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It is highlighted however, that these factors were not considered in isolation and were applied in the context of all the facts and circumstances. ... These factors were not considered in isolation and were applied in the context of all the facts and circumstances of each particular case to determine whether the US business activities can be reasonably viewed as substantial in relation to the activities carried on in Canada. ... In addition, the US business has been equal to, or larger than, the Canadian operations in the majority of situations considered. ...

Is the deceased's estate considered to be a contributor to the child's trust or is the only contributor the deceased himself? ... Accordingly, the deceased's estate will be considered to be a contributor to the child's trust. ... Therefore, in the given instance, the deceased is also considered to be a contributor to the child's trust. ...

At that time we stated: It is a question of fact to be determined in a particular case as to whether or not a loan made by a corporation to an individual could be considered to be received by the individual in his/her capacity as an employee or as a shareholder. ... I.e., bona fide repayments of shareholder indebtedness which are the result of the declaration of salaries, bonuses or dividends will not considered to be part of a series of loans and repayments for the purposes of paragraphs 20(1)(j) and 15(2)(b)- now draft subsection 15(2.6). These repayments not being part of a series, will be considered to apply to the oldest loan or debt outstanding (first-in first-out basis) unless the facts clearly indicate otherwise (paragraph 24 of IT-119R3). ...

The amount included as a taxable benefit is considered to be an amount paid for the purposes of the child care expense deduction. ... Whether an amount is paid for the purpose of any particular deduction or personal tax credit must consider the specific applicable legislation. b) The CRA has not previously issued a technical interpretation as to whether a benefit received qua shareholder would be considered to be an amount paid for the purpose of the child care expense deduction. Similarly, this question would have to be considered individually for any particular deduction or credit. ...

Under Article IV(6) of the Convention, the Canadian source business profits of the LLC are considered to be derived by the US-resident individuals. ... Treaty benefits under Article X(6) of the Convention may be claimed by an LLC on behalf of its members with respect to an amount of profit attributable to a Canadian branch only if the amount is considered to be derived, pursuant to Article IV(6), by a US-resident company that is a "qualifying person" or by a US-resident company that is entitled, with respect to the amount, to the benefits of the Treaty pursuant to Article XXIX A(3). In the example set out above, the earnings of the LLC are considered to be derived by US-resident individuals. ...

Principal Issues: Large Corporation Tax- Deferred revenues/charges Position TAKEN: Deferred revenues are considered as advances for paragraph 181.2(3)(c). Deferred charges where paid before due and to corporations who are not financial institutions are considered as advances for purposes of paragraph 181.2(4)(b) as an investment allowance. ... (B) If the deferred revenue recorded by one corporation is accounted for as a deferred charge by the other corporation, would the deferred charge be considered an advance for purposes of the investment allowance under paragraph 181.2(4)(b)? ...

18 July 2008 Roundtable, 2007-0261911C6- S Corporation and Article IV(6) Canada-US Treaty Principal Issues: Can an S Corporation be considered fiscally transparent under Article IV(6) of the Fifth Protocol to the Canada-US Income Tax Convention? Position: Yes Reasons: See below 2007-026191 July 18, 2008 Re: IFA 2008 Annual Conference Question: It is argued that an S Corporation could be considered fiscally transparent. ... CRA Response: Pursuant to paragraph 6 of Article IV of the Treaty, for the purposes of the Treaty, any Canadian source income received by the S Corporation will be considered to be derived by the shareholders of the S Corporation (and not by the S Corporation). ...

Policy Unedited CRA Tags 129(4) 56(1)(j) Principal Issues: Whether an inclusion under paragraph 56(1)(j) may be properly considered to be income from a source that is a property for the purposes of the definition of aggregate investment income in subsection 129(4)? ... Agency's Response At issue is whether an amount that is included in a corporation's income under paragraph 56(1)(j) in respect of the disposition of an interest in a life insurance policy is considered income from a source that is property for the purposes of paragraph (b) of the definition of "aggregate investment income" in subsection 129(4). It is our view that where an amount in respect of a disposition of a corporate owned life insurance policy is included in the corporation's income pursuant to paragraph 56(1)(j) such amount may reasonably be considered as being income from a source that is a property for purposes of paragraph (b) of the definition of "aggregate investment income" in subsection 129(4). ...

Could these related shareholders be amalgamated or one be wound up into the other without the amalgamation or winding-up being considered to be done in the course of the reorganization in which the butterfly distribution is made? Department's Response Applying the approach described in our response to question 16, a winding-up or amalgamation of a transferee corporation would not ordinarily be considered to occur as part of the butterfly reorganization, even where the corporation with which the transferee corporation is being merged is also a shareholder of the distributing corporation. ... However, the amalgamation or winding-up might nevertheless occur as part of the series of transactions, in which case the rules in subsection 55(3.1) would have to be considered. ...

21 May 1992 Roundtable, 9214730 F- Calculating Currency Unedited CRA Tags 95(2)(f)(ii), ITR 5907(6) Prepared by:  Tim Kuss Date:  May 21, 1992 Canadian Tax Foundation Corporate Management Tax Conference Subparagraph 95(2)(f)(ii), Regulation 5907(6) Question For purposes of subparagraph 95(2)(f)(ii) and Regulation 5907(6), under what circumstances will a particular currency be considered "reasonable in the circumstances"?  ... Where a particular currency has become the generally accepted currency for conducting business in a country, such currency may be considered "reasonable in the circumstances", notwithstanding that some other currency is the official currency of that country.  As well, the currency that is used for income tax purposes in the foreign jurisdiction would normally be considered "reasonable in the circumstances". ...