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Would the cash from the dividend be considered substituted property? Scenario 2 Estate transfers the shares of Holdco, on a tax deferred basis, to Newco and takes back high PUC shares of Newco. ... " Paragraph 248(5)(a) states that where there are multiple substitutions the final property held will be considered to be substituted for the original property held. The term substituted property was considered in McLaughlin v. MNR, [1952] CTC 104 (Exch. ...

Reasons: The raising or breeding of livestock such as horses would normally be considered as farming under the Act. ... You enquired whether the above activities can be considered as a farming business under the Income Tax Act (“the Act”). ... Based on the above definition, the raising or breeding of livestock such as horses would normally be considered as farming under the Act. ...

You have requested our comments as to whether the situations you have described would be considered personal use of a company automobile. ... The use of the vehicle for such travel is considered employment-related, not personal. ... In both cases we are assuming that the construction sites will vary with sufficient frequency that none would be considered a regular workplace. ...

The term "replicate" must be read in the context of the whole expression, "may reasonably be considered to replicate..." and as such does not require that the rights associated with one particular type of unit be identical to the rights associated with those units that the particular type of unit is considered to replicate. ... Thus, depending on the specific terms and conditions of the units of both the limited partnership and of the mutual fund trust, it is possible that the units of the mutual fund trust could be considered to be an investment in the limited partnership. ...

Part II: Travel between two places of business of the employer is not considered personal. ... Part I- Special Work Site You inquired whether the following logging site is considered a "special work site". ... However, travel between two places of business of an employer is not considered personal. ...

11 September 2006 Roundtable, 2006-0185601C6- 2006 STEP Conference-Question 17 Unedited CRA Tags 104 248(1) Principal Issues: A bare trust is not recognized for the purpose of the Act because subsection 104(1) of the Act profides that, in situations where the trustee can reasonably be considered to act as agent for all the beneficiaries in respect of all dealings with the trust property and the trust is not a trust described in any of paragraphs (a) to (e.1) of the definition "trust" in subsection 108(1), the arrangement is not considered to be a trust for all but a few purposes of the Act. ... Reasons: Since paragraph (e) of the definition is not one of the provisions for which a bare trust is considered to be a trust, the exceptions in paragraph (e) will not apply to the distribution of the bare trust's property to the contributor-beneficiary. ... In general terms, subsection 104(1) of the Act provides that, in situations where the trustee can reasonably be considered to act as agent for all the beneficiaries in respect of all dealings with the trust property and the trust is not a trust described in any of paragraphs (a) to (e.1) of the definition "trust" in subsection 108(1) of the Act, the arrangement is not considered to be a trust for all but a few purposes of the Act. ...

Would government assistance that is deferred and amortized into income in accordance with GAAP be considered a "reserve", "provision", "allowance" or "advance" for purposes of computing capital under subsection 181.2(3) of the Act? ... Does the fact that the government assistance may become repayable at a future date if the recipient does not use the asset acquired with the funds in a manner required by the assistance agreement, result in the assistance being considered an "advance". ... The fact that the funds may become repayable at a future time because the recipient failed to continue to satisfy a requirement under the agreement would not in our view cause the funds, when received, to be considered an advance. ...

Principal Issues: Whether income from a 100 room hotel and 12,000 foot commercial area would be considered business income or rental income. ... However, even if a business is considered to exist, the property used therein may be considered to be a “rental property” for the purposes of the capital cost allowance ("CCA") restriction in subsection 1100(11) of the Income Tax Regulations (the “Regulations”). ... Given the limited information provided in your letter, we cannot comment further on whether income from the proposed 100 room hotel and 12,000 square foot commercial area would be considered business income or property income and whether the property would be considered rental property. ...

Principal Issues: Definition of Qualified Small Business Corporation Shares and when cash or near cash property will be considered to be used in the course of an active business. ... Cash or near cash property is considered to be used principally in the business if its withdrawal would destabilize the business. ... Cash balances which accumulate and are then depleted in accordance with the annual seasonal fluctuations of an ongoing business will generally be considered to be used in the business but a permanent balance in excess of the company's reasonable working capital needs will generally not be considered to be so used. ...

If the landfill gas escapes into the atmosphere it would be considered waste. ... The resulting compost is a valuable commodity (goods) and would not be considered "municipal waste". ... The landfill gas could be considered to be related (connected or allied) to the municipal waste but it would not be considered to be related to petroleum or natural gas. ...