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A gain arising on the sale of real estate may be considered to be business income or a capital gain. ... This definition can cause an isolated transaction involving real estate to be considered a business transaction. ... However, in making such determinations, the courts have considered different factors. ...

Our Comments In general terms, income that is considered pensionable under the CPP and/or insurable under the EIA, is also considered "employment" income under the Income Tax Act (the "Act"). However, it should be noted that there are also situations where the income earned by an individual may not be considered pensionable under the CPP and/or insurable under the EIA, but is still considered employment income under the Act. ... For example, pursuant to the definitions of "office" and "employee" in subsection 248(1) of the Act, any position of an individual entitling the individual to a fixed or ascertainable stipend or remuneration, the incumbent of which is elected by popular vote or is elected or appointed in a representative capacity, is considered to be the position of an office, and consequently, the individual is considered to be an officer and employee. ...

Accordingly, if Bidco is considered, prior to the actual acquisition of shares of Xco, to have a direct or indirect interest in the issued shares of Xco, Aco, Bco, Cco and member(s) of Management will each be considered to be a specified shareholder of Xco prior to the acquisition of control of Xco by Bidco. ... If any of the shareholders of Bidco are considered to be specified shareholders of Xco before Bidco acquires control of Xco, the shares of the Subsidiaries would be considered to be ineligible property. ... Conclusion In our view, the shareholders of Bidco should not be considered to be specified shareholders of Xco, prior to the acquisition of control of Xco by Bidco, for the purposes of clause 88(1)(c)(vi)(B)(I) solely as a result of Bidco's right to acquire the shares of Xco in the circumstances described. ...

Position: The property may be considered an asset used principally in the business of farming in Canada. ... The issue of whether property was used or held by a corporation in the course of carrying on a business was considered by the Supreme Court in Ensite Limited v. ... If the withdrawal of the property would have a decidedly destabilizing effect on the corporate operations, the property would generally be considered to be used in the course of carrying on a business. ...

Principal Issues: Whether or not an asset is considered to be used principally in the business of farming in Canada, when a certain portion of the property is unusable. Position: The property may be considered an asset used principally in the business of farming in Canada. ... The issue of whether property was used or held by a corporation in the course of carrying on a business was considered by the Supreme Court in Ensite Limited v. ...

Principal Issues: Whether the land owned by a taxpayer is considered to be "qualified farm property"? ... Whether a property is considered to have been used in the course of carrying on the business of farming is dependent on when the property was last acquired by the individual. ... Some of the criteria which should be considered in making this determination are set out in Interpretation Bulletin IT-322R. ...

Reasons: The investment income is the property in question and if it was not generated on reserve it is considered to be earned in the economic mainstream and is not tax exempt. ... The court considered the taxability of income earned by an Indian living on reserve, from investments purchased from an on reserve branch of a bank. ... As such income may be generated off the reserve or by non-Indians, it would be considered to be earned in the normal economic mainstream and, accordingly, not considered personal property situated on a reserve. ...

The court considered the taxation of income earned by an Indian living on reserve, from investments purchased from an on reserve branch of a bank. ... While the court considered all of these factors it placed considerable weight on (g)(ii), the location of the income generating activity of the issuer of the securities. ... As such income may be generated off the reserve or by non-Indians, it would be considered to be earned in the normal economic mainstream and, accordingly, not considered personal property situated on a reserve. ...

To be considered a reimbursement for incidental expenses, the employee has to certify in writing that they incurred expenses for at least the amount of the allowance. Non-accountable allowances in excess of this amount would be considered employment income. ... Such a payment or reimbursement would be considered taxable to the employee. ...

However, an important factor is considered to be whether the loan was made in accord with normal commercial practice. In the above circumstances, this is not considered to be the case. Reasons FOR POSITION TAKEN: Since the interest rate is applicable for a 25 year time frame and the loan is not renewable, the loan is not considered to have been made in accordance with normal commercial practice. 940083 XXXXXXXXXX M. ... It is our general view that a housing loan amortized over 25 years, renewable every five years, at a prescribed rate of interest would be considered to be consistent with normal commercial practice while a non-interest bearing loan with a 15 year repayment term would be considered much less so. ...