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7 October 2011 Roundtable, 2011-0408351C6 F- Honoraire d'évaluation d'une police d'assurance-- summary under Element A Summary Under Tax Topics- Income Tax Act- Section 148- Subsection 148(9)- Adjusted Cost Basis- Element A valuing the FMV of acquired property not considered to be part of its cost An actuary is retained to determine the fair market value of a life insurance policy by an individual to a wholly-owned corporation, and the transferor and transferee split the actuary’s fee. ...

After noting that the works would not be listed personal property, CRA stated: In general, a painting by a foreign artist that has a cost to the corporation of not less than $200 and is not listed personal property would then be considered to be capital property that is not depreciable because of ITR paragraph 1102(1)(e). … Our response would remain the same in the case of a painting located in the office of a director who does not receive clients in that office …. ...

After finding that the trust should obtain an advance certificate for distribution under s. 159(2) before the note is repaid, CRA went on to address whether, if the corporate trustee failed to obtain the certificate, the corporation’s directors could be liable for the trust's unpaid tax liability, and concluded: [A]n employee or director of a corporation authorized by law to be a trustee who acts in the course of the trustee’s duties for the corporation should generally not be considered to be the legal representative of the taxpayer for whom the corporation is the legal representative. ...

When this transaction was presented to it in a ruling request, the GAAR Committee observed that the new trust technically would start afresh under the 21-year deemed realization rule, and considered that it inappropriately circumvented this rule, which works hand in hand with the s. 70 rule for deemed realizations on death, to prevent indefinite deferrals of capital gains. ...

29 November 2016 CTF Roundtable Q. 8, 2016-0671501C6- 55(2) clause 55(2.1)(b)(ii)(B)-- summary under Paragraph 55(2.1)(b) Summary Under Tax Topics- Income Tax Act- Section 55- Subsection 55(2.1)- Paragraph 55(2.1)(b) cash is property for 55(2.1)(b)(ii)(B) purposes Is cash considered to be property for purposes of the application of s. 55(2.1)(b)(ii)(B)? ...

In such cases distributions to residual beneficiaries could not be considered to be income payable to a beneficiary for purposes of subsections 104(6) and 104(13). ...

5 October 2007 APFF Roundtable Q. 10, 2007-0243171C6 F- Surplus Stripping-- summary under Paragraph 251(1)(c) Summary Under Tax Topics- Income Tax Act- Section 251- Subsection 251(1)- Paragraph 251(1)(c) leveraged Employeeco buyout could be an arm’s length transaction CRA considered that where an individual (Mr. ...

CRA stated: Subsection 12(9.1) provides that where a taxpayer disposes of an interest in a debt obligation in respect of which the taxpayer's share of the principal payments is unequal to the taxpayer's share of the interest payments on that obligation, the portion of the proceeds of disposition that can reasonably be considered to represent a recovery of the cost to the taxpayer of the interest in the debt obligation will not be included in computing the income of the taxpayer. … The CRA is of the view that an obligation such as the one described in the above example is not an obligation described in paragraph 7000(1)(b) and therefore the provisions of subsection 12(9.1) do not apply. ...

6 October 2017 APFF Financial Strategies and Instruments Roundtable Q. 1, 2017-0705221C6 F- Property transfers- common law partners in Québec-- summary under Subsection 146.3(14) Summary Under Tax Topics- Income Tax Act- Section 146.3- Subsection 146.3(14) rollover pursuant to common-law partners' settlement agreement CRA considered that, although there is no right in Quebec arising out of a common-law partnership (as per Éric v. ...

CRA considered that the reasoning in Exida.com indicates that a Canadian corporation with no taxable income (or a loss) for a year is subject to a s. 162(7) penalty for failure to file a nil return. ...