Search - considered

Position: Plan considered an EBP; no for employee and yes for employer. ... A U.S. 401(k) plan is considered a pension plan for purposes of the Income Tax Act (the "Act"). ... Where this exception applies, the foreign pension plan will be considered an EBP for purposes of determining the tax consequences to the employer and the employee. ...

Principal Issues: whether severance pay, bonus for staying on considered retiring allowance Position: Not a retiring allowance Reasons: amount not paid for loss of employment 5-953285 XXXXXXXXXX M. ... Where an employer offers all his employees on the date of termination of employment a severance pay, said amount will be considered a retiring allowance. ... Where conditions are to be met to receive a payment of unused sick leave such as staying until a certain date or being terminated by the employer between a certain period, such payment would still be considered a retiring allowance. ...

In your view, the amount should be considered a non-taxable windfall because your business suffered financially over the course of the litigation. ... An amount received from a court settlement will generally be considered business income under the Act if it is intended to compensate the recipient for a loss of profit from the business. ... If any part of the amount received from a court settlement relates to the destruction or material crippling of the whole structure of the profit-making apparatus of the business, it may be considered on account of capital. ...

You would like to know if these charges can be paid to the RRSP without any tax consequences or whether the payment of these charges would be considered a gift to the RRSP. ... If such amounts are paid by someone other than the annuitant of the RRSP or the spouse of the annuitant, the payments will be considered to be gifts to the RRSP. ... In this case, amounts were paid into the RRSP without being considered premiums or gifts. ...

Reasons: Assuming that the RRSP or RRIF designation amounts to a testamentary instrument, then the transfer of the RRSP or RRIF proceeds to the trust would be considered, pursuant to subsection 248(8), as occurring as a consequence of the death of the taxpayer, thereby meeting the condition in paragraph (b) of the definition of "testamentary trust" in subsection 108(1). ... In this regard, we mentioned in the last paragraph of that technical interpretation that where the RRSP or RRIF properties are held in a trust, the contribution of these properties to another trust would be considered as being made by the trust and not by the deceased individual, thereby preventing the second trust from qualifying as a "testamentary trust" within the meaning of subsection 108(1) of the Act. ... In such a case, paragraph 248(8)(a) provides that for the purposes of the Act the transfer, distribution or acquisition is considered to occur as a consequence of the death of the taxpayer. ...

POSITION TAKEN: Only the awarded amount can be structured, as post-judgment interest is not considered damages for personal injury. Reasons FOR POSITION TAKEN: Post-judgment interest is considered interest and is taxable. 2003-003103 XXXXXXXXXX C. ... However, in a situation where a subsequent decision is considered the valid award decision (i.e. the trial decision does not establish the existence of a debt), we are prepared to consider a specific fact situation involving a proposed structured settlement transaction on an advance income tax rulings basis. ...

Principal Issues: Whether a retirement home that is acquired to replace a motel, could be considered a replacement property for purposes of the replacement property rules. ... Reasons: For a property to be considered a replacement property, among other things, it must be acquired for a use that is the same as or similar to the use to which the former property was put [paragraph 44(5)(a.1)]. ... To be considered a replacement property, the particular property must meet all the requirements outlined in subsection 44(5) of the Act. ...

An amount included in income under subsection 13(1) of the Act is considered to be income from the same source from which CCA on the property was deducted. Therefore, the recapture of CCA on a property that was previously deducted by a taxpayer in computing income from an office or employment, is considered income from "an office or employment" which is included in "earned income" pursuant to subparagraph (a)(i) of definition in subsection 146(1) of the Act. ... An amount included in income under subsection 13(1) of the Act is considered to be income from the same source from which CCA on the property was deducted. ...

In particular, your concern relates to whether a partnership must be in existence for at least 24 months before an interest in the partnership can be considered as an "interest in a family farm partnership". ... As you are aware, where a partnership, an interest in which is an "interest in a family farm partnership", owns the real property it uses in the course of carrying on the business of farming in Canada, such real property may be considered "qualified farm property" of an individual. ... An interest in a partnership could not be considered an interest in a family farm partnership for the purposes of section 110.6 of the Act at any time if at that time the partnership was not in existence for at least 24 months, as it could not meet the "throughout any 24-month period ending before that time" requirement. ...

Accordingly, it appears that the amounts paid to the winning students are considered to be scholarships by the payer. ... Based on the information provided, it is our view that the contest awards would not be considered prescribed prizes. ... It is a question of fact whether a prize is considered recognized by the general public. ...