Search - considered

Any transaction considered a disposition would occur where the POD for the consolidated units is equal to their cost resulting in no gain or loss. ... We understand that, to the best of your knowledge, none of the issues involved in the ruling request: (i) is in an earlier return of the taxpayer or a related person, (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayer or a related person, (iii) is under objection or appeal by the taxpayer or a related person, (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired, and (v) is the subject of a ruling previously issued by the Canada Revenue Agency. ...

(ii) The Partnership would be considered to have a "qualifying interest" in respect of CFC by virtue of subparagraph 95(2)(m)(i) of the Act only for the purpose of computing the income of the partners (i.e., whether the income is FAPI or not). The partners also have a "qualifying interest" in respect of CFC by virtue of subparagraph 95(2)(m)(iv) of the Act for the purpose of section 113 (and any regulations made for the purposes of that section) and section 95 (to the extent that it is applied for the purpose of section 113); (iii) The Partnership would be considered to be a "taxpayer" for the purposes of subsection 85.1(3) of the Act with respect to its transfer of the CFC shares to ForeignCo; and (iv) Paragraph 5905(5)(a) of the ITR would apply in determining the applicable surplus accounts of CFC in respect of CanCo with respect to the transfer of the shares of CFC by the Partnership to CanCo. ...

" If it is determined that an arbitration award is a capital receipt, such receipt may be considered as proceeds of disposition of a capital asset to which the amount relates or as compensation for the loss or sterilization of a capital asset. ... Generally, where there is an employee-employer relationship the award will be considered income from an office or employment such as in the case of Larry L. ...

We are inferring from your letter that you are seeking comments that would clarify whether a proposed association would be considered a "non-profit organization" within the meaning of paragraph 149(1)(l) of the Income Tax Act. ... An association that qualifies for exemption in a particular year may cease to qualify in a subsequent year by failing to operate in accordance with one of the purposes for which it was organized or by revising its objectives in such a way that it is no longer considered to be organized in accordance with a purpose specified in paragraph 149(1)(l) of the Act. ...

We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the ruling request: (i) is in an earlier return of a taxpayer or a related person; (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of a taxpayer or a related person; (iii) is under objection by a taxpayer or a related person; (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; and (v) is the subject of a ruling previously issued by the Directorate. ... The Corporation and the Shareholder/Managers are aware that the Canada Revenue Agency clarified its policy on when such remuneration would be considered reasonable for purposes of section 67 of the Act, and as a result, jointly decided that the Bonus would not be paid until such time as a favourable advance income tax ruling could be obtained on the income tax status of the Bonus. ...

We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the ruling request: (i) is in an earlier return of a taxpayer or a related person; (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of a taxpayer or a related person; (iii) is under objection by a taxpayer or a related person; (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; and (v) is the subject of a ruling previously issued by the Directorate. ... The Corporation and the Shareholder/Managers are aware that the Canada Revenue Agency clarified its policy on when such remuneration would be considered reasonable for purposes of section 67 of the Act, and as a result, jointly decided that the Bonus would not be paid until such time as a favourable advance income tax ruling could be obtained on the income tax status of the Bonus and/or Plan allocation. ...

In your view, this question relates to the interpretation of paragraph 12(1)(x) of the Income Tax Act (the "Act") regarding inducements, reimbursements, etc. and whether or not these individuals are considered to be earning income from a business or property when they are not receiving any remuneration from XXXXXXXXXX for services rendered to XXXXXXXXXX. Our Comments Paragraph 12(1)(x) provides that a taxpayer's income includes any amount received in the course of earning income from a business or property from a government where the amount can reasonably be considered to have been received: (iii) as an inducement, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of inducement, or (iv) as a refund, reimbursement, contribution or allowance or as assistance, whether as a grant, subsidy, forgivable loan, deduction from tax, allowance or any other form of assistance, in respect of (A) an amount included in, or deducted as, the cost of property, or (B) as an outlay or expense, Where an individual provides services, whether pursuant to a contract for services or not, but receives no remuneration for such services, there is no source of income from a business or property. ...

Reasons: The terms of the settlement are considered to be consistent with the CRA's position as set out in paragraph 5 in IT-365R2. ... To the best of your knowledge, and that of the taxpayer involved, none of the issues contained herein is: (i) dealt with in an earlier tax return of the Claimant or a related person; (ii) (ii) being considered by a tax services office or taxation center in connection with a previously filed return of the Claimant or a related person; (iii) (iii) under objection by the Claimant or a related person; (iv) (iv) before the Courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or (v) (v) subject of a ruling previously issued by the Income Tax Rulings Directorate. ...

December 7, 2005 SUMMERSIDE TAXATION CENTRE HEADQUARTERS Income Tax Rulings Attention: Wilma Bell Directorate Kimberly Duval (613) 599-6054 2005-015507 Taxation of Status Indian Employment Income This is in response to your memorandum of September 28, 2005, requesting our opinion as to whether employment income earned by XXXXXXXXXX, a status Indian employee, would be considered tax-exempt in the circumstances. Specifically, you have asked for our comments as to whether the employment income earned by XXXXXXXXXX for the XXXXXXXXXX and subsequent taxation years would be considered tax exempt based on the fact that she is a status Indian and her employment duties in the period related solely to Aboriginal people. ...

If an option of this nature is negotiable, can the value of the premium be considered a sound approximation of the value of the discount in calculating the FMV of the share? If an option of this nature is not negotiable, can the value of the premium on the put option of a share in the same sector be considered an acceptable approximation of the value of the discount in calculating the FMV of the share? ...