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However, if the taxpayer rejects that treatment, it is our opinion that the open forward contracts should be considered as future commitments with the result that both the unrealized losses and gains are excluded from taxable income. The above recommended treatment of futures contracts is considered by both the commodity industry and the Canadian Institute of Chartered Accountants to be the treatment that most accurately reflects the financial position in such dealings. ...

If this is the case the Canadian resident will be considered to have received, in this example, a dividend of $2,000 which will be fully taxable for Canadian tax purposes subject to a foreign tax credit for the 15% U.K. withholding tax. ... To the extent that part of the proceeds is considered to be a dividend for Canadian tax purposes it would not seem to be proceeds of dispostion for capital gains purposes and so it would seem the Canadian resident shareholder would also realize a capital loss of $900 on the repurchase. ...

Paragraph 34 of IT-470 states that where an employer reimburses an employee for the costs of moving himself because he has accepted employment at a place other than where his former home was located, this reimbursement is not considered as conferring a benefit on the employee. ... It is unlikely that very many of the locations at which the XXXX will be posted could be considered remote. ...

We also confirm that the $200 per month paid on the German national's behalf into the system is considered to be a non-business-income tax paid by him to Germany for purposes of claiming a foreign tax deduction under subsection 126(1) of the Canadian Act. ... As indicated above, the salary paid to him during his assignment in Canada is considered to have a source in Canada where his duties are carried out, and not in Germany, even if paid by a German employer. ...

It is submitted that as a practical matter mere passage of a ship through Canadian or international waters would not result in the particular sailors on board being considered or described as employed in Canada. ... We would appreciate your giving this matter your caring attention and, after you have considered the foregoing, we would suggest that a meeting would perhaps be useful. ...

In your draft of paragraph 6, you specifically mention that where the mortgage payments are made "on a property owned by the recipient, the payment is for the benefit of the recipient and thus will be considered an allowance". ... In view of the Supreme Court's less restrictive definition of "allowance", it is our opinion that where a taxpayer is required by a court order or written agreement to pay the mortgage payments on a residence in which his spouse or former spouse is living, those payments are deductible as an allowance payable on a periodic basis for the maintenance of the recipient and the ownership of the residence is not a factor to be considered in determining the deductibility of such payments. ...

An active business will be considered to be carried on primarily in Canada if at least 50% of the full time employees of the corporation and all related corporations employed in the business are employed in Canada, or if at least 50% of the wages paid to employees of the corporation and all related corporations employed in the business are attributable to services rendered in Canada. ... As stated above, due to the detail and complexity of the Regulations regarding these issues, we reiterate that the foregoing comments are meant only to provide an overview of the relevant provisions and under no circumstances are they to be considered to be either comprehensive or all inclusive. ...

Brokers' Opinion 24(1) Toronto District Office Opinion In the view of Source Deductions, Toronto District Office, the payment could be considered interest for purposes of paragraph 212(13(b). ... The Queen, 85 DTC 5354 (FC-TD) has established that a payment will be characterized as interest if it meets all three of the following criteria: (a) it must be calculated on a daily accrual basis: (b) it must be calculated on a principal sum of money or a right to a principal sum of money; and (c) it must represent compensation for the use of the principal sum of money or the right to the principal sum of money The Department has taken the position that in a typical case a loan of securities is a disposition for tax purposes and that a broker which is a borrower is considered to have acquired the securities at the time the so- called loan is made. ...

There is, however, one aspect of this case that concerns us and that is whether the amounts received by the taxpayers from the Union in 1986, should be considered to be non-taxable damage awards rather than income. ... We have, in the past, considered awards for damages received under certain specific provisions in provincial human rights legislation to be non-taxable. ...

Paragraph 96(2.5)(b) as modified by paragraph 66.8(3)(a) provides that an amount would not be considered to be substantial where the amount was raised pursuant to the terms of, inter alia, an offering memorandum that is required to be filed before any distribution of securities may commence filed before June 18, 1987 with a public authority in Canada pursuant to and in accordance with the securities legislation of Canada or of any province, and, where required by law, accepted for filing by such public authority. 6. 24(1) YOUR QUESTION You ask whether the Offering Memoranda is an offering memorandum or notice that is required to be filed with a public authority in Canada pursuant to the securities legislation in Canada or Alberta for purposes of applying paragraph 96(2.5)(b) of the Act. ... The Resource Industries Section is not aware or any administrative positions by virtue of which the Offering Memoranda would be considered as having satisfied the provisions of paragraph 96(2.5)(b) notwithstanding that they have not been filed with a public authority in accordance with securities legislation of Canada or a province. ...