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If the employee elects pursuant to paragraph XXXof your plan to leave the interest in the fund it will be considered a contribution by the employee to the plan. Interest income earned on these amounts will also be considered to be employment income and must be reported annually by the employee. ... Therefore any interest earned on the deferred amounts should not be considered when determining this amount. ...

The answer to your question is dependant on whether or not the loan or mortgage in question can be considered to be received in the circumstances described in subsection 80.4(1) of the Act. It is our view that a third party loan will be considered to be received in the circumstances described in subsection 80.4(1) of the Act. It is our view that a third party loan will be considered to be received by virtue of employment and thus subject to subsection 80.4(1) of the Act, if the employer is involved in the initial granting of the loan. ...

Guglich (613) 957-2102 XXXX Attention: XXXX November 26, 1990 Dear Sirs: This is in reply to your letter of October 15, 1990, wherein you requested our views whether a gift would be considered to have been made in the following situation. ... 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 XXXX would receive the winning prize money. ...

" 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 of "Meaning of Farming Business". ... In certain factual circumstances it is considered that farming includes...the operation of nurseries and greenhouses... ...

Reasons: Based on jurisprudence and given the facts in the hypothetical situation, it is unlikely that the SIFT would be considered to be carrying on a business in Canada in making the loans to the foreign affiliate and it is unlikely that the loans would be considered to be property used by the SIFT in the course of carrying on a business in Canada. Consequently, it is unlikely that the interest income from the loans would be considered non-portfolio earnings of the SIFT as defined in subsection 197(1). ... It is also unlikely that the loans would be considered property used by the SIFT in the course of carrying on a business in Canada. ...

We have also had occasion to consider tax treaty implications of corporate distributions from Canadian corporations to US shareholders where the distributions were considered to be a return of capital. ... In order to provide some insight into our experience with these provisions, we have provided an overview of situations that have been recently considered by IT Rulings. ... IT Rulings has also considered the application of Article XXIX-A(3) in certain situations involving dividends paid from a Canadian subsidiary corporation to its US parent corporation under circumstances of bankruptcy. ...

Are sponsorships provided to students considered taxable income of the student and if so, when would the amount be required to be included in income? ... Are meal allowances paid to employees required to travel on business time considered to be taxable income of the employee? ... However, in our view the per diem amount that XXXXXXXXXX may pay to employees without documentation would be considered reasonable. ...

Is the income earned by a farmer under a FIT / microFIT contract considered farming income? ... Would the income earned by a farmer under items 1 & 2 be considered incidental to farming income? ... When these factors are considered in the context of the FIT / microFIT Programs, it is our view that income under the scenarios described above would not be considered incidental to a farming business. ...

Reasons: (1) The corporation must employ in the business more than 5 full-time employees to avoid being considered a specified investment business. ... You ask whether Newco would be considered to be carrying on a "Specified Investment Business", as defined in subsection 125(7) of the Act, and whether the shares of Newco could be considered "Qualified Small Business Corporation Shares", as defined in subsection 110.6(1) of the Act, under either or both scenarios above. ... In your opinion, Newco would then be considered to carry on an active business, such that it would be eligible for the small business deduction, and its shares would potentially be considered "Qualified Small Business Corporation Shares", as defined in subsection 110.6(1) of the Act, where the other requirements of the definition are met. ...