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McFarlane 7-902382 SUBJECT:  Publication of Advance Income Tax Ruling 3-2373 After a review of your draft ATR for publication and a further examination of our original advance income tax ruling 3-2373, we are now of the opinion that the issued ruling should no longer be considered for publication. ...

Further, at the 1994 CTF Conference, Revenue Canada Round Table at question 2, we examined IT-95R, paragraph 3 and the fact that where borrowed funds are used in the ordinary course of a taxpayer's business, any foreign exchange gain/loss is considered to be on income account. ... We stated that here are no specific criteria under which funds borrowed in a foreign currency would be considered to be fixed or permanent capital and each case must be reviewed and determined on its own facts. ...

In your inquiry you have asked for our comments on the view that the normal reassessment period with respect to the T1135 may be considered separate and distinct from the normal reassessment period of the return of income to which it relates. ... We have previously provided the view that an assessment under Part I of the Act for amounts assessable under subsection 216(1) is considered separate and distinct from an assessment of other sources of income taxable under Part I. ...

Our Comments The capital gain realized by a trust is generally considered to be part of the capital of the trust under trust law. ... Note that in respect of the XXXXXXXXXX subject adult children, one of the requirements under subsection 104(21) in this case is that the amount designated can reasonably be considered to have been included in computing their respective incomes for the year pursuant to paragraph 104(13)(a) or section 105. ...

In addition to the foregoing, it should be noted that where the essential elements of a prescribed form, such as a T1 return, are not provided or are incorrectly stated, the courts have determined that the form may be considered to be invalid, and not filed as required by the Federal Act. In that regard, the failure to report a taxpayer's province of residency in order to determine the applicable provincial tax payable would be considered a substantial failure in the T1 return. ...

20 June 2013 Internal T.I. 2013-0488321I7- Retroactive Lump Sum RPP Payment CRA Tags 110.2 56(1) Principal Issues: Whether a retroactive lump sum payment of pension benefits relating to prior years is considered a qualifying amount for purposes of section 110.2 entitling the recipient to a special tax calculation in accordance with section 120.31 of the Act. ... However, subsection 110.2(2) of the Act provides a deduction from taxable income for a taxpayer who receives a lump sum superannuation or pension benefit if certain conditions are met and the payment is considered a "qualifying amount", as defined in subsection 110.2(1) of the Act. ...

We can confirm that XXXXXXXXXX is considered to be a prescribed international organization. ... As a result, the income earned in the period would be considered income from a business. ...

Under paragraph 118.2(2)(q) of the Act, an amount paid as a premium, contribution or other consideration under a private health services plan ("PHSP") is considered to be a medical expense for purposes of the Medical Expense Tax Credit ("METC"). ... In the event such payments are deducted by the individual under subsection 20.01(1) of the Act, they are no longer considered a medical expense for purposes of the METC. ...

The amount paid is considered to be at the FMV of the property at the time the amount was paid. (3) In accordance with the definition of "accumulated income payment" in subsection 146.1(1). ... In our view, the Act does not prohibit an RESP trust from making an in-kind distribution as a “refund of payments” to a subscriber. b) Distributions from an RESP trust For purposes of the Act, the RESP trust and a subscriber are considered to be separate and distinct entities. ...

The general position of the Canada Revenue Agency with respect to whether a particular prize is considered “a prize for achievement in a field of endeavour ordinarily carried on by the taxpayer” for purposes of paragraph 56(1)(n) of the Act is discussed in Income Tax Folio, S1-F2-C3, Scholarships, Research Grants and Other Education Assistance (the “Folio”). ... Paragraph 3.56 of the Folio also explains that it is also a question of fact whether a prize is considered to have been recognized by the general public for the purposes of section 7700 of the Regulations. ...