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Fouad Daaboul 957-2053 Le 11 octobre 2002 2002-015694 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 24 Section 116 certificate 1. ...

Pascal Tétrault 957-4363 Le 11 octobre 2002 2002-015701 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 31 Trust in favour of oneself Section 73 I.T.A. allows a rollover on the transfer of an individual's capital property to a trust in compliance with the following criteria:- the individual is entitled to receive all of the income of the trust that arises before the individual's death and no person except the individual may, before the individual's death, receive or otherwise obtain the use of any of the income or capital of the trust (subparagraph 73(1.01)(c)(ii));- the trust was created after 1999 (paragraph 73(1.02)(a));- the transfer does not result in a change in beneficial ownership of the property and there is immediately after the transfer no absolute or contingent right of a person (other than the individual) or partnership as a beneficiary (determined with reference to subsection 104(1.1)) under the trust (subparagraph 73(1.02(b));- the trust does not make an election under subparagraph 104(4)(a)(ii.1); consequently, an individual who has not yet reached the age of 65 could transfer a capital property tax-free to a trust for his own benefit. ...

Michel Lambert 957-8962 Le 11 octobre 2002 2002-015714 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 44 Non-CCPC employee stock options Subsections 7(8) to (16) I.T.A. contain some rules allowing the deferral for tax purposes of the employment benefit originating from the acquisition of securities (shares of the capital stock of a public corporation or mutual fund trust units) under an option granted by a public corporation to one of its employee to acquire its securities or the securities of an eligible person with which the corporation has a non-arm's length relationship, subject to certain conditions. ...

Stéphane Prud'Homme (613) 957-8975 Le 11 octobre 2002 2002-015672 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 4 Subsection 256(9) of the I.T.A. ...

Adèle St-Amour 998-0290 Le 11 octobre 2002 2002-015679 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 9 Note on share buy-back According to the CCRA, the interest payable on a note issued in consideration of the redemption of shares is not deductible in the computation of income because the note does not constitute borrowed money for the purposes of paragraph 20(1)(c) I.T.A. ...

Stéphane Prud'Homme (613) 957-8975 Le 11 octobre 2002 2002-015680 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 10 Refund of the RDTOH balance A corporation no longer has any assets or liabilities on its balance sheet. ...

Stéphane Prud'Homme (613) 957-8975 Le 11 octobre 2002 2002-015692 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 22 Capital dividend account Under the old paragraph (c) of the definition of "capital dividend account" (hereinafter "CDA") in subsection 89(1) I.T.A., once a corporation disposed of an "eligible capital property" within the meaning of section 54 I.T.A., there could be added to the CDA of the corporation one third of the amount required to be included in the calculation of its "cumulative eligible capital" by reason of the description of E in the definition "cumulative eligible capital" in subsection 14(5) I.T.A. ...

Il faut remarquer que les versements de participation ne sont pas déductibles en vertu du sous-alinéa 20(1)e)(iv.1) à titre de dépense engagée dans le cadre d'un emprunt d'argent Adèle St-Amour 998-0290 Le 11 octobre 2002 2002-015703 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 33 Equity type loan (deduction of participating payments In Sherway Centre Limited, 98 DTC. 6121, the Federal Court of Appeal held that a payment on participating bonds qualified not only for a deduction as financing expenses under paragraph 20(1)(e) I.T.A. but also constituted "interest" for the purposes of paragraph 20(1)(c) I.T.A., since on the facts the participating payment was connected to the principal of the debt as it was payable only to the extent that there was an unpaid principal amount. ...

Michel Lambert 957-8962 Le 11 octobre 2002 2002-015715 ROUND-TABLE ON FEDERAL TAXATION APFF- 2002 CONVENTION Question 45 Option to purchase shares in U.S. currency In a series of questions and answers that the CCRA published on its web site February 22, 2001 concerning employee stock options, the CCRA specified that, for the purposes of determining the exchange rate, information on the exchange rate can be obtained from the corporation that grants the options or from the Bank of Canada. ...

Par exemple, le Règlement sur les régimes complémentaires de retraite mentionne ce qui suit: « La convention établissant le compte de retraite immobilisé doit être conforme au contrat type préalablement enregistré auprès de Retraite Québec qui doit prévoir: (…) 8.1° que le constituant peut, à moins que le terme convenu des placements ne soit pas échu, exiger que la totalité du solde du fonds lui soit payé en un seul versement s’il ne réside plus au Canada depuis au moins 2 ans. (…) » Par ailleurs, Retraite Québec, qui administre ces régimes, précise dans la brochure 2184-RCR, Pour mieux connaître le CRI et le FRV, à la page 13: « 2. ...