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It is your view that for purposes of section 85 of the Act the transferred contract would be considered to be inventory of the construction company on the basis that this particular contract is only one of many which the company has from time to time. ... Only in the case of a taxpayer buying and selling contracts as part of his business would a contract be considered inventory. Thus the transferred profits would not be considered to be inventory for purposes of section 85 of the Act. ...

Martineau (613) 957-8953 Attention: XXX April 1, 1992 Dear Sir/Madam: Re: Interpretation of the definition of "Taxable Preferred Share" in Subsection 248(1) of the Income Tax Act (the "Act" This is in reply to your letter dated January 27, 1992, whereby you requested our views as to whether a stock split would not be considered a share issue at the time of the split for purposes of the definition of Taxable Preferred Shares in subsection 248(1) of the Act, and would be considered a modification of the outstanding shares for the purposes of paragraph 248(l)(e) of the said definition. ... It is our view that a stock split as described in IT-65, Stock Splits and Consolidations, would not be considered to be an issuance of shares for purposes of paragraphs 248(l)(a) and (b) of the definition of Taxable Preferred Share. ... Bryan Bryson, from Current Amendments, opined that, from a policy point of view, a corresponding decrease in the dividend entitlement due to a stock split should not be considered a modification of the outstanding shares for the purposes of paragraph 248 (1) (e) of the definition of taxable preferred share. ...

As a result, paragraph (d) of the definition of eligible amount prevents him from participating in the plan because he is considered to have acquired the home more than 30 days prior to the withdrawal. ... This position is incorrect because pursuant to the preceding analysis she is considered to have already owned the home. ... He indicated that he was involved in the drafting of this legislation, and this issue was considered. ...

You also feel that it is not necessary for an employer to have a permanent establishment in a foreign country to be considered to be carrying on a business in that country. ... It is, however, the Department's view that architectural services may generally be considered to be "with respect to... any construction... activity" for purposes of clause 122.3(1)(b)(i)(A) of the Act where such services relate to the construction of a building or similar structure. ... Generally, we agree that it is not necessary for an employer to have a permanent establishment in a foreign country before he can be considered to be carrying on a business in that country. ...

In particular, you request confirmation that you axe considered to be a resident of Canada during your stay in Australia. ... The enclosed Bulletin explains the factors that are considered in determining the residential status of a taxpayer, who leaves Canada temporarily. A taxpayer, who is considered to be a continuing resident, is required to file a Canadian income tax return and to report his world income for the year. ...

If the amount is in satisfaction of an obligation by the employer to the employee arising as a result of his employment, the amount is usually considered employment income unless it can be considered a retiring allowance. ... On the assumption that the amount received by your client is considered a retiring allowance within the meaning of subsection 248(1) of the Act, we respond to your queries in the following manner. In our view, although all reimbursements would not be excluded from the definition of retiring allowance as that term is defined in subsection 248(1) of the Act, amounts provided to a taxpayer or paid on behalf of the taxpayer to the taxpayer's solicitors as a reimbursement for costs which were essential to incur in respect of and directly related to the conduct of an action in wrongful dismissal/breach of contract (loss of employment) are, to the extent that such costs were actually incurred by the taxpayer and are not otherwise deductible, not considered to form part of a retiring allowance. ...

The significance of the revenues earned would need to be considered in conjunction with the objects of the corporation and the time and attention that is actually devoted to realizing such revenues. ... Generally an investment in a taxable subsidiary would not be considered to be for a purpose other than profit. (3)&(4) In determining for purposes of paragraph l49(l)(I) of the Act whether the Association was operated for a purpose other than profit all the facts and details of its operations and activities must be considered. The accounting treatment (loans vs. expenditures) and the source of the funds (bank borrowing vs. excess membership contributions) would be factors considered within the larger concept of whether the use of the funds was consistent with the exempt objects of the Association. ...

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". Any 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". ...

Szesyski 957-2130 SUBJECT: Clergyman's Residence Deduction XXXX This is in response to your referral of August 16, 1988 requesting confirmation of the rationale behind the determination made sometime in the past that the XXXX is not considered a religious order for the purposes of the paragraph 8(1)(c) deduction. ... Such a review was made with respect to XXXX and we wish to confirm that, in our view, the organization known as the XXXX continues not to be considered a religious order. ... We hope the foregoing has provided some rationale as to why XXXX is not considered to be a religious order. ...

An increase in cost as a result of the addition would not be a reason, in our view, to deny inclusion as part of the assets of the Original Plan. 23 It follows that, in our opinion, any new separate assets which were not part of the Original plan could not be considered to be an "approved project property" to be used in an"approved project" for the purposes of subsection 127(9) of the Act and section 4604 of the Regulations for the following reasons: (1) The new separate assets would not be considered part of the plan submitted "before July 1988". (2) Such assets may be considered as substantial changes to the Project. (3) The Shorter Oxford English Dictionary defines "project" as something projected; a plan, a scheme; a proposal. Based on this definition, only assets described in the Original Plan (an additions thereto) may be considered as meeting the definition of "approved project". (4) The French version of the Act uses the term "ouvrage approuve" as the equivalent of "approved project". ...