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OUR COMMENTS Subparagraph (a)(iii) of the TPS definition provides, inter alia, that a share will be considered to be a TPS when the issuing corporation provides "... any form of guarantee, security or similar indemnity or covenant...with respect to the share... ...

In the example given, the individual's 1995 loss from the limited partnership is considered to be nil for minimum tax purposes by reason of proposed paragraph 127.52(1)(c.1) of the Act. ...

Due to the time period (XXXXXXXXXX) in which XXXXXXXXXX received the amounts outlined in item 4 of the conclusion to the December 15, 1995, letter from XXXXXXXXXX, the tax status of certain amounts paid to or on behalf of XXXXXXXXXX pursuant to Part II section 9 of the TARs has been considered in connection with our review of the tax treatment of comparable amounts under the Treasury Board Foreign Service Directives. ...

In circumstances where coverage in respect of a private health services plan (PHSP) is received by an individual by virtue of his or her shareholding, the exception would not apply and the individual would be considered to be in receipt of benefits that are taxable under subsection 15(1) of the Act. ...

It is our understanding that the beneficiary would be entitled to make a claim for relief (i.e. the tax is considered to be paid by the beneficiaries) to the United Kingdom for the amount of tax paid by the trustees in excess of the withholding rates provided under the Canada-U.K. ...

On the basis of the information provided by XXXXXXXXXX, it appears that XXXXXXXXXX may have considered the wording of paragraph 67.1(2)(e) prior to the above-noted amendment. ...

However, this conclusion is subject to the provisions of subsection 256(2.1) of the Act, which would only apply if it could reasonably be considered that one of the main reasons for the separate existence of D Ltd. was to reduce the amount of taxes payable under the Act, as would be the case if one of the reasons for the separate existence of D Ltd. was to obtain a deduction under subsection 125(1) of the Act to which it would not otherwise have been entitled. ...

The surplus of a foreign affiliate represents the equity of such corporation which is attributable to retained earnings and should not in our view be considered distributed on the redemption of shares when such shares are redeemed at an amount equal to their paid-up capital. ...

As stated in the all District Office memorandum from Client Assistance Directorate dated April 13, 1993, these amounts are not considered to be received "for the benefit of the cared-for individual" but rather as salary or wages. ...

Accordingly, it is possible that the above comments, which were based on the limited information provided to us, may not accurately reflect the tax consequences of the situation that we considered. ...