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Based on our understanding of the EAPD Program and the XXXXXXXXXX Program, since the primary purpose of the $XXXXXXXXXX per month Disability Related Support payments appears to be to provide financial assistance to students in need to further their education, in our view, the value of the benefit the student receives will be considered to be a bursary. ...

The severed copy will be sent to you for delivery to the client. 1 Note that in the judgments of both the Tax Court of Canada and the Federal Court of Appeal in Parthenon, no question was raised as to whether the dividend was considered to have been paid where a promissory note was issued to pay the dividend. ...

Accordingly, FA1 is considered to have disposed of all of its properties at their fair market value (other than possibly the FA3 shares). ...

You have also noted that the allocation approach to be applied by the CRA in the current case could be considered precedent setting for the entire insurance industry. ...

13 August 2018 Internal T.I. 2018-0763611I7 F- Subpar 152(4)(b)(iii) and FAPI Unedited CRA Tags 152(4)(b)(iii); 152(4.01)(b)(iii) Principales Questions: Whether an assessment in respect of foreign accrual property income (FAPI) can be considered, pursuant to subparagraph 152(4)(b)(iii), to be made as a consequence of a transaction involving the taxpayer and a non-resident person with whom the taxpayer was not dealing at arm's length whereby the taxpayer transferred its marketable securities to the said non-resident person in exchange for the issuance of shares and a loan. ...

If the capital cost of the property exceeds the elected proceeds, for the purposes of sections 13 and 20 and any regulations made under paragraph 20(1)(a), the capital cost of the property will be deemed to be the capital cost immediately before the deemed disposition, and the excess will be considered to have been allowed to the corporation as capital cost allowance. ...

This position is supported at paragraph 3 of IT-417R where it states      "... it is considered that the Income Tax Act always required and continues to require that all costs that could clearly be related to future periods be expensed in those periods, if they are material and if failure to defer the expense would distort the net profit not only of the year during which the expense was incurred but also of the subsequent year or years to which the benefit relates. ...

As we will explain later, this may cause surprise, uncertainty and prejudice to the Minister and therefore the decision in Trynor cannot be considered as supporting the taxpayer's position in this case. ...

MNR [1985] 2 CTC 2383 (TCC) the court considered a situation in which a closely held corporation had, throughout most of a particular year, made weekly salary payments to its president, who was also the majority shareholder.  ...

In this regard, 24(1) in their letter of November 26, 1988 made reference to fixed and circulating capital, concepts which were considered in the Canada Permanent case.  ...