Search - contravene

In terms of the hypothetical situation mentioned above, although the facts submitted do not allow us to draw a definitive conclusion, it would seem that, insofar as the above scenario does not contravene applicable corporate or trust law, subsection 75(2) of the ITA would likely apply in such a case in order to attribute to the Corporation any revenue or loss resulting from the Trust's shares in the Corporation or property substituted for them, as well as any taxable capital gain or deductible capital loss from the disposition of the shares or any property substituted for them. ...

Further, these transactions contravene one of the underlying principles of the taxation of the capital gains regime which is to prevent the indefinite deferral of tax on capital gains and which is supported by subsections 70(5), 104(4) and 107(2). ...

Since the Commission's decision (concerning the types of salary which it considers to be "pensionable earnings") relates to an interpretation of the Teachers' Superannuation and Disability Benefits Act and does not contravene the provisions in the Income Tax Act and Regulations respecting RPPs, the Department is unable to assist you. ...

Position: No Reasons: It contravenes the provisions of 6801(a)(v) of the Regulations XXXXXXXXXX 2003-001449 R. ...

In our view, the amendments described above to an Offering Memorandum and a Master Limited Partnership Agreement would not, in and of themselves, contravene the requirements of either clause (2)(a)(iii)(A) or (D) of the aforementioned Notice of Way and Means Motion. ...

Ruling C of the Ruling Letter was that "The terms of the Draft Agreement will not cause the Partnership to contravene the condition described in paragraph 5000(7)(d) of the definition of "qualified limited partnership" that the interests of the limited partners are described by reference to units of the partnership that are identical in all respects. ...

Contravenes the requirement that all units be identical under 5102(1)(d). 2. ...

You would like us to confirm that (i) the payments received by the Claimant or her estate under the structured settlement will continue not to be subject to taxation under any provision of the Income Tax Act (the "Act"), (ii) the assignment and assumption agreement of an annuity contract in these circumstances will not contravene the restriction contained in paragraph 5 of IT-365R2 that an annuity be non-assignable and non-transferable, and (iii) that the Assignee be allowed in computing its income from its insurance business carried on in Canada a policy reserve for the year in respect of its obligations under the Assignment and Assumption Agreement equal to such amount as determined under paragraph 20(7)(c) of the Act and subsection 1400(3) of the Income Tax Regulations (the "Regulations"). ...

Taxpayer's position The Taxpayer's representatives have stated that, while the business carried on and the reporting of the mutual fund sales commissions by the Corporation may contravene the regulations of the Ontario Securities Commission (the "OSC"), the income was nevertheless reported by the Corporation and the CCRA has always taken the position that illegal income is taxable. ...

However, depending on the circumstances surrounding subsequently deposited amounts, these payments could possibly contravene the requirements under paragraph 60.011(1)(b) and therefore jeopardize the status of the initial trust as a lifetime benefit trust. ...