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It follows therefore that in order for a trust, funded from the proceeds of an RRIF or RRSP available on the death of an individual and the terms of which have been established during the individual's lifetime separate from his will, to be viewed as a "testamentary trust" within the meaning of subsection 108(1) of the Act, the following conditions must be met: (a) The trust was created by the deceased individual or his legal representative; (b) The deceased individual had designated the trust as the beneficiary of the RRSP or RRIF; (c) The designation of the trust as beneficiary of the RRSP or RRIF is considered under the applicable provincial legislation to be a testamentary instrument; (d) No property was contributed to the trust prior to the receipt of the proceeds of the RRIF or RRSP on the death of the individual; and (e) No property is contributed to the trust otherwise than by an individual on or after the individual's death and as a consequence thereof. ... In such a case, the contribution would be considered as being made by the trust and not by the deceased individual. ...

If the licenses were for an unlimited period of time, the disposal would likely be considered a disposition of eligible capital property. 2. If the licenses were for a limited period of time, the disposal would probably be considered a disposition of Class 14 depreciable property. ...

REASON FOR POSITION TAKEN: The terms of the settlement are considered to be consistent with CCRA's position set out 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) being considered by a tax services office or a taxation center in connection with a previously filed return of the Claimant or a related person; (iii) under objection by the Claimant 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; or (v) subject of a ruling previously issued by the Income Tax Rulings Directorate. ...

The funds would be considered "locked in" to the extent any normal contributions would be locked-in by the terms of the particular pension plan (i.e., no distributions until a certain age). ... These statutes should be also be considered prior to any transfer. We trust our comments will be of assistance to you. ...

It is considered better, in the present circumstances, for the Spouse to have control over the funds being transferred. ... To the best of your knowledge, none of the issues involved in this ruling: i) relate to an earlier return of the Taxpayer or the Spouse or any person related to the Taxpayer or the Spouse; ii) are being considered by a tax services office or tax centre in connection with a previously filed tax return of the Taxpayer or the Spouse or a person related to the Taxpayer or the Spouse; iii) are under objection by the Taxpayer or the Spouse or a person related to the Taxpayer or the Spouse; iv) are before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; and v) are the subject of a ruling previously issued by the Directorate. ...

Further, if the honorarium is considered taxable employment income, you inquire whether the Councillor is entitled to a deduction from employment income or a non-refundable tax credit for a charitable donation. ... Generally, a gift will be considered made to a Canadian municipality if the transfer is voluntary and made without expectation of return by the donor. ...

As a universal life insurance contract is considered a life insurance policy, the interest paid or payable on borrowed funds to acquire such a product is not deductible for income tax purposes. ... Therefore legislative amendments to the Income Tax Act will be considered in order to provide continuity in this important area of the law. ...

Principal Issues: Would an amount be considered reasonable retiring allowance? ... A; (b) is being considered by a tax services office or taxation centre in connection with a previously filed return of Mrs. ...

Under the definition of principal residence in the Income Tax Act, if the total area of the contiguous land upon which a housing unit is situated exceeds 1/2 hectare, the excess land is considered not to be part of the principal residence unless the client establishes that such excess land is necessary for the use and enjoyment of the housing unit as a residence. ... To the extent that a taxpayer, in order to acquire a property as a residence, is required because of such a law or resolution to acquire land that exceeds one-half hectare, the land that must be so acquired is generally considered to be necessary for the use and enjoyment of the housing unit as a residence throughout the period that the property is continuously owned by the taxpayer after the acquisition date. ...

Once a child of a marriage reaches the age of majority, that child is no longer considered to be in the custody of the parent. ... It is our view that once a child of a marriage reaches the age of majority, that child is generally no longer considered to be in the custody of the parent. ...