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If the judgment is paid, the guarantors would generally be considered to have acquired the rights of the creditor and would have recourse against the corporation to the extent of the payment. 2. ... A taxpayer, who makes a payment under a guarantee of indebtedness of a corporation, will generally be considered to have acquired the rights of the creditor in respect of the indebtedness at the time of payment, see Abrametz v. ... It goes without saying, however, that the foregoing tax treatment cannot be considered unless it has been determined that the guarantor did indeed make a payment. ...

Will this cause the investment trust to be considered a financial institution under paragraph (b) of the definition of "financial institution" in subsection 142.2(1) of the Act? Position: Based on the facts provided, the acquisition by the segregated fund will not, in itself, cause the investment trust to be considered a financial institution. ... We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the Ruling request: (i) is in an earlier return of the taxpayers or a related person; (ii) is being considered by a tax services office or tax centre in connection with a previously filed tax return of the taxpayers or a related person; (iii) is under objection by the taxpayers 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 to the taxpayers by the Directorate. ...

Reasons: The amount is considered to be paid as a consequence of the annuitant's death. ... Under Ontario law, the Deceased's RRIF is deemed to be part of his net estate for purposes of ascertaining the value of his estate, and being available to be charged for payment for dependant's support, and would be considered in a calculation and division of net family property. ... We understand that, to the best of your knowledge and that of the Executrices, none of the issues involved in the ruling request is: i) in an earlier return of the Deceased or a related person; ii) being considered by a tax services office or tax centre in connection with a previously filed tax return of the Deceased or a related person; iii) under objection by the Deceased 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 expired; or v) the subject of a ruling previously issued to the Deceased or a related person. ...

We understand that to the best of your knowledge and that of the taxpayers involved: (i)none of the issues involved in the requested rulings are being considered by a tax services office or a taxation centre in connection with a tax return already filed, and (ii)none of the issues involved in the requested rulings are the subject of any notice of objection or is under appeal. ... D.Provided that C Ltd. makes an election under subsection 1103(2d) of the Regulations, we confirm that C Ltd.'s buildings in class 3 of Schedule II will be considered to have been transferred to class 1 of Schedule II before the disposition of the buildings. ... OPINION We confirm that the proposed amendment to subsection 44(5), which clarifies that a particular property will not be considered to be a replacement property unless it is reasonable to conclude that the property was acquired by the taxpayer to replace the former property, will not affect the rulings given above. ...

Principal Issues: A) Will an amount paid by a farmer to the farmer’s spouse be considered a retiring allowance? ... To the best of your knowledge and that of the Employer and Employee, the issues related to this request: (i) have not previously been reported in the Employer’s, Employee’s or any related party’s prior income tax returns: (ii) are not being considered by a tax services office in connection with any of the Employee’s or a related party’s prior income tax return; (iii) are not under objection by the Employee or a related person; (iv) are not before the courts; and (v) are not the subject of a ruling previously issued by this Directorate. ... The amount of $XXXXXXXXXX will be deductible by the Employer in computing income from the business of farming for the year in which it is paid and will be considered reasonable for the purposes of section 67 of the Act. ...

As we understand the situation, XXXXXXXXXX XXXXXXXXXX Our Comments Generally, where an employer reimburses an employee or provides for the payment of all or a portion of an employee's child care expenses, the employee is considered to be in receipt of a taxable benefit pursuant to paragraph 6(1)(a) of the Income Tax Act (the "Act"). ... However, at the time that the fund reimburses an employee or provides for the direct payment of all or a portion of an employee's child care expenses, the employee is considered to be in receipt of a taxable benefit pursuant to paragraph 6(1)(a) of the Act. We would note that expenses paid by the employer under either of the arrangements discussed above would be considered to be paid by the employee and deductible under section 63 of the Act to the extent they otherwise qualify. ...

The proposed changes to paragraph 4900(1)(j) of the Regulations, announced in February 2004, have not been considered for purposes of this Ruling. ... 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 (v) the subject of a ruling previously issued by the Directorate to the Taxpayer or a related person. ... Provided that the annuitant of an RRSP and/or a RRIF that acquires an interest in the Debenture deals at arm's length with the Taxpayer, the interest in the Debenture will be considered to be an interest in a mortgage and therefore, will, by virtue of paragraph (d) of the definition "qualified investment" in subsection 146(1) of the Act and paragraph (c) of the definition "qualified investment" in subsection 146.3(1) of the Act and paragraph 4900(1)(j) of the Income Tax Regulations (the "Regulations"), be a qualified investment for an RRSP and a RRIF. ...

Would a charity be considered to have conferred a personal or taxable benefit on a donor if the payment referred to 1. is made? ... We understand that, to the best of your knowledge and that of the taxpayer involved, none of the issues involved in the ruling request: (i) is in an earlier return of the taxpayer or 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 taxpayer or a related person (iii) is under objection by the taxpayer 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, and (v) is the subject of a ruling previously issued by the Directorate; Unless otherwise stated, all references to a statute are to the Income Tax Act R.S.C. 1985 (5th Supp.), c.1, as amended, (the "Act") and all terms and conditions used herein that are defined in the Act have the meaning given in such definition unless otherwise indicated. ... You requested a ruling as to whether the XXXXXXXXXX will be considered to have conferred any personal or taxable benefit on Mr. ...

Principal Issues: Is an amount paid by a farmer to his spouse considered a reasonable retiring allowance given that the spouse worked for XXXXXXXXXX years but was only T4'D for XXXXXXXXXX years. ... To the best of your knowledge and that of the Employer and the Employee, none of the issues involved in this request for an advance tax ruling: a) is in an earlier return of the Employer or the Employee or of a person related to the Employer or the Employee; b) is being considered by a tax services office or taxation centre in connection with a previously filed return of the Employer or the Employee or a person related to the Employer or the Employee; c) is under objection by the Employer or the Employee or by a person related to the Employer or the Employee; d) is before the courts; nor e) is the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... The amount of $XXXXXXXXXX will be deductible by the Employer in computing income from the business of farming for the year in which it is paid and will be considered reasonable for the purposes of section 67 of the Act. ...

Principal Issues: Whether a proposed disclaimer by the spouse of a spouse trust, of an entitlement to capital of the trust is effective so as to enable a residual beneficiary, which is a charitable organization, to be considered to have received an equitable interest in the trust that can be valued for purposes of subsection 118.1(5) of the Act? ... To the best of your knowledge and that of the taxpayers involved, none of the issues involved in this ruling: a) is in an earlier return of the Estate or a related person; b) is being considered by a tax services office or a taxation centre in connection with a previously filed income tax return of the Estate or a related person; c) is under objection by the Estate or a related person; d) is or has been before the courts; or e) is the subject of a ruling previously considered by the Income Tax Rulings Directorate in respect of the Estate or a related person. ...