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Reasons FOR POSITION TAKEN: The terms of the settlement are considered to be consistent with the Department's position set out in paragraphs 3 and 5 of IT-365R2. ... However, an irrevocable direction will be executed in respect of each annuity contract directing the issuers to make the payments directly to XXXXXXXXXX or XXXXXXXXXX estate, as the case may be. 9.You have advised and you confirm, to the best of your knowledge, that none of the issues involved in this ruling request is being considered by a Tax Services office or a Tax Centre in connection with a tax return already filed and none of the issues is under objection. ...

Reasons FOR POSITION TAKEN: The terms of the settlement are considered to be consistent with the Department's position set out in paragraphs 3 and 5 of IT-365R2. ... The annuity contract will be non-commutable, non-assignable and non-transferable. 8.The owner and annuitant (beneficiary) under the annuity contract will be XXXXXXXXXX; however, an irrevocable direction will be executed in respect of the annuity contract directing the issuer to make the payments directly to XXXXXXXXXX legal representative, or XXXXXXXXXX estate, as the case may be. 9.You have advised and you confirm to the best of your knowledge that none of the issues involved in this ruling request is being considered by a Tax Services office or a Tax Centre in connection with a tax return already filed and none of the issues is under objection. ...

Reasons FOR POSITION TAKEN: The terms of the settlement are considered to be consistent with the Department's position set out in paragraphs 3 and 5 of IT-365R2. ... The annuity contract will be non-commutable, non-assignable and non-transferable. 8.The owner and annuitant (beneficiary) under the annuity contract will be XXXXXXXXXX; however, an irrevocable direction will be executed in respect of the annuity contract directing the issuer to make the payments directly to XXXXXXXXXX estate, as the case may be. 9.You have advised and you confirm, to the best of your knowledge, that none of the issues involved in this ruling request is being considered by a Tax Services office or a Tax Centre in connection with a tax return already filed and none of the issues is under objection. ...

To the extent that the settlement amount reflects court awards under comparable circumstances the amount received would be considered as not subject to tax. ... The reimbursement of legal costs are not considered part of a retiring allowance but are taxable under paragraph 56(1)(l.1) of the Act. ...

ADDITIONAL INFORMATION 10.To the best of the Corporation's knowledge, none of the issues involved in this ruling request is being considered by a tax services office or taxation centre in connection with a tax return already filed, and none of the issues is under objection. 11.The Corporation files its tax returns at the XXXXXXXXXX Taxation Centre and is served by the XXXXXXXXXX Tax Services Office. ... It is the Department's view that the following criteria should be considered in determining a price which is representative of fair market value:-The closing price on the particular day (in this case the day the option is granted),-The average of the high and low prices for the particular day,-The simple average of a stock's daily trading price, calculated as the total value of the stock traded during the particular day divided by the total number of shares traded,-The closing price for the most recent, previous day on which there was active trading, or-The average closing price of the stock over a limited number of trading days immediately before the valuation date. 2.Nothing in this ruling should be construed as implying that Revenue Canada has agreed to or reviewed the manner of determination of the fair market value of the Shares as set out in the Plan. ...

Principal Issues: Whether transferee RRIF must be considered a "spousal plan" where no contributions by spouse made to transferor RRSPs within time limits set out in 146.3(5.1)(a). ... Under the Act, the RRIF will be considered a "spousal plan" but no legal consequences result. ...

Where the foregoing is established to be the situation, the corporation will be looked upon as merely an agent for the shareholder who will be considered to be the beneficial owner of the property.... ... Any income or loss arising in respect of property...will be considered to be the income or loss of the shareholder... ...

Principal Issues: 1)XXXXXXXXXX are the shares XXXXXXXXXX short-term preferred shares and taxable preferred shares. 2)If there is a specified amount for purposes of 191(4) is the deemed dividend up to the specified amount considered to be an excluded dividend and an excepted dividend. ... XXXXXXXXXX is not a "private holding corporation" or a "financial intermediary corporation" within the meanings assigned to those terms by subsection 191(1) of the Act, or a corporation that would have been a "financial intermediary corporation" but for paragraphs (h) and (i) of the definition thereof. 13.To the best of your knowledge, and that of XXXXXXXXXX none of the issues involved in this ruling request are under objection or appeal nor are they being considered by any district tax services office or taxation centre in connection with any returns previously filed. ...

A request for a written opinion on a completed transaction is generally considered by the taxpayer's local tax services office. ... If the receipt relates to the loss of an income-producing asset, it will be considered to be a capital receipt; on the other hand, if the compensation was received for the failure to receive a sum of money that would have been an income item if it had been received, the compensation will likely be an income receipt. ...

Her Majesty the Queen, the Supreme Court of Canada reconsidered the approach to use in determining whether income should be considered to be situated on a reserve and thus tax exempt. ... Although the location of your residence may be a factor to consider, residency on reserve is insufficient alone to determine that employment income should be considered to be connected to the reserve. ...