Search - considered

The proposed wording of subsections 70(9) and 73(3) will result in a different interpretation, an asset will be considered to meet the usage test if it is used primarily in the business of farming, or the asset will not meet the usage test if it is not used primarily in the business of farming. ...

Question You inquire as to whether this type of pension buyback is to be considered past service prior to 1990 and subject to PSPA criteria for 1990 and 1991 or as 1992 service similar to the Federal Government Superannuation Plan? ...

Nature of Payment for Tax Purposes Would the payments to terminate the contract be considered: i)     non-taxable amounts, as damages for breach of contract; ii)     capital proceeds of disposition of a contractual right, that was A Co's only asset of its management business; iii)     taxable "active business income" (since A Co is no longer providing management services to X Co and is therefore no longer carrying on a personal services business); or iv)     personal services business income? ...

Whether or not a donation could be considered to be a bona fide gift would involve a finding of both fact and law. ...

In this respect subsection 245(3) states in part that an avoidance transaction means any transaction that is part of a series of transactions, which series would result, directly or indirectly, in a tax benefit, unless the transaction may reasonably be considered to have been undertaken or arranged primarily for bona fide purposes other than to obtain the tax benefit. ...

Where a partnership is considered not to cease to exist upon the death of a partner, the income of the partnership would continue to be determined on the basis of the partnership's normal fiscal period. ...

For your information we are enclosing Interpretation Bulletin IT-496 and Special Release thereto, which comments on some of the factors that are considered when determining whether an organization qualifies for exempt status under paragraph 149(1)(l) of the Act. ...

Accordingly, where subsection 73(1) of the Act otherwise applies in respect of a transfer of property by a taxpayer to his/her spouse and an election is made not to have the provisions of subsection 73(1) apply, the property will be considered to have been disposed of at its fair market value to the taxpayer. ...

Also excluded are plans or arrangements to the extent that the deferred amounts relate, or may reasonable be considered to relate to services rendered after June 1986 and where both of the following conditions are met:- the employer is legally obligated to defer payment of these amounts to the employee and pursuant to an arrangement in writing made with his/her employee or former employee before February 26, 1986; and- the employee cannot, at any time after June 1986, cancel or otherwise avoid that obligation. ...

Of course, in order to reach that decision the Court had to conclude that the situs of the debtor (being on a reserve) is not the sole factor to be considered in exempting income from taxation since unemployment insurance benefits are not paid from a reserve. ...