Search - considered

Although paragraph 53(1)(n) of the Income Tax Act (the "Act") allows a taxpayer to add to the adjusted cost base of property, the reasonable costs incurred in valuing the property for purposes of its disposition, this provision is not considered to apply to deemed dispositions which arise by virtue of the Act. In our opinion, the costs incurred in valuing property for purposes of a deemed disposition cannot reasonably be considered to have been incurred to facilitate the disposition. ...

" As you are aware, the words in respect of have been considered by the Supreme Court of Canada in Nowegijick v. ... The phrase was considered by the Federal Court of Appeal in an Excise Tax case, Her Majesty The Queen v. ...

Factors to be considered in applying this test include the required investments to be made by the individual, permanency of the relationship, and the skill required by the individual. ... Regardless of whether the Taxpayer is considered to be self-employed or a partner of the Partnership, the personal use of any property which is also used to earn income from a business is not deductible in computing income from that business pursuant to paragraph 18(1)(h) of the Act. ...

The Court cases pertaining to the application of paragraph 90(1)(b) of the Indian Act considered the meaning of "treaty" and "agreement" and came to the conclusion that an agreement is a word closely related to a treaty. ... In our view, there is no proof to support a conclusion that the business income earned by the Taxpayer and received from Health Canada would be considered purchased by Her Majesty with Indian moneys or money appropriated by Parliament for the use and benefit of Indians or bands, or given to Indians or a band under a treaty or agreement between a band and Her Majesty. ...

Even if such amounts were considered to constitute reserves they remain part of retained earnings. 2. ... Comments We have considered the above submission and the arguments therein which were raised by XXXXXXXXXX. ...

OUR COMMENTS Subsection 55(2) of the Act applies to a dividend received by a corporation resident in Canada that is deductible under subsection 112(1) where one of the purposes of the dividend was to significantly reduce the portion of a capital gain that would have been realized on a fair market value disposition of the share and that could reasonably be considered to be attributable to anything other than income earned or realized by any corporation after 1971. ... “Safe income on hand” refers to that portion of safe income of a share which can reasonably be considered to contribute to the capital gain on that share. ...

Your letter suggests that the inherent tax liability associated with a particular property should be considered when determining the fair market value of the said property.  It is our view that inherent tax liabilities generally do not constitute liabilities and as such are not considered when determining the fair market value, on the net equity basis, of a particular property for purposes of paragraph 55(3)(b) of the Act. ...

In determining a “reasonable amount” of interest, paragraph 1.20 of Income Tax Folio S3-F6-C1, Interest deductibility, states that “the prevailing market rates for debts with similar terms and credit risks should be considered as well as the existence of any issue premiums.” ... (footnote 7) Subsection 247(2) applies in situations where a taxpayer or a partnership and a non-resident person with whom the taxpayer, the partnership or a member of the partnership does not deal at arm’s length (or a partnership of which the non-resident person is a member) are participants in a transaction or a series of transactions and: (a) the terms or conditions of the transaction or series [...] differ from those that would have been made between persons dealing at arm’s length, or (b) the transaction or series i. would not have been entered into between persons dealing at arm’s length, and ii. can reasonably be considered not to have been entered into primarily for bona fide purposes other than to obtain a tax benefit. ...

CRA response to question 2 Based on the facts provided, in our view, it is unlikely that User Rewards received in a custodial staking arrangement can be considered to be derived from personal activities that are not of a commercial nature. ... “Profit” is not defined in the Act but has been considered by the courts. ...

The Minister considered that the employees’ parking spots represented a benefit under paragraph 6(1)(a) and reassessed them based on the FMV. ... The other methods proposed in paragraph 5 to determine the value could be considered, as long as they are reasonable under the circumstances and provide with a value comparable to the FMV. 87. ... However, for the purposes of determining the value of a taxable benefit, it is generally considered by the CRA as being the FMV. ...