Search - considered

Reasons: Surviving corporation is considered a "new" corporation. ... Issue Assuming the conditions of paragraphs 87(8.1)(a) and (b) are satisfied, would the merger of A and B be considered to be a foreign merger within the meaning of subsection 87(8.1)? More specifically, would all of the shares of A and B held by P be considered to have been exchanged for or to have become shares of the capital stock of the merged corporation, within the meaning of paragraph 87(8.1)(c)? ...

Comments We are of the view that redemption fees related to investments held by an RRSP are considered expenses of the RRSP. Consequently, where an issuer provides an incentive in the form of a reimbursement of early redemption fees related to mutual funds held by the RRSP, the reimbursement would be considered income earned by the RRSP in respect of the particular investment. ... In addition, it would not be considered a contribution to the RRSP by or on behalf of the annuitant. ...

Paragraph 5 of Interpretation Bulletin IT-126R dated February 3, 1975 issued by Revenue Canada, Taxation ("IT-126R") indicates that where "there is substantial evidence that the corporation will be dissolved within a short period of time, for the purposes of section 88 the corporation is considered to be wound up." You have asked whether the holding period would be considered "a short period of time" as referred to in paragraph 5 of IT-126R. ... The comments expressed are not advance income tax rulings and are not considered binding on the Department, in respect of any taxpayer, in accordance with paragraph 21 of Information Circular 70-6R2 dated September 28, 1990. ...

Will the shares of the capital stock of a taxable Canadian corporation which are eligible for inclusion in a prescribed stock savings plan, be considered "prescribed property" if those shares are not held by an investor in such a plan? ... It is our opinion that shares of the capital stock of a taxable Canadian corporation which are held by a taxpayer in a stock savings plan prescribed in section 6705 of the Regulations are considered "prescribed property" for the purposes of subsection 231(7) of the Regulations. 2.     It is our opinion that shares of the capital stock of a taxable Canadian corporation which are eligible for inclusion in a prescribed stock savings plan but are not held by a taxpayer in such a plan will not be considered a "prescribed property" for the purposes of subsection 231(7) of the Regulation. ...

Further, in order for an expenditure or transfer of property to be considered a gift, it must be made without conditions, from detached and disinterested generosity, out of affection, respect, or charity or like impulses, and not from the constraining forces of any moral or legal duty. In our view the lottery winner in the situation described above would not be considered to have made a gift for purposes of sections 118.1 or 110.1 of the Act since he had agreed prior to acquiring the lottery ticket that 24(1) would receive the winning prize money. If a gift could be considered to have been made at all, it would be a gift of the chance to win represented by a particular ticket, the value of which would presumably be equal to the lesser of the value of the prize divided by the number of tickets eligible to win and the face value of the ticket. ...

In view of the above, it is our opinion that item 2 could be considered “inventory” for purposes of paragraph 28(1)(c) and item 1 would not be so considered. With respect to your concluding query regarding a bona fide nursery business being considered a farming business, we draw your attention to the comment in IT-433 paragraph 7 under the heading “Meaning of Farming Business”. ... In certain factual circumstances it is considered that farming includes the operation of nurseries and greenhouses...” ...

Will the shares of the capital stock of a taxable Canadian corporation which are eligible for inclusion in a prescribed stock savings plan, be considered "prescribed property" if those shares are not held by an investor in such a plan? ... It is our opinion that shares of the capital stock of a taxable Canadian corporation which are held by a taxpayer in a stock savings plan prescribed in section 6705 of the Regulations are considered "prescribed property" for the purposes of subsection 231(7) of the Regulations. 2. It is our opinion that shares of the capital stock of a taxable Canadian corporation which are eligible for inclusion in a prescribed stock savings plan but are not held by a taxpayer in such a plan will not be considered a "prescribed property" for the purposes of subsection 231(7) of the Regulation. ...

Will the March 31, 1989 amendments to the original application be considered eligible for the CBITC. ... " As such, only the original "plan" as submitted prior to July 1988 would be considered as meeting the definition of "approved project". Ant significant revision would be considered a new plan or project. 4) The French version of the Income Tax Act uses the term "ouvrage approuve" as the equivalent of "approved project". ...

Our understanding of the facts relating to this situation is as follows: XXX Although, based on the information available, we would agree with the District Office that, if the term "interest" could be given a wide interpretation, accommodation charges paid by XXX could conceivably be considered to be payments in the nature of interest or in lieu of interest, and although we have considered the XXX we cannot find support for this position. ... We would also add that, in our view, accommodation charges cannot be considered as payments "in lieu of payment of interest" since no compensation is provided by XXX for an amount of money belonging to another. We have also considered the application of paragraph 214(15)(b) of the Income Tax Act (the "Act"). ...

XXX It should be noted that it is also possible that XXX could have been considered to have been a resident of the United Kingdom for all or part of the calendar years between XXX for U.K. tax purposes. ... XXX had been considered a dual resident of both Canada and the United Kingdom for any of the years between XXX the tie-breaker rule in both the former Canada-U.K. ... Since XXX is considered a resident of Canada, you, as executor of his Estate are required to file Income Tax Returns on behalf of the Estate. ...