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We also noted that a T3 Trust Income Tax and Information Returns is not considered correctly filed unless it includes both the T3 summary and income tax portions of the return (where income has been allocated to beneficiaries). 2007 STEP Round Table Q 16. ...

That paragraph asserts that a genuine loan to a trust would not by itself be considered to result in property being "held" by the trust under one or more of the conditions specified in subsection 75(2) of the ITA, if the loan is outside and independent of the terms of the trust. ...

In such circumstances, where a partial withdrawal is made from a policy, the policyholder is considered to have disposed of a portion of the policy. ...

However, when the payment made is for a child who is under the compulsory school age, the services being provided are generally considered to be for child care (rather than education) unless the facts indicate otherwise. ...

In order for a benefit to be considered an advantage, the definition of an advantage in proposed subsection 248(32) of the Act requires there to be some connection between the gift or monetary contribution and the benefit. ...

Where an employer rewards an employee for meeting or exceeding performance objectives directly related to his or her employment duties, it is our view that the fair market value of such a reward would be considered part of the employee's remuneration and thus taxable under section 5 of the Act. ...

Generally, capital property of a taxpayer is considered, pursuant to subsection 70(5) of the Act, to have been disposed of for its fair market value immediately before the taxpayer's death and the person who as a consequence of the taxpayer's death acquires the property of the deceased will acquire it at that fair market value. ...

Where a contract provides for a holdback pending architect or engineer approval or expiry of a lien period, the amount held back is not considered receivable until such condition is met. ...

Yours truly, Daryl Boychuk For Director International and Trusts Division Income Tax Rulings Directorate Legislative Policy and Regulatory Affairs Branch ENDNOTES 1 Under proposed amendments to the definition "disposition" (applicable after December 23, 1998) a disposition of a share would be considered to occur (except as expressly otherwise provided) if the share is "in whole or in part redeemed, acquired or cancelled". ...

Your concern arises from a previous technical interpretation we issued which concluded that, following the death of a shareholder, shares held at death would not be considered to have vested indefeasibly in the beneficiary where the Estate was required to sell the subject shares back to the issuing corporation pursuant to a shareholders agreement. ...