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Where a sale is not made through a securities or stock exchange, as is normally the case with a private corporation's shares, factors such as where the negotiations take place, where the agreement of sale is executed, the location of the property, the place of payment and any relevant provisions in the governing corporation statutes should be considered in order to establish where the sale is made. ... In any event, the views expressed in our July 9 letter, as discussed below, would not differ regardless of where the sale of the policy is considered to have taken place. ... Income Tax Convention (1980), such income is considered to arise in Canada. ...

If not, would a disposition to which subsection 13(21.1) of the Act applies be considered to occur upon the demolition of any such structure? ... Publications Division is in the process of revising IT-233R and has been advised that certain comments in that bulletin are incorrect to the extent they suggest that a lease can be considered a "sale" for tax purposes. ... As the lease was executed in 1980, subsection 13(21.1) was not considered to apply. 3. ...

You ask whether such an amount is considered to be a "retiring allowance" for the purposes of subparagraph 56(1)(a)(ii) of the Income Tax Act (the "Act"). 2. ... You ask whether the value of this service would be considered to be a retiring allowance received by the employee. ... If the amount is in satisfaction of an obligation by the employer to the "employee" arising as a result of his employment, the amount is usually considered to be employment income unless it can be justified as a retiring allowance. ...

You also indicate that since the receivable originated from the sale of qualifying land, the receivable itself should be considered a qualifying property. ... However, mortgages may in certain circumstances be considered an asset used in an active business. ... In summary, mortgages having normal commercial terms and conditions and held as investments are not considered to be assets used in an active business. ...

From the limited information provided it would appear that the taxpayer engages in the following activities: 24(1) Each of these activities and the assets used in the activities must be considered separately in order to determine the correct income tax treatment of the taxpayer's business. ... Paragraph 4601(c) of the Regulations should be considered in order to determine whether the equipment will qualify as "qualified transportation equipment" as defined in subsection 127(9) of the Act. c) As stated in paragraph 2 a) above, transportation of raw materials to the plant does NOT qualify as M&P. ... The property would be included in Class 10(k) as it is would not be considered to have been acquired for the purpose of gaining or producing income from a mine. b) In our opinion, the processing plant is considered to be a "facility" as defined in the RDIA, and structures, machinery and equipment used in the processing 24(1) will qualify as "certified property" provided that they are primarily for use in a prescribed area. c) In our opinion, as stated in 1 c) above 24(1) 4. ...

The fact that mortgage reserves and mortgage interest may be considered incident to or pertaining to the active business does not necessarily determine that the mortgages receivable are used in the active business. ... Such funds would be considered to be permanently set aside for investment or uses other than in an active business. ... The only receivables that may be considered to be assets used in an active business of a corporation are trade accounts receivable that arise from sales by the corporation pursuant to its active business. ...

It is our opinion that, where the securities dealer acts as a principal, the above described transaction would be considered a securities lending arrangement as that term is defined under section 260 of the Income Tax Act (the "Act "). Furthermore, it is our view that the transaction may be considered as a dividend rental arrangement under subsection 248(1) of the Act since it may reasonably be considered that the main reason for the arrangement is to enable the securities dealer to receive the dividend. ...

11 June 1992 Income Tax Severed Letter 2MO1270- Foreign Exchange Gains and Losses- Calculating Currency 1992 Corporate Management Tax Conference FOREIGN EXCHANGE GAINS AND LOSSES Question 7 For purposes of subparagraph 95(2)(f)(ii) and Regulation 5907(6), under what circumstances will a particular currency be considered "reasonable in the circumstances"? ... Where a particular currency has become the generally accepted currency for conducting business in a country, such currency may be considered "reasonable in the circumstances", notwithstanding that some other currency is the official currency of that country. As well, the currency that is used for income tax purposes in the foreign jurisdiction would normally be considered "reasonable in the circumstances". ...

In your memorandum you state that 24(1) 24(1) Our comments 24(1) This opinion is based on the following: 1) Paragraph 5 of Interpretation Bulletin IT-145R states that the dyeing of cloth is considered to be a processing activity, therefore, silk screening would appear to be a processing activity. In addition, paragraph 48 of IT-145R states that "alterations of clothing at a retail clothing establishment or the sale of custom tailored or off the rack articles is considered to be qualified manufacturing or processing activity". Based on the comments in IT-145R it would appear that both silk screening and embroidering can be considered to be processing activities. 2) 24(1) We trust our comments will be of assistance to you. ...

Where employer contributions which relate to services rendered in Canada are made to an employees' benefit plan, any growth on those contributions within the plan are considered to relate to those same services. Since such growth represents employment income to an employee and since employment income is considered to be sourced where the related services were performed, such growth is considered to be Canadian sourced. ...