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Principal Issues: Will debt issued by a limited partnership, where the only assets held by the corporate partners are units of a limited partnership whose assets are 100% Canadian, be considered foreign property for purposes of section 206 of the Income Tax Act? ... Reasons: The debt issued by the limited partnership is by common law considered to be issued by the partners. The debt will not be considered foreign property for purposes of section 206 of the Act, where each corporate partner's proportional share of "employment expenses" for purposes of clause 206(1.1)(d)(iii)(C) exceeds the $250,000 threshold. ...

Canadian trust companies have established an international reputation for reliability and Canadian courts are considered a desirable forum for the resolution of disputes involving trusts, trustees and beneficiaries. ... Opinion The CCRA's published position in paragraph 7 of Interpretation Bulletin IT-447 dated May 30, 1980 is that where management and control of a trust is exercised by a branch office of a trust company, the trust may be considered to be resident in the jurisdiction where the branch office is located even though the trust company itself is resident in Canada. In our opinion, provided the Offshore Trusts are established and operated in the manner described in this letter, the Offshore Trusts will be considered to be persons who are not resident in Canada for the purposes of the Act. ...

In particular, it must be determined whether an Indian band may be considered to be a public body performing a function of government in Canada. ... Bands that do not meet these requirements must be considered on a case-by-case basis. ... Therefore, the Band may be considered to have constructively received the Settlement Fund, and to have deposited it in the Trust. ...

The Trustees of the Fund propose to amend the Plan and the Trust to provide a return of contributions made for an active member during a taxation year where the balance of a particular member's account at the end of the particular taxation year exceeds the amount which may reasonably be considered necessary to fund his or her benefits. ... If excessive amounts are paid to the employees for over contributions made by the employers during a taxation year, we are of the view that these amounts can be considered not to have belonged to the trust, but rather belonged to the employees all along. ... As of XXXXXXXXXX, there were approximately XXXXXXXXXX out of XXXXXXXXXX Plan members whose accounts are considered to have more than is necessary to cover periods of unemployment. 21. ...

Although the difference between the capital contribution and the consideration by some annuity be a commercial annuity issuer may be considered by some annuity issuers as being the gift component, this is not recognized for tax purposes.  ... Provided that the activity yields the charity a significant gift portion, it is our position that that annuities issued by the charity would be considered a related business.  ... We note that, in preparing these comments, we have not considered representations from taxpayers utilizing the arrangements which you have described. ...

We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the ruling request: A. is in an earlier return of the taxpayers or a related person; B. is being considered by a Tax Services Office or Taxation Centre in connection with a previously filed tax return of the taxpayers or a related person; C. is under objection by the taxpayers or a related person; D. is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or E. is the subject of a ruling previously considered by the Directorate. ... Comments As noted above, the CRA has not considered, examined, agreed to or ruled on all possible tax consequences relating to the ruling. ... In this regard, the Charities Directorate has considered the performance of XXXXXXXXXX services by the Charity to Newco. ...

Article 159 of the Luxembourg Income Tax Act enumerates the categories of entities which are considered resident taxpayers. ... Neither the Fund nor any Sub-Fund will be considered to be a trust for purposes of the Act. ... In particular, the CRA has not examined and therefore takes no position on whether the Unitholders and the New Investors would be considered to be carrying on business in Canada because of the provision of services to them by the Sub-Custodian in reference to their investments in Canadian securities. ...

For example, if wage loss replacement plans generally provide benefits of 70% of the disabled employee's salary and wages after a waiting period of 13 weeks, a similar plan for a company whose employees are all shareholders would be considered a benefit of employment. ... Given the multitude of variations in corporate structures and the relationships of the taxpayer to the corporate entity various aspects of the corporation would be reviewed and considered. ... Such factors must be considered when evaluating the extent to which the shares may be considered as acceptable security in respect of tax debts. ...

We understand that, to the best of your knowledge and that of the Board involved, none of the issues involved in this advance income tax ruling: (i) is in an earlier return of the Board or of a related person; (ii) is being considered by a Tax Services Office or Taxation Centre in connection with a previously filed tax return of the Board or a related person; (iii) is under objection by the Board or a related person; (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; or (v) is the subject of a Ruling previously issued by the Income Tax Ruling Directorate. ... Rulings given Provided that the preceding statements constitute a complete and accurate disclosure of all of the relevant facts, proposed transactions and purpose of the proposed transactions, and provided that the proposed transactions are completed in the manner described above, our rulings are as follows: We confirm that no compensation is considered to have been received, by the meaning set in paragraph 56(1)(v) of the Act, by the worker at the time of the transfer of accumulated annuity funds to an external investment organization. Additionally, we confirm that the Board would not be considered to have paid any amount to the worker on the transfer of accumulated annuity funds to the external investment organization and is therefore not required to produce any information returns at that time under subsection 232(1) of the Regulations. ...

We understand that, to the best of your knowledge and that of the taxpayer, none of the issues involved in the ruling request is: (i) in an earlier return of the taxpayer or a related person; (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayer or a related person; (iii) under objection by the taxpayer or a related person; (iv) before the courts, or if a judgment has been issued, the time limit for appeal to a higher court has not yet expired; (v) the subject of a ruling previously considered by this Directorate to the taxpayer or a related person. ... As of the date of this letter, the First Nation is considered to be a public body performing a function of government in Canada within the meaning of paragraph 149(1)(c) of the Act, and, accordingly, is exempt from tax under Part I of the Act. ...