Search - considered

Regarding when the amount of the credit reduced the ACB of the eligible investments pursuant to s. 53(2)(k), CRA stated: According to the CRA's longstanding position, a tax credit or reduction in the calculation of tax- which is not applied to reduce instalments payable by the taxpayer … is considered to have been received, where all the conditions for obtaining it have been satisfied, at the earliest of the following times: when it reduces the tax payable for a taxation year; at the time it is paid if it allows for or increases a tax refund. ...

., $350,000, could be considered payable to her in that year, subject to s. 104(24). ...

10 October 2024 APFF Roundtable Q. 18, 2024-1027351C6 F- Arrêt Foix et ventes hybrides-- summary under Subsection 84(2) Summary Under Tax Topics- Income Tax Act- Section 84- Subsection 84(2) Foix established that s. 84(2) should be construed broadly When asked to comment on Foix, which found that s. 84(2) applied to a particular hybrid sale transaction, CRA stated (footnotes omitted): According to the broad interpretation of subsection 84(2) adopted by the Court, “transactions leading to an alleged distribution or appropriation of funds or property are to be considered as a whole in a way that is temporally flexible”. ...

Before so concluding, CRA referred to the Ensite test of whether property was used or held by a corporation in the course of carrying on a business, under which the “property had to be employed and risked in the business to fulfil a requirement which had to be met in order to do business” and that “risk means more than a remote risk” so that “[i]f the withdrawal of the property would have a decidedly destabilizing effect on the corporate operations, the property would generally be considered to be used in the course of carrying on a business.” ...

" Consequently, a corporation which has neither assets nor liabilities at the end of a taxation year (or, in any event, has no liabilities at that time) cannot generally be considered insolvent for purposes of ITA subparagraph 50(1)(b)(iii). ...

Response After adverting to the fact that s. 56.4(3)(c)(ii) and s. 56.4(7)(b) refer only to an undertaking not to provide a competitive property or service, CRA stated (Tax Interpretations translation): If the wording of the non-solicitation covenant is considered as an integral part of the non-compete covenant, the non-solicitation covenant would not by itself disqualify the restrictive covenant for the purposes of the exceptions provided in subparagraph 56.4(3)(c)(ii) or subsection 56.4(7). ...

Is the income earned in the executor’s year considered as not payable to beneficiaries, and does this depend on whether the estate fiscal year falls entirely within the executors’ year? ...

B considered to have received a designated benefit by virtue of her being alive at the time of the formation of the estate on the death of Mr. ...

The income earned or realized by Can Opco that can reasonably be considered to contribute to the accrued gain on the shares of Can Opco would be limited to $100. ...

Accordingly, the dividend received by the individual in that subsequent year would not be considered to have been derived from a related business for the year, so that the dividend would be an “excluded amount.” and would not be subject to TOSI. ...