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Round Table, Q. 34-- summary under Subsection 245(4) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(4) Transactions, whereby an individual took advantage of the fact that he had preferred shares of a holding company with a fair market value and ACB (of $400,000) corresponding to the safe income and fair market value of shares of an operating company, in order to effect a disposition of the shares of Opco to a third-party purchaser on a tax-free basis, were considered to represent an abuse given that former s. 247(1) would have applied to such transactions and given that if the holding company had sold its shares of the operating company directly, the individual would have realized the proceeds of disposition by way of a taxable dividend. ...

CRA also stated that if the grantor of a transfer payment (incluidng acontribution, subsidy, or similar payment) does not receive any property or service in return, then the payment is not consideration for a supply since there is no activity involved that can be considered to be a supply" ...

Round Table, Q. 12-- summary under Subsection 10(1) Summary Under Tax Topics- Income Tax Act- Section 10- Subsection 10(1) Where the taxpayer follows a method of averaging initial production costs over the forecast number of units to be produced, "if the initial production costs are considered an inventory cost or deferred costs for purposes of preparing the financial statements, the Department would not usually allow a deduction in the year in which the costs were incurred unless the method used to prepare the financial statement does not comply with generally accepted accounting principles or does not enable a fair presentation of profits or clear matching of goods and costs. ...

A will be considered for purposes of s. 69(1)(b)(ii) to have made a gift of part of his economic interest in the corporation to Mrs. ...

21 January 2013 Interpretation Case No. 146302-- summary under Subsection 273(1) Summary Under Tax Topics- Excise Tax Act- Section 273- Subsection 273(1) no staff- no operator In finding that a nominee corporation was not eligible to be the operator of a joint venture, CRA stated: Where the person has engaged no staff to perform any of the operator's duties it is doubtful whether they have managerial or operational control… In the scenario, the nominee corporation's functions are not significant enough to be considered as having the managerial or operational control of the joint venture. ...

1997 IFA Round Table, Q. 5, No. 9713180-- summary under Subparagraph 212(1)(b)(vii) Summary Under Tax Topics- Income Tax Act- Section 212- Subsection 212(1)- Subparagraph 212(1)(b)(vii) asset disposition triggering offer to repurchase RC's policy that asset dispositions may be permitted to be a triggering event requiring the borrower to repay includes involuntary dispositions such as involuntary loss or destruction of the property resulting in the receipt by the borrower of expropriation or insurance proceeds- provided that under the terms of the agreement, the receipt of the proceeds is considered a triggering event requiring an offer to redeem the debt and the failure to make such an offer as a listed event of default. ...

If the original gain on the sale of real property was categorized in a previous year as income from an active business, amounts included in income in subsequent years in respect of the realization of the mortgage reserve pursuant to subparagraph 12(1)(e)(ii), are considered to be income from an active business. ...

19 September 2015 STEP Roundtable, Q.7(b)-- summary under Paragraph 94(3)(a) Summary Under Tax Topics- Income Tax Act- Section 94- Subsection 94(3)- Paragraph 94(3)(a) retroactive application of s. 94(3)(a) to immigration trust to beginning of year An individual who becomes resident in Canada for the first time, and who has previously contributed property to a non-resident trust, will be considered a resident contributor, so that the trust would be deemed resident under s. 94(3). ...

.- Q23-- summary under Subsection 201(2) Summary Under Tax Topics- Income Tax Regulations- Regulation 201- Subsection 201(2) Regulation 201(2) is considered to apply in the situation where a law firm holds funds received from its client in trust pending application of those funds for disbursements or against fees for services rendered, on the basis that s. 75(2) of the Act deems the investment income to be income of the client rather than of the trust. ...

., the subsidiary will be considered a "non-resident person" for purposes of applying s. 212(13.2). ...