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In this respect, we refer you to paragraph 256(6.1)(a) of the Act, (effective for taxation years that end after November 1999) which states that, where a subsidiary would be controlled by its parent if the parent were not itself controlled by any other person or group, the subsidiary is considered to be controlled both by the parent and by the person or group that controls the parent. Subsection 256(7) of the Act describes various circumstances where control of a corporation is considered not to have been acquired for purposes of various provisions of the Act. ...

The deduction of a fine or penalty cannot be disallowed solely on the basis that to allow it would be considered contrary to public policy. ... Finally, the Supreme Court stated that there may be situations where the offence giving rise to the fine or penalty is so "egregious or repulsive" that it could not be considered to be incurred for the purpose of gaining or producing income. ...

In our reply to question 26 of the 1988 Canadian Tax Foundation Round Table we stated that, these kind of SARs would generally not be considered salary deferral arrangements ("SDA"s) as that term is defined in the Income Tax Act (the "Act"). ... XXXXXXXXXX Position XXXXXXXXXX believes an employee should not be considered to have a taxable event at the time of conversion and that paragraph 7(3)(a) of the Act provides support for this position. ...

You also request a confirmation that if N ceases to be resident in Canada, that the normal consequences of ceasing to be a resident of Canada would then apply to N and thus, N would be considered non-resident from that date. ... If N does so, however, we confirm your view that the normal consequences of ceasing to be a resident of Canada would then apply to N and thus, N would be considered non-resident from that date. ...

While the OSFI still requires this information for purposes of the Minimum Continuing Capital and Surplus Requirements ("MCCSR") such amounts are no longer considered appropriations by the OSFI. ... It is our understanding that these amounts are considered by the Quebec regulator as "appropriations" of surplus and that they would be identified as such on the balance sheet or in a note to the financial statements of the life insurer. ...

In the situation where a corporation provides a shareholder with assistance in respect of the cost of a residence, such assistance would be considered to be a benefit conferred upon the shareholder and therefore included in computing the income of the shareholder in the year the assistance is received. ... By virtue of the relationship between the purchaser of the residential property and the shareholder/employee, the relative, as a question of fact, would not be considered to be dealing at arm's length with the corporation. ...

Reasons: Since the dealer does not operate a separate leasing division, the farm equipment, including that which is leased, would be considered inventory in its hands. ... Farm equipment that is leased to customers is considered to be acquired by the Dealer when the lease is signed with the customer.? ...

In this case, the Supreme Court considered whether fees for medical services paid to a doctor were properly reported as income by a private corporation. ... Please refer to paragraph 1 of IT-189R2 for a discussion of the factors to be considered in determining who is carrying on the business. ...

Paragraph 13 of IT-270R2 states: Before an amount of foreign tax can be considered in the calculation of a foreign tax credit, it must be "paid...for the year", whether paid before, during or after the year in question.... An amount of tax paid which will be refunded to the taxpayer is not considered to be tax paid for the year.... ...

Our Comments The issue of whether a resident of Canada could be considered owning a TCP has a long history in our Directorate dating back at least to 1985. ... The reason for specifying the non-resident person is that Canada wants to retain the right to tax a non-resident person who has, pursuant to subsection 85(1) or 97(2) of the Act, exchanged property described in (m) to (q) of the definition of "taxable Canadian property" in subsection 248(1) of the Act for property which would otherwise not be considered to be taxable Canadian property. ...