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Conversely, no single firm could meet the requirements of the condition and be considered to employ more than five full-time employees or the equivalent of more than five full-time employees. ... Among other things, the degree of activity must be examined, and each situation must be considered in the light of its own particular facts. ... If, on the other hand, they had financed their corporation by subscribing to $100,000 each in preferred shares, they are considered designated shareholders. ...

CRA's Response As a general rule, in a situation such as the one presented, the PUC reduction of the shares of a corporation before its winding-up pursuant to subsection 88(1) of the ITA, is not considered an abuse having regard to the provisions of the ITA read as a whole. ...

A corporation would be considered subject to income taxation notwithstanding that it does not pay any tax in a particular year because it has incurred a loss or because it has losses of other years available to offset net income that would otherwise be taxable. ...

Finally, although an amount paid in favour of a Canadian estate as a capital dividend is used for the payment of estate taxes, the question of determining if a subsequent distribution in favour of non-resident beneficiaries can reasonably be considered to be a distribution of an amount received by the estate, or derived from such an amount, as a dividend is a question of fact. ...

Unedited CRA Tags 75(2), 104(4), 107(2), 107(2.1) and 107(4.1) Principal Issues: What legislative provisions must be considered with regards to a plan to rollout a cottage to a capital beneficiary in order to avoid the deemed disposition rules in 104(4) but also ensuring that it is a tax deferred roll-out under 107(2), which may not apply if 75(2) applies in respect of any property of the trust. ...

The same comments would be applicable to the situation described in this question where an amount is included in the computation of income according to subsection 12(4) of the Act but no property is received by the trust and it is not considered to have received income at law. ...

Even if there is no reference in the designation to the number and class of shares being redeemed, the designation could be considered valid in cases where it is not possible to consider that the designation could be in respect of another dividend. ...

It is important to note that pursuant to subsection 104(24), an amount is not considered payable in a taxation year unless it is either paid in the year or the beneficiary is entitled to enforce payment of it in the year. ...

11 October 2013 APFF Roundtable, 2013-0493691C6 F- Transfer of a Foreign Retirement Arrangement CRA Tags 60.01 60(j) 248(1) foreign retirement arrangement Principales Questions: 1) Whether the transfers of two Individual Retirement Accounts (IRA) to an RRSP would be considered as part of a series of periodic payments if the transfers are made in two different years? ...

Since nothing further is required from Rulings, this file is now considered closed. ...