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You also ask whether the gift of the art collection would be considered a gift of a residual interest in such property and if so whether the residual interest could be considered as a gift of cultural property for the purpose of the definition of "total cultural gifts" in subsection 118.1(1) of the Act. ... The taxpayer would nevertheless be considered to have disposed of the artwork for proceeds of disposition equal to its fair market value and any capital gain resulting from this disposition would be subject to income tax at the normal rates (i.e., paragraph 39(1)(i.1) of the Act would not apply). ... While it appears possible, based on the aforementioned criteria, that an object (or the person(s) that created the object) may not necessarily have to be of Canadian origin for it to be considered as a Canadian cultural property under the CPEIA any decision in this regard is the sole responsibility of the CCPERB. ...

As a guideline, the intangible benefit from those events costing up to $100 per person will be considered to be non-taxable. Parties costing more than that are generally considered to be beyond the “privilege” point and may result in taxable benefits. Ancillary costs such as transportation home, may increase the amount considered reasonable. ...

Principal Issues: Whether prizes received for scholastic achievement at the convocation of a university considered a prescribed prize as described in section 7700 of the Regulations and thereby excluded from income under paragraph 56(1)(n) of the Act. Position: Based on limited information provided the prizes would be taxable under paragraph 56(1)(n) of the Act Reasons: Not considered a prescribed prize as described in Regulation 7700 of the Act. ... A prize can be considered to be an award to a particular person selected from a group of potential recipients and given for something that is accomplished, attained or carried out successfully. ...

Bands that do not meet this requirement can be considered on a case-by-case basis to determine whether the band performs a function of government. ... It is a question of fact as to whether an Indian band may be considered to be a public body performing a function of government in Canada and thereby qualify for exemption from Part I tax pursuant to paragraph 149(1)(c) of the Act. ... Bands that do not meet these requirements can be considered on a case-by-case basis to determine whether the band performs a function of government such as negotiating and implementing Treaty Land Entitlements. ...

A detailed list of which items are not considered a taxable benefit can be found in the Employer's Guide to Payroll Deductions- Taxable Benefits T4130. ... A of legal fees, real estate commissions on the sale of the old residence, and the cost of shipping and packing household goods will generally not be considered taxable benefits if they are reasonable in the circumstances. ... To be considered a reimbursement for incidental expenses, the employee has to certify in writing that they incurred expenses for at least the amount of the allowance. ...

An anti-avoidance rule (subsection 125(5.2)) deems corporations which are related but not associated to be associated for the purposes of this rule where it may reasonably be considered that one of the reasons for a loan or transfer was to reduce investment income and increase the amount which can be claimed under the small business deduction. ... Whether subsection 125(5.2) would apply in any given situation remains a question of fact that can only be made once all the relevant facts of a particular situation are known and have been fully considered. However, if it may reasonably be considered that one of the reasons that the payment of dividends was made was to reduce the adjusted aggregate investment income as determined in paragraph E of paragraph (5.1)(b) in respect of Opco, or of any corporation with which Opco is associated, then in our view the anti-avoidance rule in subsection 125(5.2) could apply. ...

The CESB is not considered to be situated on a reserve as there are insufficient factors connecting this income to a reserve. 2. ... The CESB has additional eligibility requirements which may be considered as connecting factors. ... The CESB is not considered to be situated on a reserve as there are insufficient factors connecting this income to a reserve. ...

Reasons: The CRA does not intend to generally substitute its judgement of what would be considered a reasonable amount where taxpayers have made a good faith attempt to do so based on the reasonableness factors. 2021 STEP CRA Roundtable – June 15, 2021 QUESTION 3. ... While the issuance of a promissory note by a trust to a beneficiary may be an acceptable method of providing evidence of an amount made payable to a beneficiary for the purposes of subsection 104(13), such evidence does not have any impact on the determination of whether such income would otherwise be considered split income of that individual. ... If the beneficiary has attained the age of 24 years before the particular year, the “reasonable return” exception provided in subparagraph (g)(ii) must be considered for such interest income. ...

As the series of transactions that includes the dividends would result in an increase in interest in X Co by B and C, both of whom would be considered to deal at arm's length with A Co and X Co by virtue of paragraph 55(5)(e), the dividends would not qualify for the exemption in paragraph 55(3) (a). ... Question 4: Would any future sale of the shares or assets of A Co to an arm's length third party be considered to be part of the series of transactions that included the deemed dividends or would such a future sale have to be specifically contemplated at the time of such dividends in order to be considered part of the series? ... In the present example, A's father would have to have formed the intention, at the time of the preliminary "butterfly" transactions, to sell the shares or assets of A Co in order for the subsequent sale to be considered to be part of a series that included the preliminary transactions. ...

As indicated therein, where there is a sole executor (executrix) and that executor has been and will continue to be resident in Canada until the affairs of the estate are settled, the estate will generally be considered to be resident in Canada. ... Paragraph 6 of IT-286R2 discusses this "paid or entitlement" question in the context of whether or not income of a testamentary trust is considered to be payable in the "executor's year" (i.e, the initial 12 month period commencing with the settlor's death).  ... Where an executor requests a clearance certificate based on the return filed for the trust, the return will generally be considered to be the final return and the trust will be considered to have been wound-up during the executor's year, even where the actual distribution occurs shortly thereafter.  ...