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Essentially, a "gift", eligible for tax credit treatment, is considered to have been made: i) in circumstances where the gift vests at the time of the giving of the gift, and ii) where the value of the residual interest is reasonably ascertainable. ... Therefore, as long as all ownership interests vest with the charity on the date the property is transferred, a gift will be considered made for tax purposes. ... The present value of a $10,000 bond not due to year 2020 would in our view be considered less than $10,000. ...

Furthermore, horses used in a riding business would not be considered inventory of that business. ... This means that although the original cost of acquiring the horses, as well as the cost of any expansion in the number of such animals, is considered a capital expenditure, the cost of replacing these horses is considered a deductible expense in the year of replacement. ...

It is now the Department's position that where a reasonable allowance or a reimbursement of costs incurred to purchase and clean special clothing is paid to employees engaged in full-time plain clothes duty, such an amount will be considered a reimbursement of expenses and, therefore, not taxable. ... Fuoco's December 17, 1991, letter to you based on the information provided to the Department, the plain clothes allowance provided to members on full-time plain clothes duty would be considered an allowance in respect of special clothing used in the course of their employment. ... In those cases where members receive a per-diem allowance for occasional plain clothes duty, the amounts will be considered taxable and subject to deduction and reporting in the regular manner. ...

Thus, in such cases, the payment of reasonable membership fees by an employer are not considered to be a taxable benefit to the employee. ... Thus the employer would generally be considered to be the primary beneficiary of such policies and the employee should not be considered to be in receipt of a taxable benefit. ...

SUBJECT: CALCULATING CURRENCY SECTION: 95(2)(f)(ii), REG 5907(6)] Canadian Tax Foundation Corporate Management Tax Conference Subparagraph 95(2)(f)(ii), Regulation 5907(6) Question For purposes of subparagraph 95(2)(f)(ii) and Regulation 5907(6), under what circumstances will a particular currency be considered "reasonable in the circumstances"? ... Where a particular currency has become the generally accepted currency for conducting business in a country, such currency may be considered "reasonable in the circumstances", notwithstanding that some other currency is the official currency of that country. As well, the currency that is used for income tax purposes in the foreign jurisdiction would normally be considered "reasonable in the circumstances". ...

The relevant characteristics to be considered would include the obligation's provisions with respect to interest, repayment and consequences of default. The Certificate and the Deposits differ from the other obligations identified as they are both considered deposit instruments and may or may not be secured under the Bank Act. ... However, depending on the particular circumstances and regardless of their classification as deposit instruments, the Certificates and the Deposits might be considered sufficiently similar to unsecured notes to qualify as similar obligations. ...

As indicated to you previously by telephone, whether a resident of the United Kingdom has a permanent establishment in Canada for purposes of the Canada-United Kingdom Income Tax Convention (the "Convention") is essentially a question of fact that generally can only be determined retrospectively after all of the relevant facts have been determined and considered. ... We can, however, advise that it is our opinion that the fact that an enterprise of the United Kingdom carries on business in Canada through several agents (rather than merely one agent) of an independent status, where such persons are acting in the ordinary course of their business, does not in and of itself render paragraph 5 of Article 5 of the Convention inapplicable and does not in and of itself result in such enterprise of the United Kingdom being considered to have a permanent establishment in Canada. The opinions expressed herein are not advance income tax rulings and, in accordance with paragraph 21 of Information Circular 70-6R2 dated September 28, 1990, are not considered binding on the Department. ...

7 February 1991 Income Tax Severed Letter- Self-employed Real Estate Agents Unedited CRA Tags 125(1), 125(1)(b), (d) Dear Sirs: Re: Self-Employed Real Estate Agents This is in reply to your letter of October 15, 1990 and subsequent facsimile transmission of January 15, 1991 wherein you ask whether a self-employed real estate agent may incorporate, utilize the small business deduction and not be considered an incorporated employee as envisaged in paragraph 125(7)(d) of the Act. ... Where the corporation is providing the services of an independent contractor, it is not considered to be providing the services of an “incorporated employee”. As a result, income earned by the corporation is not considered income earned by a personal service business as envisaged in paragraph 125(7)(d) of the Act. ...

In addition, the "primary use" of the asset is considered relevant in distinguishing between an inventory item and capital property. ... The Department has recognized that items, which are consumed in the income earning process or are technically obsolete due to changing customer requirements, would be considered inventory subject to valuation within the meaning of subsection 10(1) of the Act despite arguments that such items in some cases could be considered capital. ...

In our view, unless such shares constitute either capital property or inventory to the holder, they will not be considered to be “eligible property” within the meaning of subsection 85(1.1) of the Act. ... As the circumstances of sale are usually considered relevant in determining whether the property was held on income account, as an adventure in the nature of trade or on account of capital, it might not be possible to determine, prior to the ultimate sale to a third party, whether any gain realized on the ultimate sale would be considered to be an income gain. ...