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11 January 2012 STEP Roundtable, 2011-0402291C6- Subsection 248(8)-Intestacy-Transfer of Property-- summary under Paragraph 60(l) Summary Under Tax Topics- Income Tax Act- Section 60- Paragraph 60(l) Where a taxpayer dies intestate, then provided the property of the deceased is distributed to the beneficiaries in accordance with the shares specified in the applicable provincial law of intestacy, such property will be considered to have been distributed as a consequence of the deceased's death per s. 248(8) even if each type of property is not distributed on a pro rata basis among the beneficiaries. ...

10 October 2014 APFF Roundtable Q. 16, 2014-0538031C6- APFF 2014 Q. 16- Capital gain-- summary under Subparagraph 251(2)(b)(i) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(2)- Paragraph 251(2)(b)- Subparagraph 251(2)(b)(i) incorporator related to corporation In the course of considering the availability of the exception in s. 55(3)(a) for a spin-off, CRA stated (TaxInterpretations translation): "Respecting the issuance of shares on an incorporation…prior to the first issuance…the incorporator controls [the corporation] and consequently…he will be considered as being related to that corporation before the first issuance of shares. ...

In addition to finding that such excess amounts would not qualify as an "income or profit tax" for s. 126 or 20(11) purposes, CRA stated that “the excess amount could not be considered as an outlay or expense made or incurred by the taxpayer to earn income from property.” ...

[A] partnership is not considered resident in Canada. ...

29 November 2011 Roundtable, 2011-0426361C6 F- Price adjustment clause and redemption of shares-- summary under Effective Date Summary Under Tax Topics- General Concepts- Effective Date deemed dividend through operation of price adjustment clause arises in the adjustment rather than redemption year CRA indicated that where there is subsequent payment to the redeemed shareholder as the result of the operation of a price adjustment clause to increase the redemption amount of preferred shares, the s. 84(3) dividend (and any resulting s. 129(1) dividend refund) is considered to have occurred in the year the additional payment was made rather than in the earlier year of redemption. ...

In these situations, the residence of this other person may be considered to be the determining factor for the trust, regardless of any contrary provisions in the trust agreement. ...

24 November 2013 CTF Roundtable, 2013-0508151C6- Upstream Loans-- summary under Paragraph 90(8)(a) Summary Under Tax Topics- Income Tax Act- Section 90- Subsection 90(8)- Paragraph 90(8)(a) repayment by set-off A loan or indebtedness will be considered to have been repaid by a debtor by way of set-off against a receivable of the debtor "if the set-off represents a legal discharge of the loan or indebtedness. ...

10 October 2014 APFF Roundtable Q. 4, 2014-0538231C6 F- 2014 APFF Roundtable, Q. 4- Beneficially interested-- summary under Subsection 248(25) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(25) legatee by particular title is included notwithstanding priority over heirs Can a legatee by particular title referred to in s. 808 of the Quebec Civil Code be considered a person beneficially interested pursuant to subsection 248(25)? ...

CRA stated: The employee is considered to have received an economic benefit from the employer, as the employee's net purchase cost of the computer owned by the employee is less than it would otherwise have been. ...

9 October 2015 APFF Roundtable Q. 2, 2015-0595521C6 F- Meaning of "actively engaged"-- summary under Clause (c)(ii)(D) Summary Under Tax Topics- Income Tax Act- Section 120.4- Subsection 120.4(1)- Split Income- Paragraph (c)- Subparagraph (c)(ii)- Clause (c)(ii)(D) IT-349R3 and IT-268R4 potentially relevant to meaing of "actively engaged on a regular basis" The reference in (D) of the "split income" definition to "actively engaged on a regular basis" can reasonably be considered to be partly informed by judicial and CRA interpretations (e.g., in IT-349R3 and IT-268R4) accorded to the phrase "actively engaged on a regular and continuous basis" in provisions (e.g., s. 70(9)) dealing with farming or fishing businesses, as well as in the somewhat similar "specified member" definition in s. 248(1). ...