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Can the CRA confirm that immediately before the taxpayer's death, the fair market value of the special share, for the purposes of subsection 70(5) of the ITA, will be equal to its issue value of $1 and will not take into account the value of the life insurance proceeds payable at death, since subsection 70(5.3) of the ITA specifies that only the cash surrender value of the policy subscribed on the life of the deceased shareholder is to be considered in the valuation of his shares? ...

However, in technical interpretation number 2007-0228831E5, the CRA concludes that the penalty on redemption of a bond before maturity would be considered in computing the capital gain or loss on the bond without regard for the income previously reported thereon, even though the penalty is an adjustment calculated as a proportion of the interest. ...

Does the 1988 Order apply in respect of rental income in a situation where the individual does not carry on a business and where the undertaking is not considered to be a business? ...

However, we recognize that this may not be the case and each request will be considered on its individual merits and in accordance with all the relevant facts. b) The CRA is of the opinion that most taxpayers that request an entitlement to benefits provided under the Convention will be "qualifying persons" for the purposes of Article XXIX-A of the Convention or that they will qualify for the benefits granted pursuant to paragraphs 3 and 4 of this Article. ...

In addition, the application of third-party civil penalties might be considered, in accordance with what is indicated in paragraph 77 of Information Circular 01-1, Third-Party Civil Penalties. ...

With respect to powers of appointment generally, some legal commentators have taken the view that, under a general power of appointment, the potential appointees are not be considered beneficiaries at law until appointed, but that under a special power of appointment, a potential appointee could be viewed as a beneficiary at law from the date the power of appointment was granted. ...

In the course of the examination of a situation concerning an estate freeze, the CRA recently took the position that the CRA cannot require the filing of an amended election (on prescribed form T2057) pursuant to subsection 85(7.1) of the ITA as a prerequisite to the recognition of a price adjustment clause (which is otherwise considered to be valid) and the non-application of paragraph 85(1)(e.2) of the ITA. ...

For example, if a trust agreement has not been submitted with the first filing of the T1141, the return may be considered incomplete and, therefore, late. ...

Would the answer be different if, to obtain the CDA from the corporation while in possession of legal seisin of the corporation, the liquidator requested the redemption of certain corporate shares with the result that any dividend considered to result from this redemption would come from the CDA, before giving the surviving spouse or spouse trust all of the remaining corporate shares still held by the estate after this partial redemption? ...

As a result, any income earned by a spouse trust as defined in paragraph 70(6)(b) of the ITA shall be considered payable to the spouse for the purposes of the ITA, notwithstanding the fact that the spouse waives receipt of any or all of such income. ...