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As your question relates to a taxpayer's ability to claim a foreign tax credit against Canadian tax otherwise payable, we are assuming that the taxpayer in question is a resident of both Canada and Australia pursuant to their respective domestic tax laws and that the taxpayer is considered to be a resident of Canada for purposes of the Canada-Australia Income Tax Convention on the basis of the tie-breaker rules in Article 4 of that Convention. ...

An RCA which is established to provide pension benefits in excess of those permitted to be provided by a registered pension plan under the Act is not considered part of a combined plan. ...

While there may be an argument that the rate under the optional form can be considered a benefit accrual rate or equivalent benefit accrual rate, it would seem that paragraph 8503(3)(g) was not intended to have been used in this fashion. ...

Given our position that timber is not an asset distinct from the land on which it stands, the enhanced capital gains exemption could only be claimed in respect of the disposition of the land....since timber is not considered to be an asset distinct from the land on which it stands, the capital gains election cannot be filed solely in respect of the timber. ...

As you have indicated, the "all or substantially all" test is considered to be met when 90% or more of the non-resident's world income for the year (the "denominator") is included in computing the non-resident taxable income earned in Canada for that year (the "numerator"). ...

In other words, an amount may still be considered to be "payable on a periodic basis" even where the payment is made late and that late payment is one cheque which includes several periodic payments. ...

It is our understanding that none of these corporations are considered to be a "financial institution" as that term is defined in subsection 181(1) of the Act. ...

If the trustee is acting as an agent for the taxpayer in the matter of the proposal, the income earned on the assets held by the trustee will be considered income of the taxpayer. ...

Even if an income interest of a trust were considered to be a gift, it is the position of the Department (see paragraphs 2 and 6 of Interpretation Bulletin IT-226R), that where a trustee is empowered to encroach on capital of the trust, no tax credit in respect of the gift is allowed because the size of the donation cannot reasonably be determined. ...

Since B would not be considered to have disposed of B’s interest, there would be no tax consequence to B. ...