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Principal Issues: Whether the deemed disposition and reacquisition of property contemplated by subsection 149(10) of the Income Tax Act would be considered to be a non-arm's length acquisition of property for all purposes of the Act and the Income Tax Regulations. ... In our view, given the definition of "related persons" in subsection 251(2) of the Act and the wording of paragraph 251(5)(c) of the Act, a person is not considered to be a person related to himself, herself or itself, unless the Act specifically provides otherwise. Since a person is not considered to be related to themself, it is a question of fact whether, at a particular time, that person is dealing with themself at arm's length. ...

Where a company obtains a letter of credit to secure its obligation to fund retirement benefits for its employees, the fair market value of the letter of credit will be considered a contribution to the RCA and subject to tax under Part XI.3 of the Act. ... If assets are pledged by the company to secure its liability under the letter of credit and such assets are no longer available to the general creditors of the company, this would be considered a separate contribution to an RCA. ... The Department would become involved only after the fact and only if it considered the value assigned to a property to be unreasonable in the circumstances. ...

The Queen, 92 DTC 6320, employment income was considered to be situated at the location of the employer. Related payments, such as pension income including Canada Pension Plan benefits, were considered to be located at the payer's principal place of business. As the federal government is not situated on the reserve, any benefits which it pays, such as Canada Pension Plan benefits, were considered taxable to the recipient. ...

In order for a corporation to be considered a resident of the U.S. under the Convention, it must be liable to tax therein on its world wide income as are corporations incorporated pursuant to the laws of the U.S. ... It is our view that the entities formed under those statutes would be considered corporations for Canadian tax purposes. ... However, in a situation where the central mind and management of the LLC was situated in Canada, the LLC would be considered resident in Canada under the Income Tax Act and a resident of Canada under the Convention. ...

The central management and control of an organization is usually considered to be exercised by the group that performs the function of a board of directors of the organization. ... " Where an organization which would otherwise not be considered to be resident on a reserve is asserting that it satisfies the definition because it holds its board of directors meetings on a reserve, it should generally be considered to satisfy the definition where management and control over the organization is legitimately exercised during those meetings. ... In addition, in our view, the fact that the board of directors meetings are held on different reserves would not, in and by itself, cause an organization to not be considered resident on a reserve. ...

An impairment is considered to be prolonged if it has lasted, or is expected to last (from the time the disability begins), for a continuous period of at least 12 months. ... An individual is considered legally "blind" if, all or substantially all of the time, even with the use of corrective lenses or medication:? ... If an individual has vision in only one eye and the corrected vision in that eye is better than what is described above, the individual would not normally be considered blind for the purposes of the disability tax credit. ...

Since you are still a registered owner of the house that you have not lived in since 1998 you would like to know if you could be considered a first-time homebuyer. ... An individual will be considered to have an owner-occupied home where the individual owns (jointly or otherwise) a housing unit and the housing unit was inhabited by the individual as the individual's principal place of residence at any time in the required period. Where an individual did not have an owner-occupied home for the required period or where he or she did not reside with his or her separated spouse in the owner-occupied home of the separated spouse in that period, the individual will be considered a first-time homebuyer. ...

Position: Generally, deductible under Section 9 Reasons: No lender borrower relationship- considered an adventure in the nature of trade. ... Thus, any income earned or expense incurred from the swap or other financial derivative would generally not be considered as being derived from the associated asset or liability for which it was designed to hedge. ... The nature of the payments derived from such a contract is considered to be income. ...

Reasons: While the nature of any cost depends upon the facts in a given situation, generally, costs incurred to remove pollutants or to modify a condition that was caused or is directly attributed to the business, and that will not contribute value to the land beyond what it would be worth in an undisturbed state, would generally, be considered to be current expenses. ... While the nature of any cost depends upon the facts in a given situation, costs incurred to remove pollutants or to modify a condition that was caused or is directly attributed to the business, and that will not contribute value to the land beyond what it would be worth in an undisturbed state, would generally be considered to be current expenses. Costs incurred for the purpose of improving the location in preparation for development or sale or to alter the land beyond its natural state would generally be considered capital in nature if the land itself is a capital property. ...

Principal Issues: In a particular situation, whether some portion of paid leave can be considered sick leave such that, upon retirement, payment in respect of sick leave component of paid leave will qualify as a retiring allowance. ... The term "long service" is usually considered to have reference to the total number of years in an employee's career with a particular employer or with affiliated employers. ... On the other hand, a payment for accumulated vacation leave is considered to be ordinary remuneration and included in the employee's income in the year of receipt pursuant to subsection 5(1) and 6(3). ...