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To the best of your knowledge and that of the taxpayers involved, none of the issues contained in this ruling request are: (i) dealt with in an earlier return of the taxpayers or related persons; (ii) being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayers or related persons; (iii) under objection by the taxpayers or related persons; (iv) subject to a ruling previously issued by the Income Tax Rulings Directorate; or (v) before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has expired. ... The Put Option Agreement, as described in paragraphs 17 and 18, will not in and by itself, result in the Shares being considered taxable preferred shares or short-term preferred shares as those terms are defined in subsection 248(1) of the Act. ...

The issuance of the voting shares is not considered to be an abuse of the provisions of the Act or the Canada-US treaty pursuant to paragraph 7 of Article XXIX-A of the Treaty. ... We understand that, to the best of your knowledge and that of the above taxpayers, none of the issues involved in the ruling request: (i) is in an earlier return of the taxpayers or a related person, (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of the taxpayers or a related person, (iii) is under objection by the taxpayers or a related person, or (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired. ...

The fact situation is identical to that considered in the Connaught case in which the Court held that interest was payable under subsections 161(1) and (7) on a previously unreported capital gain where the taxpayer choose to carry back a net capital loss from a subsequent year, even though there were discretionary deductions available in the reassessed year that could have been used to bring the taxable income to nil. ... Rather, the tax reduction resulting from the application of the loss is considered to take place, for interest purposes, on the latest of the dates specified in paragraph 161(7)(b) of the Act. ...

To the best of your knowledge and that of Aco, none of the issues involved in this ruling request: a) is in an earlier return of Aco or a related person; b) is being considered by a Tax Services Office or Taxation Centre in connection with a previously filed tax return of Aco or a related person; c) is under objection by Aco or a related person; or d) is before the courts. ... Nothing in this letter should be construed as implying that the CRA has considered, examined, agreed to or ruled on whether any Unitholder is a resident of any country with which Canada has entered into a Tax Treaty or the manner in which any article of a Tax Treaty applies to any Unitholder. ...

We understand that, to the best of your knowledge and that of the taxpayers involved, none of the issues involved in the ruling request: (i) is in an earlier return of a taxpayer or a related person; (ii) is being considered by a tax services office or taxation centre in connection with a previously filed tax return of a taxpayer or a related person; (iii) is under objection by a taxpayer or a related person; (iv) is before the courts or, if a judgment has been issued, the time limit for appeal to a higher court has not expired; and (v) is the subject of a ruling previously issued by the Directorate. ... The allocation of credits to the HCEA by an employee will not, in and of itself, be considered income from employment pursuant to subsection 5(1) and paragraph 6(1)(a) of the Act. ...

Our Comments Whether a Pipeline constitutes a Permanent Establishment The variety of situations (including the various definitions of permanent establishment ("PE") in Canada's tax treaties) make it almost impossible to come up with general guidelines as each case must be considered on its own facts. ... Allocation of Income in Canada: Offshore vs Onshore The area outside the territorial sea of Canada ("offshore areas") is normally not considered to be in a province. ...

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. ... For purposes of XXXXXXXXXX law, the Entity is considered a non-profit organization and exempt from income tax in XXXXXXXXXX. 2. ...

You have indicated to us that the Taxpayer was considered a U.S. long term resident under the U.S. expatriation rules set out in section 877A of the Internal Revenue Code (the “Code”). ... You have further advised that the Taxpayer was considered a “covered expatriate” for the purposes of the Code at the time he/she voluntarily abandoned his/her U.S. permanent residence status. ...

ANALYSIS The Department's position on bad debts is contained in Interpretation Bulletin IT-442R which, at paragraph 5, states: "Where it is considered that a part of a debt is collectible and a part is not, a portion only of the debt may be viewed as a bad debt". ... Other examples were given by the appellant in the course of his evidence, and I am satisfied that an account receivable may be considered to be partially bad and partially recoverable in certain circumstances, which may vary in each case. ...

(endnote 6) A comprehensive review of all the relevant legal documentation between the parties is therefore required in order to determine whether the right to encumber granted by Corporation B to the bank would be considered a specified right, and consequently, whether the condition in subparagraph 15(2.16)(c)(ii) is met. 2. ... More specifically, the condition in clause (A) states that recourse in respect of the funder debt must be limited to a funding arrangement, and the condition in clause (B) states that it may reasonably be considered that all or a portion of the particular funding arrangement was entered into or permitted to remain outstanding because all or a portion of the funder debt was (or was anticipated to be) entered into or permitted to remain outstanding. ...