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It is Revenue Canada's view that a trust will be considered a protective trust when its indenture contains all of the following terms: The settlor is the sole beneficiary of the trust. ...

It is a question of fact which must be considered on a case by case basis. ...

Where an employer provides a mortgage interest subsidy to an employee, the benefit should be determined under subsection 80.4(1) of the Act if the mortgage can be considered to have been received by virtue of employment. ...

Principal Issues: Would an employee savings plan implemented by a non-profit organization be considered an SDA? ...

We have assumed, for the purposes of our reply, that your central query is whether such an arrangement will be considered a "private health services plan" (PHSP) as that term is defined in subsection 248(1) of the Act. ...

XXXXXXXXXX 953162 February 13, 1996 Dear Sir: This is in reply to your letter dated November 28, 1995, wherein you enquired as to whether an interest in an "investment club" which is generally considered a private mutual fund would be a qualified investment for purposes of a trust governed by a registered retirement savings plan ("RRSP") where the property held by the investment club qualifies as qualified investments. ...

Where the conditions of subsection 98(5) of the Act are met, so that one former partner continues within three months to carry on the business of a partnership which has ceased to exist, whether by operation of law, death of a partner, buyout of other partner's interests, or whatever, the continuing proprietor is considered to have disposed of his interest for proceeds deemed to be equal to the greater of: (a) the adjusted cost base of his partnership interest together with the cost of all partnership interests acquired by him from former partners on the termination of the old partnership, and (b) the aggregate of the "cost amount" to the former partnership of any of its property (business or otherwise) received by the continuing proprietor plus any other proceeds of disposition realized on the disposition of the proprietor's partnership interest. ...

Where, however, the 90% share ownership test is met but the corporation, commission or association has the right to redeem any of its shares, it could, for purposes of subparagraph 149(1)(d)(i) of the Act, be considered that "a person other than Her Majesty in the right of Canada or a province or Canadian municipality had, during the period, a right under a contract, in equity or otherwise either immediately or in the future and either absolutely or contingently, to, or to acquire, shares or capital of that corporation, commission or association". ...

As noted in paragraph 3 of Interpretation Bulletin IT-320R2 (copy enclosed) "Some of the common types of investment considered to qualify for the purposes of an RRSP are as follows: (a)certain bonds, debentures and similar obligations of the Government of Canada, a province, municipality, or Crown corporation or such indebtedness guaranteed by the Government of Canada; (b)guaranteed investment certificates, issued by a Canadian trust company; (c)shares and debt obligations of corporations listed on a prescribed stock exchange in Canada; (d)shares listed on a prescribed stock exchange outside Canada; (e)shares of the capital stock of certain public corporations; (f)units of a mutual fund trust. ...

Since the invoice you submitted was in respect of the services you provided, it would be considered to be an account receivable on income account and not on capital account. ...