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However the fact that the income is not immediately payable to a particular beneficiary does not preclude that beneficiary from being considered a beneficiary at law under the terms of the trust. ... Section 256 of the Act establishes certain rules for determining whether corporations are to be considered associated for purposes of the Act. ... Thus, while persons described in paragraph 248(25)(a) who have rights as a beneficiary under the terms of the trust would be considered beneficiaries for the purpose of paragraph 256(1.2)(f), persons described in paragraph 248(25)(b) who are not beneficiaries of the trust would not be considered beneficiaries for the purpose of section 256. ...

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. ... B owns can be considered to have been used in the course of carrying on the business of farming if the requirements of subparagraph (a)(vi) of the definition of "qualified farm property" in subsection 110.6(1) of the Act are met. ... B's parents are considered Mrs. B's parents for the purposes of the definition of qualified farm property. ...

You also indicate that since the receivable originated from the sale of qualifying land, the receivable itself should be considered a qualifying property. ... However, mortgages may in certain circumstances be considered an asset used in an active business. ... In summary, mortgages having normal commercial terms and conditions and held as investments are not considered to be assets used in an active business. ...

You also inquired as to whether a 15 year repayment term can be considered to be "repayment within a reasonable time" for the purpose of proposed paragraph 15(2.4)(f) of the Act. ... We are, therefore, unable to provide you with a definitive response as to whether the type of arrangement you described above would be considered bona fide without taking into account the circumstances of the individual. ... However, 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. ...

Principal Issues: Whether land owned by a taxpayer is considered to be "qualified farm property" Position: Perhaps Reasons: Question of fact 5-971520 XXXXXXXXXX Karen Power, C.A. ... Some of the criteria which should be considered in making this determination are set out in Interpretation Bulletin IT-322R. ... Therefore, in our opinion, if the capital gains election is filed in respect of "qualified farm property," the property will be considered to have been last acquired after June 17, 1987. ...

One of the conditions that must be met for real property of an individual to be considered a "qualified farm property" within the meaning of subsection 110.6(1) of the Act, is that the property has been used in the course of carrying on the business of farming in Canada. 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. ...

In other cases, the particular employee will be considered to have constructively received employment income equal to the value of the allocated credits, or, alternatively, the entire plan may be considered an employee benefit plan. (2) The value of the allocated credits is just that, the value of the credits, not the value of the benefits paid to the employee. ... Accordingly, the tax consequences described in paragraph 8 would apply, that is, the employee will be considered to have constructively received employment income equal to the value of the allocated credits unless the entire Flex Plan can be considered an employee benefit plan. ... Specifically, you enquire whether changes to existing benefit plans and coverage will be considered as something of value that has been forfeited by the employee to acquire the credits. ...

Principal Issues: Whether the business of a pawnbroker will be considered a "specified investment business. ... The cost of a particular item of inventory is considered to equal the advance made in respect of the particular item. ... If the income is considered interest for income tax purposes, you ask whether the corporation will be considered to be carrying on a “specified investment business” within the meaning of subsection 125(7). ...

You also indicate that since the receivable originated from the sale of qualifying land, the receivable itself should be considered a qualifying property. ... However, mortgages may in certain circumstances be considered an asset used in an active business. ... In summary, mortgages having normal commercial terms and conditions and held as investments are not considered to be assets used in an active business. ...

A be considered income that is derived directly or indirectly from a related business for the purposes of section 120.4? ... A in Year 2 would be considered to be derived, directly or indirectly, from the related business of Opco in respect of Mrs. ... A in Year 2 would be considered to be derived, directly or indirectly, from the related businesses in respect of Mrs. ...