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To the best of your knowledge and that of your client, none of the issues involved in the ruling request is: in an earlier return of your client or a related person, being considered by a tax services office or taxation center in connection with a previously filed tax return of your client or a related person, under objection by your client or a related person, before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired, or the subject of a ruling previously considered by the Directorate in respect of your client or a related person. ...

Reasons: It can reasonably be considered that the dividend was attributable to an amount that is described in paragraph (a) of variable A under subsection 87(9) in respect of Subsidiary. ... In this respect, given that the addition applies to the period from 2001 to 2005 and not to a year by year calculation, we understand that it is reasonable to consider that the GRIP of Subsidiary before payment of the dividend is $504,000 and that the dividend paid of $400,000 can thus be considered to have come from the addition pursuant to subsection 89(7) of the ITA for Subsidiary. ...

Paragraph 41 states that imminence of death should be considered as well as the possibility that the insured will recover and not die. ... Paragraphs 40 and 41 of Information Circular 89-3 Policy Statement on Business Equity Valuations list the factors to be considered in valuing a life insurance policy. ...

Can this be considered as a gift to a charity on which a charitable donations tax credit can be claimed? ... The fair market value of a property can be established only after all the relevant facts are considered. ...

If the amount of income or capital that the beneficiary may receive under the trust depends on the exercise or failure to exercise a discretionary power by any person, paragraph 251.1(4)(d) must be considered. ... A person with a competing claim to challenge the wording of the will would not be considered to be a majority interest beneficiary solely by reason of that claim until such time as the claim is established by the court. ...

We understand that, to the best of your knowledge and that of the taxpayer, none of the issues involved in the ruling request is: (i) in an earlier return of the taxpayer or a related person, (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayer or a related person, (iii) under objection by the taxpayer or a related person, (iv) before the courts, or (v) the subject of a ruling previously issued by the Directorate to the taxpayer or a related person. ... RULING GIVEN Provided that the preceding statements constitute a complete and accurate disclosure of all of the relevant facts, proposed transactions and purpose of the proposed transactions, we rule as follows: Because the First Nation is considered a public body performing a function of government in Canada within the meaning of paragraph 149(1)(c) of the Act, and therefore exempt from tax under Part I of the Act, no tax will be payable under Part I of the Act by the First Nation on any amounts included in its income as a result of the proposed transactions described above, which for greater certainty, will include: i. any income allocated to the First Nation from the LP, ii. dividends paid by FN Corp to the First Nation, iii. any income, including but limited to, taxable capital gains that may arise as a consequence of the First Nation transferring any property it may hold to the LP, iv. payments, as described in 14 above, to the First Nation by the Corporation representing compensation for its cooperation in supporting the project on its traditional territory, and v. any payments paid to the First Nation by LP based upon the Benefits Agreement, as described in 20 above. ...

Consolidated Mogul Mines Limited (now called "Mogul Mines Limited"), 68 DTC 5284: It may be said generally that although the source of income of a corporation is an important element to be considered in determining which is its principal business it is not the only matter to be considered and not necessarily the determinant factor. ...

You have advised us that to the best of your knowledge and that of the taxpayers involved none of the issues involved in this ruling request are: (i) in an earlier return of the taxpayers or any related person; (ii) being considered by a tax services office ("TSO") or taxation centre ("TC") in connection with a previously filed tax return by the taxpayers or any related person; (iii) under objection by the taxpayers or any related person; (iv) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... For greater certainty, for the purposes of subsection 88(1.1), the winding-up of Lossco will not be considered to be completed until it has been formally dissolved. ...

A debt is considered bad for the purpose of section 50 of the Act only when the whole amount is uncollectible or when a portion of it has been settled and the remainder is uncollectible. Generally, a debt will not be considered uncollectible at the end of a particular taxation year unless the creditor has exhausted all legal means of collecting it or the debtor has become insolvent and has no means of paying it. ...

You have advised us that to the best of your knowledge and that of the taxpayer involved none of the issues involved in this ruling request are: (i) in an earlier return of the taxpayer or any related person; (ii) being considered by a tax services office ("TSO") or taxation centre ("TC") in connection with a previously filed tax return by the taxpayer or any related person; (iii) under objection by the taxpayers or any related person; (iv) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired; or (v) the subject of a ruling previously issued by the Income Tax Rulings Directorate. ... The cost of the interests in the Distributed Property received by a holder of Common Shares on the Common Share Capital Return will be equal to the fair market value of such interests on the Distribution Date and such interests will be considered to be disposed of by Pubco for an amount equal to the fair market value of such interests. ...