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Day (613) 957-2136 Nov 25 1988 We are writing in reply to your letter of September 26, 1988, wherein you requested our comments regarding the following specific questions regarding life insurance agents who are considered to be employees, for income tax purposes, and who receive commission income. 1. ...

Since the shares of Amalco will be considered substituted shares, these new shares will have the same characteristics as the old shares and therefore be subject to paragraph 110.6(14)(a) of the Act which orders a disposition of indentical properties. ...

We regret that we are unable firmly to opine on the situations submitted for our consideration since determinations of this nature are conditioned by the circumstances of a particular case and would therefore be best considered in the context of an advance income tax ruling where full disclosure of all material facts is of course necessary. ...

In this regard, we are therefore also of the view that the shares, which you describe, would not be considered taxable Canadian property in the hands of the non-resident beneficiary merely because they were acquired by the trust as described above. ...

In accordance with Interpretation Bulletin IT-470R, paragraph 6, the employer is responsible for reasonably estimating the amount of such a benefit, which would normally be considered to be the fair market rent for equivalent accommodation had the employee rented from a third party less any rent paid. ...

Paragraph 15(2)(b) does not exempt this arrangement since, in our view, the situation described would be considered a "series of loans or other transactions and repayments". ...

When shares held in an EBP are considered to be distributed to a beneficiary and those shares continue to be held by the trustee of the EBP, it will be a question of fact whether or not they are being held by the trustee as an agent for the employee or in trust for the employee who is both settlor and beneficiary of the trust. ...

Dunn (613) 957-8961 Attention: 19(1) June 1, 1990 Dear Sir: We are writing in response to your correspondence of January 16, 1990 wherein you requested an opinion as to whether bonds issued by 24(1) considered to be eligible in determining the reduction of paid-up capital in the calculation of the proposed Part I.3 tax on large corporations. ...

Where it is determined that a purchaser is acquiring a finished product and not the rights arising out of SR&ED carried on by the vendor or licensor in developing the software, revenue arising from the sale of the licence to use the computer software will generally not be considered to be revenue from the prosecution of SR&ED. ...

The opinions expressed are not rulings and are not considered binding on the Department as outlined in paragraph 24 of Information Circular 70-6R. ...