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Where the situs of the payer (generally the principal place of business) is on the reserve, the receipt of that income by a status Indian, wherever he or she may be, is considered exempt income. ... We note, however, that a number of changes to this bulletin are being considered. ... The situs of the payer in this case would be the Head Office of the 24(1) which presumably is not on a reserve anywhere. f) Interest earned on Canadian government Treasury Bills is considered taxable in the hands of status Indians as the situs of the payer, the Government of Canada, is off the reserve. g) Interest earned and withdrawn from an RRSP is taxable in the hands of a status Indian as RRSP's are trusted and from information received, we understand that the trustees are generally situated in a Head Office location which is not on a reserve. ...

Will the contribution interest buy down and the loan insurance (or loan guarantee) offered by ACOA be considered government assistance in respect of or for the acquisition of property, and as a result, require that the capital cost of the property be reduced under paragraph 127(11.1)(b) of the income Tax Act (the "Act")? Alternatively, will they be considered to be income under paragraph 12(1)(x) of the Act? ... As stated in the response to the first question, the federal government loan insurance or guarantee will normally not be considered assistance for purposes of paragraph 12(1)(x) or 127(1l.1)(b) of the Act. ...

A corporation's business will be considered to have been carried on in Canada if at least 50% of its employees are engaged in the business in Canada or at least 50% of its salaries or wages are paid for services provided in Canada in respect of the business. If the corporation is part of a group of related corporations, the combined services of their employees and the combined salaries and wages paid must be considered in making this determination. ... For this purpose, an annuitant of an RRSP and the RRSP itself are considered to be related persons. ...

Such a request entails the provision of all related documents for our review as well as an identification of all of the specific provisions of the Income Tax Act (the "Act") in respect of which the request is to be considered. A ruling request must also contain a statement as to whether any of the issues involved are to the best of a taxpayer's knowledge being considered by a District Office and/or Taxation Centre in connection with a tax return already filed, or if any of the issues are under objection. ... 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. ...

You have requested our comments related to the following questions: 1) Will the shares of Holdco be considered to be shares of a small business corporation as defined in subsection 248(1) of the Act and as such be considered to be QSBCS's in the above situation? ... The partnership interest and the loan to the partnership will both be considered to be "assets that were used in an active business carried on primarily in Canada by the particular corporation". As such, provided the other requirements in the definition of QSBCS in subsection 110.6(1) are met, the shares of Holdco will be considered to be QSBCS's. 2) Our policy as stated in the answer to question 51 of the 1986 Conference Report Round Table remains in effect. ...

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. ... In this respect, when property is considered to vest it must in all cases vest indefeasibly. ... Where encroachment is possible under the arrangement referred to above, no gift would be considered made to the charity. ...

With respect to the personal guarantees, our position, as outlined in Interpretation Bulletin IT-138R, paragraph 20, is that "any obligations of the partnership guaranteed by a limited partner are not considered to be an addition to partnership "equity". ... A taxpayer required to honour a guarantee is considered to have acquired a debt at the time the guarantee is honoured equal to the amount of the payment made pursuant to the guarantee. ... As stated in paragraph 8, the receiver-manager is considered to be carrying on the same business formerly carried on by the owner unless the facts indicate otherwise. ...

Therefore, if XXXX does not choose the capital treatment his silver certificates would be considered inventory. ... Becoming Canadian Resident When XXXX became a Canadian resident on or about July 1, 1984 the certificates he owned at that time would be considered inventory since he had not chosen the capital treatment. ... As stated in paragraph 15(c) of IT-435R in order to be considered to be "held for sale" the inventory must be offered for sale. ...

Cash or near cash property is considered to be used principally in the business if its withdrawal would destabilize the business. 3. Cash which is temporarily surplus to the needs of the business and is invested in short-term income producing investments could be considered to be used in the business. 4. Cash or near cash which is surplus to the needs of the business over the long term would not generally be considered to be used in the business. 5. ...

The members who participate in this opportunity would be entitled to receive a discount on the final purchase price of their unit equal to XXXXXXXXXX You request our views as to: * Whether the return to the members of the surplus funds, after the completion of construction and the sale of the last unit, could be considered for purposes of subsection 135(7) of the Act a patronage dividend in respect of "consumer goods or services". * The income tax implications relating to; (a) the discounts to the member's purchase price for making additional payments prior to construction or, (b) alternatively, if the participating members received additional shares in the Co-op instead of the discount. ... OUR VIEWS The proposed refund to the unit holders after all units are sold and construction is completed could not be considered payments made pursuant to an "allocation in proportion to patronage" as defined in paragraph 135(4)(a) of the Act, in that the housing units would not be considered to be "goods or products". Since the payments would not be considered to have been made pursuant to an allocation in proportion to patronage subsection 135(7) would not be applicable. ...