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It is the Agency's general view that a conversion is not considered to have taken place where a property that was purchased primarily for resale is temporarily leased in a business to earn income. ... However, generally, it is our position that a property subject to a long-term lease could be considered as capital property. ...

As the entire income of Aco is derived from the leasing of property consisting of the portable trailers and the equipment described above, you are concerned that Aco may be considered to be carrying on a "specified investment business", as defined in subsection 125(7) of the Act. However, you submit that since the definition specifically excludes businesses that lease property other than real property, and that Aco does not own any land or buildings, it should not be considered to carry on a "specified investment business". ...

Generally, it is a question of fact whether the activities of a taxpayer can be considered to be "farming" for the purposes of that definition in subsection 248(1) of the Act. ... The requirement is considered to have been met when the person is "actively engaged" in the management and/or day-to-day activities of the farming business. ...

Where two Canadian corporations are amalgamated in a calendar year and subsection 87(2) of the Act applies to the amalgamation, the corporation formed on the amalgamation will be considered a new corporation and not a continuation of either predecessor corporation for purposes of determining the capital deduction of the amalgamated corporation under section 181.5. Accordingly, the amalgamated corporation would not be considered to have been related to any other corporations prior to the time of the amalgamation. ...

2004 Ruling 2004-0103911R3 F- Continuance under CBCA Unedited CRA Tags 54 Principal Issues: By reason of the continuance of OPCO from the XXXXXXXXXX to the CBCA, whether OPCO will be deemed to have disposed of any of its property or will be considered to have ended its current fiscal period; and whether its shareholders will be considered to have disposed of their shares in the capital of OPCO. ...

You cite a previous technical interpretation (document #9412945) that expressed the opinion that "generally" gains and losses resulting from transactions in commodities by mutual fund trusts are considered to be an adventure in the nature of trade. ... Your letter pointed out several factors that in your opinion indicate that the transactions in actual commodities undertaken by this mutual fund should not be considered to be "an adventure in the nature of trade". ...

The determination of whether a particular prize is considered "a prize for achievement in a field of endeavour ordinarily carried on by the taxpayer" is a question of fact. ... For a prize to be considered awarded in recognition of service to the public, the achievement that gave rise to the award must, in our view, result in a demonstrable service to the public. ...

We understand that, to the best of your knowledge and that of the Employer, none of the issues involved in the ruling request is: (i) in an earlier return of the Employer or a related person, (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the Employer or a related person, (iii) under objection by the Employer or a related person, (iv) before the courts, or (v) the subject of a ruling previously issued by the Directorate to the Employer or a related person. ... Subject to paragraph 18(1)(a) of the Act, the retirement allowance and early retirement incentive proposed will be considered reasonable for purposes of section 67 of the Act and will be deductible in computing business income of the Employer for the year in which it is paid. ...

Position: Yes Reasons: The First Nation can be considered a public body performing a function of government in Canada within the meaning of paragraph 149(1)(c). ... We understand that to the best of your knowledge and that of the First Nation, none of the issues involved in the ruling request is: i. in an earlier return of the First Nation or a related person; ii. being considered by a tax services office or a tax centre in connection with a tax return already filed by the First Nation or a related person; iii. under objection by the First Nation or a related person; iv. before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; and v. the subject of a ruling previously issued by the Directorate to the First Nation or a related person. ...

Although always a question of fact, in order to be considered resident on a reserve, central management and control over the employer organization must actually be located on a reserve. The group that performs the function of a board of directors of the organization is usually considered to exercise central management and control. ...