Search - considered

Michel Lambert 957-8962 Le 11 octobre 2002 2002-015670 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 3 Disbursement quota (a) When property is received by a charitable foundation as a gift subject to a direction to the effect that the property given, or property substituted therefor, is to be held by the foundation for a period of not less than 10 years, will the loss in value of the property occurring during the period of direction be considered as an amount spent for the purposes of paragraph (a) of item A.1 of the definition of disbursement quota in subsection 149.1(1) I.T.A.? ...

Also, in order to demonstrate that the different exclusions were not only applicable to entities carrying on an active business (e.g. a manufacturing corporation) but also to entities carrying on a business the principal purpose of which is to derive income from property (footnote 3) such as an investment management corporation, the CRA has made the assumption that the corporations in examples 8 and 12 of the Guidance maintained a sufficient level of activity to support the view that their income may be considered to be from such a business. ...

Generally, given that there are a multitude of factors that need to be considered in determining the impact of transfer pricing adjustments on the computation of earnings including, amongst others, foreign tax law, the specific terms of relevant legal agreements, mutual agreement procedure settlements, advance pricing agreements and the character of income under Canadian tax law, the CRA will only consider the consequences of any particular scenario upon a request in the context of an advance income tax ruling request involving proposed transactions. ...

11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F- TFSA- Bequest and disclaimer Unedited CRA Tags 207.01(1), 248(8), 248(9) Principales Questions: Where, under the will of a deceased TFSA annuitant, the property held in the TFSA is bequeathed to a person other than the spouse, and such person executes a disclaimer with respect to the bequest, such that, under the terms of the will, the property held in the TFSA becomes part of the residue and devolves to the spouse, will the spouse be considered to receive the property as a consequence of the death of the TFSA annuitant? ...

Accordingly, in applying paragraph 261(2)(b) to convert the foreign currency amount of the taxes paid to Canadian dollars, the date of payment of the foreign taxes is considered to be the day that amount “arises”. ...

However, paragraph 74.4(2)(g) may apply to the amount of any deemed interest benefit by taxable dividends received by a designated person that can reasonably be considered to be part of the benefit sought to be conferred and are included in computing the designated person’s split income. ...

7 October 2020 APFF Roundtable Q. 13, 2020-0852251C6 F- Small Business Deduction Unedited CRA Tags 125(7), 125(5.1), 55(2) Principales Questions: Whether a deemed capital gain resulting from the application of paragraphs 55(2)(b) or 55(2)(c) could be considered to be a gain from the disposition of an active asset for purposes of subsection 125(5.1) and the definition of "adjusted aggregate investment income" provided in subsection 125(7). ...

It applies to a direct or indirect transfer or loan of property by an individual to a corporation, by means of a trust or by any other means whatever, where it can reasonably be considered that one of the main purposes of the transfer or loan is to reduce the income of the individual and to benefit, either directly or indirectly, though a trust or by any other means whatever, a designated person in respect of that individual. ...

CRA Response a) Contributions In our response to Question 12 of the 2021 STEP CRA Roundtable (footnote 2), we stated that if a trust was created by the contribution of jointly-owned property by an individual and the individual’s spouse or common-law partner and no other person, the trust would be considered to be created by both individuals for purposes of subsection 73(1.01). ...

2) In the affirmative, would the employee be considered to report for work at an establishment of his employer in Ontario for withholding purposes? ...