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As discussed with you, we are not able to provide you with the advance income tax ruling requested because the disposition in question is considered a completed transaction rather than one that is being contemplated. ...

We agree with your view that, as indicated in IT-196R2 paragraph 2, unless the non-competition payment is considered to be in respect of salary and wages it will not be subject to subsection 6(3) of the Act. ...

The FSTC is a refundable tax credit that is considered to be an amount paid on account of tax owing similar to deductions at source and quarterly instalment payments.  ...

(our underlining) Only in the above circumstances will a payment be considered to have been made as a "death benefit" within the definition thereof in subsection 248(1) of the Act. 24(1) 21(1)(b) Under the proposed Pension Reform, paragraph 146(1)(c) of the Act is to be amended for the 1990 and subsequent taxation years to eliminate from "earned income", superannuation or pension benefits and death benefits. 21(1)(b) 24(1) We trust the above comments will be of assistance to you. ...

The amendment had the effect of including in income (applying a specific formula) payments in respect of damages for wrongful dismissal that were not otherwise considered to be a retiring allowance. ...

Thus even if the UCC balance could be a negative amount which we do not believe can be the case for the reasons noted below, the asset itself is not to be considered in the determination of valuation. ...

Leung   (613) 957-2116 March 27, 1990 Dear Sirs: Re:  Price Adjustment Clauses We are writing in response to your letter of January 3, 1990 wherein you requested our confirmation that it would not be considered by the Department that the conditions in paragraph 1 of Interpretation Bulletin IT-169 would not be met in circumstances where a price adjustment clause contemplates that at the Department's value could be challenged by an appeal to a court of competent jurisdiction and that a final judgement by such a court would be binding as to the fair market value of the property in question. ...

Severance pay received upon retirement from employment is considered to be a retiring allowance for the purposes of the Income Tax Act (the "Act") and thus qualifies for "rollover" to a registered retirement savings plan ("RRSP") to the extent provided under paragraph 60(j.1) of the Act.  ...

However, in answer to your final question, further to paragraph 22 of Interpretation Bulletin IT-259R2, the replacement property provisions would not apply to a situation where the partnership disposes of a property and a partner (or partners) acquires the replacement property because, pursuant to paragraph 96(1)(a) of the Act, the partnership is considered to be a person separate from its partners for purposes of income and loss computations under subdivision j of the Act. ...

A second issue on which you requested our opinion is whether a taxpayer would be considered to have disposed of a share of the capital stock of a corporation in the course of a reorganization of capital of the corporation where such taxpayer exchanges all of his shares of a particular class for shares of a different class of the corporation (the "exchanged shares") that have previously been authorized.  ...