made in exchange for employment services. ...

For example, a professional status would be considered "recognized by statute" where a statute requires that certain services be only performed by a member of a particular professional organization, even though the organization itself is not regulated by statute. ... Therefore, where a "professional status" is only acknowledged in the regulations of a statute or in an organization's bylaws, the "professional status" would not likely be considered "recognized by statute" for purposes of subparagraph 8(1)(i)(i) of the Act. ...

Accordingly, it is our view that these payments will be considered as "interest… paid or payable on an obligation" for the purposes of the definition of PDI. ... As a result, these payments can be considered to be PDI that may be subject to Part XIII tax. ...

Generally, expenses incurred to make an individual available to the business, or incurred in travelling from home to the business, are considered personal expenses as an individual is expected to be available to the business to earn business income. ... Inc., 88 DTC 6005 (FCTD), the court considered a yacht to be a vessel that was primarily or generally used as a pleasure craft. ...

Based on your faxed correspondence and telephone conversations, we understand that there are two types of payments to be considered. ... Alternately, the amounts may be considered to be a reimbursement of personal expenses incurred on behalf of the care recipient and would not be included in income. ...

Depends on if the original POD due to the vendor from the original transaction remain payable or are considered paid. 2. ... If there is extinction of the debt in law, the vendor is considered to have accepted the new debt obligation as "absolute payment" of the old debt obligation and would thus be denied a reserve under subparagraph 40(1)(a)(iii) after that date because there is no longer anything due to the vendor from the purchaser in the original transaction. ...

In situations where a taxpayer files a return of income such that the prescribed form is substantially incomplete, whether missing relevant information or required documents, the return of income may be considered to be not a valid return and the Minister can refuse to accept it. 2. ... Therefore, in situations where all or some of the necessary and substantive elements on the prescribed form are missing, or incorrectly stated by a taxpayer, the return of income can be considered not to have been filed in prescribed form containing prescribed information. ...

Therefore, if an organization holds shares to earn income from property, it may be considered to have a profit purpose, even if the income from those shares is used in furtherance of the organization’s not-for-profit objectives. ... As stated in Interpretation Bulletin IT-496R, “Non-Profit Organizations”, where assets representing accumulated excess income are used for purposes unrelated to the organization’s not-for-profit objectives, such as long-term investments to produce property income, or loans to members, shareholders or non-exempt persons, profit may be considered to be one of the purposes for which the association was operated. ...