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For these purposes, any indebtedness of Foreign SpinCo will be considered to reduce the FMV of each property of Foreign SpinCo pro rata in proportion to the relative FMV of all property of Foreign SpinCo. ...

Rulings Include: S. 55(2) will not apply to the deemed dividends arising in 4, 5 and 9 above provided that there is not a disposition of property or an increase in interest described in any of ss. 55(3)(a)(i) to (v) which is part of the series of transactions or events that includes the proposed transactions (which, by themselves, will not be considered to result in such a disposition or increase in interest.). ...

Rulings The s. 55(3)(a) exception will apply to the dividends in 1, 3 and 7, provided there is not a disposition of property or an increase in interest described in ss. 55(3)(a)(i) to (v) which is part of the series of transactions or events – and the proposed transactions, by themselves, will not be considered to result in any disposition to, or increase in interest by, an unrelated person described in ss. 55(3)(a)(i) to (v). ...

(f) exception applied on transfer from old discretionary inter vivos family trust to new trust with terms considered to be substantively the same Background An inter vivos Quebec trust (the “Old Trust”), which was settled some time ago by an individual unrelated to Mr. ...

Although it is anticipated that DC will only have net business property (based on applying the usual consolidated look-through approach to determining the net FMV of each of the three types of property of DC), should DC have cash and near-cash property at the time of such transfer (the “transfer time”), the transfer of any cash and near-cash property by DC to TC in this step will occur no later than XX days after the transfer time but will nonetheless be considered to have been Distribution Property transferred to TC at the transfer time for s. 55 purposes. ...

Once the cumulative such an amount exceeds Opco’s ACB of the Holdco Common shares, under s. 40(1) the excess will be considered a capital gain. ...

Rulings Including that the Proposed Transactions, in and of themselves, will not be considered to result in a disposition of property or a significant increase in interest described in any of ss. 55(3)(a)(i) to (v). ...

For the purposes of s. 55(3.1)(b)(i)(A)(II), in determining whether 10% or more of the FMV of the Foreign Spinco common shares is derived from shares of TC or DC “any indebtedness of Foreign Spinco that is not a secured debt and that is not a debt related to a particular property will be considered to reduce the FMV of each property of Foreign Spinco pro rata in proportion to the relative FMV of all property of Foreign Spinco.” ...