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However, the credit operations (moneylending, trade finance, financial guarantees), deposit taking, cheque clearing, cash and asset management, custodial or fiduciary services performed under contract (not as a trustee), financial product sales and the foreign exchange operations of a regulated foreign bank would generally be considered part of a single business... ...

Parent to acquire flow-through shares issued by one of its wholly-owned subsidiaries would not be considered to be attributable to the assets or activities of a permanent establishment of the U.S. parent in Canada through which it carried on business (with the result that the resulting interest expense would not be deductible in computing the income of the permanent establishment), RC stated that "the meaning of the term 'attributable to' as used in paragraph 7 of Article VII of the Treaty has the same meaning as the term 'effectively connected' as used in Articles X, XI and XII of the Treaty since in both cases the term is relating the income or the income source to the PE of U.S. ...

Accordingly, "where an arm's-length intermediary is involved in a payment flow, an amount would be considered to be paid or payable directly or indirectly by another qualified foreign affiliate to a particular foreign affiliate where the payment can be traced and shown to be a payment made directly or indirectly to a particular foreign affiliate that was deductible by the other foreign affiliate in computing its earnings or loss from an active business". ...

., the consideration described in s. 85(1)(b) will be considered to have been reduced to the elected amount of $200). ...

…(ii)…applies where it can reasonably be considered that the distribution is derived from an amount received by the trust as a capital dividend on a share of a corporation resident in Canada. ...

Consequently, where an entity has not issued shares in its capital stock, it is our view that its capital, for the purposes of section 149, cannot be considered to be shares. ...

A contribution of capital would be considered to occur that results in an addition to the adjusted cost base to Canco of its shares of CFA1 when the CFA1 debt is absolutely forgiven by Canco. ...

However, the forgiveness would be considered to be a contribution of capital which could be added to the ACB of the shares of CFA1 held by Canco pursuant to s. 53(1)(c). ...

Respecting whether s. 84.1 would apply to the transfer of the partnership interests, the Agency questioned the validity of the partnership following the transfer of its business to Opco and also indicated that the application of s. 245 to the series of transactions would be considered. ...

It went on to note that it was a question of fact whether the property could qualify as real property is considered to be used in the course of the carrying on the business of farming in Canada under s. ...