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Partial interest is waived within the 10 year limitation period for all voluntary disclosures that are considered valid. ... Answer The waiving of partial interest within the 10 year limitation period is part of VDP policy and is applied to all disclosures that are considered valid by the CRA as a means of encouraging disclosures for older years. ...

A “specified Canadian entity” is considered a “reporting entity” for a taxation year or fiscal period where, at any time (other than a time when the entity is non-resident) in the year or period, the total of all amounts each of which is the cost amount to the entity of a “specified foreign property” of the entity exceeds $100,000, in accordance with the definitions of these terms found in subsection 233.3(1) ITA. ... We are of the opinion, however, that the “adjusted cost basis” of the interest an owner holds in a life insurance policy, as defined in subsection 148(9) ITA, can generally be considered a reasonable valuation of the cost of the property for the purposes of the application of the rules set out in section 233.3 ITA. ...

Income Tax Technical News ("ITTN") No. 29 provides as follows: …a tax credit or a reduction in the tax calculation is considered to be received at the earliest of: when the amount is applied as a reduction of instalment payments to be paid by the taxpayer, if it is credited to his instalment account by the fiscal authorities; or when all the conditions for its receipt are met, at the earliest of: when it reduces the tax payable for a taxation year, or when it is paid, if it allows for or increases a tax refund. In Rulings document 2004-0072241 dated July 14, 2004, the CRA considered the date of receipt of a British Columbia investment tax credit. ...

Whether acquisition of property in consideration of one dollar is considered an acquisition by gift under paragraph 69(1)(c)? ... The question to determine whether an acquisition can be considered an acquisition by gift must generally be done on the bases of the legal relationship created by the contract of acquisition of the property. ...

More specifically, you have enquired whether employees would be considered to be in receipt of a taxable benefit where their union reimburses the employer for the employees' share of premiums for various group benefit plans during the period of time when the employees are not working due to illness. ... Since it appears that the union cannot make a direct payment to the various group benefit plans and the employer is used only as a conduit for the payment of the premiums, it is our view that the payment of the premiums would be considered to have been paid to the employee by the union. ...

The factors that are considered in the determination that a particular receipt is a windfall include the following: (a) the taxpayer had not enforceable claim to the payment, (b) the taxpayer made no organized effort to receive the payment, (c) the taxpayer neither sought after nor solicited the payment, (d) the taxpayer had no customary or specific expectation to receive the payment, (e) the taxpayer had no reason to expect the payment would recur, (f) the payment was from a source that is not a customary source of income for the taxpayer, (g) the payment was not in consideration for or in recognition of property, services or anything else provided or to be provided by the taxpayer, and (h) the payment was not earned by the taxpayer as a result of activity or pursuit of gain carried on by the taxpayer and was not earned in any other manner. ... In that regard, it is our view that the payment would be considered a windfall. ...

The CRA accepts that an amount paid by a board for an item that is primarily for the benefit of the board is generally not considered to be a taxable benefit to the trustee. For trustees, subsection 81(3) of the Act exempts from tax a trustee's expense allowance amount, which is generally considered to be equal to one-third of the trustee's income from the office. ...

A settlement payment received as compensation for loss of, or damage to, a capital asset, will generally be considered on account of capital and taxable as proceeds of disposition from property. ... If this is the case, the payment would be considered damages for personal injury and not taxable. ...

XXXXXXXXXX 2013-051336 Whitney Dunn December 10, 2013 Dear XXXXXXXXXX: Re: Non-interest bearing loans and personal-use property We are writing in response to your email of November 25, 2013 where you asked for our view whether either of the following non-interest bearing loans would be considered "personal-use property" ("PUP") as that term is defined in section 54 of the Income Tax Act (the "Act"): 1) a $100,001 non-interest bearing loan (represented by a note) made by a Canadian resident to a non-resident corporation that is not a foreign affiliate; and 2) a non-interest bearing loan of more than $100,000 made by a Canadian resident parent to a non-resident child. ... The CRA has always considered that to qualify as PUP under paragraph (a) the property must be owned and actually used primarily for the personal use or enjoyment of the taxpayer or a related person. ...

That is, where the partnership earns business income, the trust will be considered to have earned its share of the business income and where the partnership earns property income, for example, dividend income, the trust will be considered to have earned its share of the dividend income. ...