Cases
Kufsky v. Canada, 2022 FCA 66
In rejecting an argument that the amount of a dividend for s. 160 purposes should be reduced by the income tax payable thereon by the recipient,...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | per majority, taxpayer estopped from arguing that she had not received a dividend when she had already pocketed a tax benefit from submitting the contrary | 554 |
| Tax Topics - General Concepts - Estoppel | a taxpayer received dividends for s. 160 purposes where she was estopped from arguing otherwise or because the corporate insolvency did not matter | 307 |
| Tax Topics - General Concepts - Onus | prima facie case requires a balance of probabilities | 237 |
| Tax Topics - General Concepts - Payment & Receipt | dividend was paid by way of retroactive set-off against shareholder loan account | 174 |
| Tax Topics - General Concepts - Illegality | dividend declared and paid by insolvent corporation would be valid | 301 |
EYEBALL NETWORKS INC. v. HER MAJESTY THE QUEEN, 2021 FCA 17
Pursuant to a conventional s. 55(3)(a) spin-off transaction, a company (“Oldco”) spun off one of its two businesses to a “Newco,” also...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | s. 160 did not apply to s. 55(3)(a) where each step involved a value-for-value exchange (including the cross-share redemptions) | 565 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) | “series of transactions” requires at least one tax-driven transaction | 284 |
| Tax Topics - General Concepts - Effective Date | price adjustment clause eliminated any possible value discrepancy between the FMV of the transferred property and the consideration therefor | 118 |
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(9) | a shareholder whose shares have been redeemed has provided valuable consideration therefor by surrendering its shares | 136 |
Resource Capital Fund IV LP v Commissioner of Taxation, [2018] FCA 41 (Federal Court of Australia), rev'd on various grounds [2019] FCAFC 51
Two Caymans investment LPs (“RCF IV” and RCF V”) whose limited partners were mostly U.S. residents, realized gains from the disposal of...
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| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Shares | private equity fund LP with 5-year holding objective realized share gain on income account | 175 |
| Tax Topics - Income Tax Act - Section 115 - Subsection 115(1) - Paragraph 115(1)(a) - Subparagraph 115(1)(a)(ii) | gains of a NR PE fund from disposals of Australian share investments that were managed in part in Australia were derived from Australia | 427 |
| Tax Topics - Treaties - Income Tax Conventions - Article 3 | each U.S.-resident partner of a Caymans PE LP carried on a U.S. “enterprise” | 234 |
| Tax Topics - Treaties - Income Tax Conventions - Article 13 | exclusion in Art. 13 of Aust.-U.S. Treaty for real property dispositions extended to shares of Australian holding company holding mining leases through grandchild | 420 |
| Tax Topics - General Concepts - Stare Decisis | lower court not bound by a point of law that was assumed rather than examined by a higher court | 292 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(1) | assessment of partnership was assessment of partners | 89 |
| Tax Topics - Treaties - Income Tax Conventions - Article 6 | Art. 6 extends common law meaning of real property | 198 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Taxable Canadian Property - Paragraph (d) | shares of lithium mining and processing company were derived principally from the processing rather than mining operation and, thus, were not taxable Australian real property | 514 |
| Tax Topics - Income Tax Act - Section 218.3 - Subsection 218.3(1) - Canadian Property Mutual Fund Investment | shares of Australian mining company were primarily attributable to the processing rather than mining operations | 142 |
Maréchal v. Canada, 2006 DTC 6524, 2005 FCA 124
The Tax Court had not committed a reviewable error in finding that an item of sculpture donated by the taxpayer to a museum had a fair market...
Canada (Attorney General) v. Nash, 2005 DTC 5696, 2005 FCA 386
A company ("CVI") operated a program through which it sold groups of limited edition prints to individuals, arranged for appraisal and located...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | error to treat purchased prints as having higher FMV than cost based on retail market | 121 |
CIT Financial Ltd. v. Canada, 2004 DTC 6573, 2004 FCA 201
The Tax Court Judge did not err in finding that the replacement cost method was the best way to value software that specifically had been designed...
Canada v. Malette, 2004 DTC 6415, 2004 FCA 187
981 works by a particular Canadian artist that the taxpayer donated to an art gallery had their fair market value reduced by a blockage discount,...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Cultural Gifts | 91 |
Petro-Canada v. The Queen, 2003 DTC 94 (TCC), aff'd supra.
In valuing seismic data, Bowie T.C.J. took into account that in large transactions, such as those before him, purchasers would negotiate various...
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| Tax Topics - General Concepts - Evidence | 80 | |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | jointly-owned company did not deal at arm's length with its two shareholders acting in concert | 187 |
Semet-Solvay Co. Deputy v. MNR (1958), 20 DLR (2d) 663 (Ex Ct)
S.35(1) of the Customs Act provided that "the value for duty shall be the fair market value of such or the like goods when sold for home...
Sweeney v. The Queen, 90 DTC 6507, [1990] 2 CTC 342 (FCTD)
In 1950, a written agreement between the taxpayer's father and the taxpayer provided that the son could purchase his father's shares in a company...
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| Tax Topics - Income Tax Act - Section 246 - Subsection 246(1) | 128 |
Friedberg v. The Queen, 89 DTC 5115, [1989] 1 CTC 274 (FCTD)
An antique textile collection which the taxpayer purchased for $67,500 and shortly thereafter donated to a museum was found to have a fair market...
The Queen v. Demco Management Ltd., 84 DTC 6065, [1983] CTC 419 (FCTD), aff'd 85 D.T.C 5603, [1986] 1 CTC 92 (FCA)
The V-Day value of a private hospital was set at its going-concern value. There was no statutory basis for limiting the value of the hospital...
Goodwin Johnson (1960) Ltd. v. The Queen, 83 DTC 5417, [1983] CTC 389 (FCTD), aff'd 86 DTC 6185, [1986] CTC 448 (FCA)
It was accepted that since the taxpayer's interest in a contract, under which it managed timber-cutting operations, was assignable, the valuation...
The Queen v. Schubert, 80 DTC 6366, [1980] CTC 497 (FCTD)
Notwithstanding the hindsight rule, evidence of subsequent increases in profits and sales of a business may be used as confirmation of the...
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| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | 83 |
Lipper v. The Queen, 79 DTC 5246, [1979] CTC 316 (FCTD)
"[W]here, as in the case at Bar, large and irreconcilable differences occur in the opinion evidence of various experts, subsequent events can be...
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| Tax Topics - General Concepts - Accounting Principles | 44 | |
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A | 118 |
Kennedy v. MNR, 73 DTC 5359, [1973] CTC 437 (FCA)
A company conferred a benefit on its sole shareholder by inter alia gratuitously making improvements to land held leased by him to the company...
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| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | benefit in year of note issuance/tenant improvement benefit based on PV of reversion boost | 317 |
| Tax Topics - Income Tax Act - Section 9 - Timing | 70 |
See Also
0808414 B.C. Ltd. v. The King, 2024 TCC 99
The taxpayer, which produced and distributed breakfast cereals, sold that business to an affiliated Canadian company. Although it conceded that...
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| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(b) | proceeds under s. 69(1)(b) of depreciable property were not reduced to net FMV of the related business | 297 |
Barwicz v. The King, 2024 TCC 93
The taxpayer was one of nine beneficiaries of a discretionary inter vivos personal trust who received substantial capital distributions from the...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) - Paragraph 160(1)(e) | a distribution by a discretionary trust in satisfaction of a capital interest occurred for no consideration for s. 160 purposes | 392 |
| Tax Topics - Income Tax Act - Section 128.1 - Subsection 128.1(4) - Paragraph 128.1(4)(b) | s. 128.1(4)(a) applied for s. 94 purposes | 286 |
| Tax Topics - Income Tax Act - Section 94 - Subsection 94(3) - Paragraph 94(3)(a) | s. 94(1)(c) did not change the shortened taxation year arising under s. 128.1(4)(a) | 229 |
Mamdani Family Trust v. The Queen, 2020 TCC 93
An inter vivos family trust received over $3.5 million in taxable dividends from a wholly-owned Canadian private corporation (“Global”) at...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) - Paragraph 160(1)(e) - Subparagraph 160(1)(e)(i) | a taxable dividend was to be valued at its pre-tax amount for s. 160 purposes | 332 |
Miller v. The Queen, 2019 TCC 204 (Informal Procedure)
A PhD purchased software from a promoter entity in 2003 for $7,000 and immediately donated it to a registered charity, and was issued a tax...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | taxpayer did not displace Minister's assumption that software had not appreciated over its purchase price | 165 |
Eyeball Networks Inc. v. The Queen, 2019 TCC 150, rev'd 2021 FCA 17
“Oldco,” which had both a largely defunct and worthless business (the “old business”) and a business valued at $30M (the “new...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | s. 160 applied where a note of the tax debtor, whose only value was in a note owing, in turn, to it by a NAL company, was set-off against the latter note | 500 |
Kaul v. The Queen, 2019 TCC 17
The sole issue in the Appellants’ appeals was the fair market value (“FMV”) of art that was purchased and subsequently donated by the...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | donated art work had FMV equal to its cost | 176 |
Stewart v. The Queen, 2019 TCC 22
The RRSPs of the two taxpayers and for 117 other investors were defrauded. They were induced to purchase undivided interests in mortgages for an...
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| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(1) - Paragraph 4900(1)(j) | mortgage secured by largely worthless land was a mortgage | 251 |
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(9) - Paragraph 146(9)(b) | mortgage issued in scam had full FMV until the funds were stolen | 415 |
Commissioner of State Revenue v Placer Dome Inc., [2018] HCA 59
Whether the acquisition by Barrick Gold of Placer Dome (“Placer”) triggered Western Australia stamp duty of A$55 million on the lands of in...
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| Tax Topics - Income Tax Regulations - Schedules - Schedule II - Class 14.1 - Paragraph (a) | goodwill must have a connection to attracting custom | 499 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Property | protean nature of property concept | 491 |
Morrison v. The Queen, 2018 TCC 220, aff'd sub nom. Eisbrenner v. Canada, 2020 FCA 93
One of the taxpayers (Morrison) participated in a charitable gift program (the “CGI Program”) under which he purchased pharmaceuticals for a...
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| Tax Topics - General Concepts - Onus | taxpayers had the burden of disproving the Minister’s assumptions about their gift tax shelter about which they knew virtually nothing | 438 |
| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | gift was not vitiated by benefits | 548 |
SRI Homes Inc. v. The Queen, 2014 DTC 1185 [at 3693], 2014 TCC 180
The taxpayer made shareholder loans to two companies, and then disposed them to a related company for less than their book value, deducting the...
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| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss | shareholder loans to trailer park companies were made to earn income in taxpayer's own manufactured home business | 235 |
Lupien v. The Queen, 2016 TCC 2
A lacquer-manufacturing corporation (“Antoni”) indirectly owned by the taxpayer’s brother imported one of its product lines from an Italian...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | double application of s. 160 re asset sale for excess consideration | 92 |
Mariano v. The Queen, 2015 DTC 1209 [at at 1331], 2015 TCC 244
The taxpayers were participants in a leveraged donation scheme, in which courseware licenses were purchased by a corporation ("Phoenix") from a...
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| Tax Topics - General Concepts - Ownership | no acquisition of unascertained property | 76 |
| Tax Topics - General Concepts - Sham | taxpayer involvement in deceit unnecessary | 375 |
| Tax Topics - Income Tax Act - Section 104 - Subsection 104(1) | void for lack of certainty of objects | 224 |
| Tax Topics - Income Tax Act - Section 107 - Subsection 107(2) | delegation of power of appointment to promoter not authorized | 238 |
| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | no gift where no intent for impoverishment and where gifted property not yet identified | 566 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(35) | attempted use of initial gift to step-up ACB under s. 69(1)(c) | 262 |
Commissioner of Taxation v. Resource Capital Fund III LP, [2014] FCAFC 37 (Fed. Ct. of Austr.)
The appellant ("RCF") was a non-Australian partnership which was assessed on the basis that its gain from the sale of a "member ship interest" in...
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| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Taxable Canadian Property | mining information not to be valued separately at reproduction cost | 296 |
| Tax Topics - Treaties - Income Tax Conventions - Article 13 | mining information not to be valued separately at reproduction cost | 296 |
| Tax Topics - Treaties - Income Tax Conventions - Article 4 | reverse hybrid partnership | 431 |
Resource Capital Fund III LP v. Commissioner of Taxation, [2013] FCA 363 (Fed. Ct. of Austr.), rev'd supra.
The appellant ("RCF") was a Caymans limited partnership with mostly US-resident partners, which was assessed under the "taxable Australian real...
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| Tax Topics - Treaties - Income Tax Conventions - Article 13 | mine deriving value from information | 412 |
| Tax Topics - Treaties - Income Tax Conventions - Article 4 | 320 |
Canadian Winesecrets Inc. v. The Queen, 2011 DTC 1310 [at at 1742], 2011 TCC 390 (Informal Procedure)
The taxpayer was incorporated by a non-resident individual carrying on a proprietorship. It then acquired assets of the proprietorship (comprising...
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| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | mere personal goodwill | 168 |
Anthony v. The Queen, 2010 DTC 1356 [at at 4392], 2010 TCC 533 (Informal Procedure), aff'd 2012 DTC 5019 [at 6633], 2011 FCA 336
Free parking for school employees was found to be a taxable benefit which should be valued at fair market value. The Minister's and taxpayers'...
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| Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) | 154 |
Nantel v. The Queen, 2010 DTC 1264 [at at 3836], 2009 TCC 599
The taxpayers donated paintings to a museum. In upholding the Minister's valuation (less than 10% of the taxpayers') and rejecting a submission...
Russell v. The Queen, 2009 TCC 548, 2009 DTC 1371 (Informal Procedure)
C. Miller, J. followed the Nash decision in finding that quantities of art purchased by the taxpayers and immediately donated to charities had a...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | 140 |
Nguyen v. The Queen, 2008 DTC 4390, 2008 TCC 401 (Informal Procedure)
The taxpayers purchased groups of paintings (approximately 40 or 50 in each year) for consideration that represented a substantial mark-up over...
Baxter v. The Queen, 2006 DTC 2642, 2006 TCC 230
The taxpayer and others purchased a sublicence of futures trading software which was then utilized for that purpose by a company connected with...
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| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | parties pursued their own interests | 129 |
| Tax Topics - Income Tax Act - Section 9 - Agency - Agency | 94 |
Westward Explorations Ltd. v. The Queen, 2006 DTC 2443, 2006 TCC 105
An 11.12% interest in a gold mine that the taxpayer purchased was to be valued, for purposes of s. 69(1)(a) of the Act, on the basis that the...
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| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(a) | 78 |
Quinn v. The Queen, 2004 DTC 3328, 2004 TCC 649
In accepting the valuation used by the taxpayer with respect to her donation of art to a registered charity, Bell J. adopted (at p. 3359) the...
Maréchal c. La Reine, 2004 DTC 3227, 2004 TCC 464
A sculpture by a well-known Quebec sculptor was purchased in December 1999 by the taxpayer for $1,300 plus taxes and commission and was donated by...
Morley v. The Queen, 2004 DTC 2604, 2004 TCC 280, briefly aff'd 2006 DTC 6351, 2006 FCA 171
Archambault J. concluded that the fair market value of Canadian rights to software acquired by a partnership was lower than the figure suggested...
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| Tax Topics - Other Legislation/Constitution - Charter (Constitution Act, 1982) - Section 8 | 38 | |
| Tax Topics - General Concepts - Evidence | 32 | |
| Tax Topics - General Concepts - Onus | 100 | |
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A | 177 | |
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(27) - Paragraph 13(27)(d) | 88 | |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | non-arm's length terms | 109 |
| Tax Topics - Income Tax Act - Section 96 | start-up activities sufficient to constitute carrying on business in common | 112 |
CIT Financial Ltd. v. The Queen, 2003 DTC 1138, 2003 TCC 544
The fair market value of custom software that a New Zealand company had developed to run its steel mill was found to have a fair market value...
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| Tax Topics - Income Tax Act - Section 245 - Subsection 245(2) | specific provisons applied before GAAR | 57 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(a) | 88 |
Malette v. The Queen, 2003 DTC 1078, 2003 TCC 542
A donation of 981 paintings by the taxpayer to a public gallery was to be valued for purposes of s. 32 of the Cultural Property Export and Import...
World Corp. v. The Queen, 2003 DTC 951, 2003 TCC 494
The taxpayer assigned a commission of $3.9 million that was to be paid on a deferred basis by a limited partnership in consideration for the...
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| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | 184 | |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(9) | 83 |
Brown v. The Queen, 2001 DTC 1094 (TCC), aff'd supra 2003 DTC 5298 (FCA)
In determining the principles to be applied in determining the fair market value of "game engines" acquired by a partnership (i.e., the cores of...
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| Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A | 71 | |
| Tax Topics - Income Tax Act - Section 13 - Subsection 13(27) - Paragraph 13(27)(d) | 143 | |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) | partnership purchase was NAL given that GP's shareholder acted in concert with vendor | 145 |
| Tax Topics - Income Tax Act - Section 96 - Subsection 96(2.2) - Paragraph 96(2.2)(d) | 69 | |
| Tax Topics - Income Tax Regulations - Regulation 1102 - Subsection 1102(1) - Paragraph 1102(1)(c) | 56 |
Hallatt v. The Queen, 2001 DTC 128 (TCC)
The V-day value of a nursing home was determined using a capitalized earnings approach.
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| Tax Topics - General Concepts - Onus | 87 |
Teleglobe Canada Inc. v. The Queen, 2000 DTC 2493 (TCC), aff'd 2002 DTC 7517, 2002 FCA 408
Part of the consideration for assets purchased by the taxpayer was the issue by it of special shares with an aggregate stated capital of $1,000....
Aikman v. The Queen, 2000 DTC 1874 (TCC)
In considering the fair market value of a "Cyclo-Crane" (a lighter-than-air, heavy lift vehicle) that the taxpayers had donated to the Canadian...
Pustina v. The Queen, 96 DTC 1594, [1996] 3 CTC 2542 (TCC)
Mogan TCJ. accepted (at p. 1612) the unanimous opinion of the taxpayer's expert that the retail gallery market rather than the auction market was...
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| Tax Topics - Income Tax Act - Section 110.1 - Subsection 110.1(1) - Paragraph 110.1(1)(a) | 38 | |
| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Commodities, and commodities futures and derivatives | paintings acquired for donation | 102 |
Gilvesy v. The Queen, 96 DTC 1417, [1996] 3 CTC 2056 (TCC)
An option to acquire land with an exercise price equal to the fair market value of the land at the date of grant of the option, plus interest at...
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| Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) | 135 |
Les Placements A & N Robitaille Inc. v. MNR, 96 DTC 1062, [1996] 1 CTC 2141 (TCC)
In determining the fair market value of the goodwill of a business of reconditioning and selling boats and other nautical products, Archambault...
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| Tax Topics - Income Tax Act - Section 14 - Subsection 14(5) - Cumulative Eligible Capital | 116 |
R. v. A.G., Ex parte Imperial Chemical Industries PLC, [1985] BTC 8003 (HC), rev'd [1986] BTC 8015 (C.A.)
Woolf, J. noted that for the purpose of determining the arm's length value of ethane, "the parties are agreed that an arm's length contract for...
Administrative Policy
8 July 2020 CALU Roundtable Q. 7, 2020-0842251C6 - Valuation of private company shares
CRA confirmed a previous position that “provided that the owners of all the shares of the corporation act in a manner consistent with the...
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| Tax Topics - Income Tax Act - Section 70 - Subsection 70(5) | generally, not value for private company voting rights | 222 |
8 July 2020 CALU Roundtable Q. 5, 2020-0842191C6 - Jointly owned policies - 70(5.3)
In the context of valuing whole life policy co- owned by Opco and its individual shareholder on the death of such shareholder, CRA stated:
The...
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| Tax Topics - Income Tax Act - Section 70 - Subsection 70(5.3) | deemed proceeds arising on death from a jointly owned whole life policy turns on agreement terms and valuation principles | 337 |
P113 – "Gifts and Income Tax" 2013
Fair market value (FMV)—This is usually the highest dollar value you can get for your property in an open and unrestricted market, between a...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | 42 |
13 August 2013 External T.I. 2012-0471401E5 F - FMV - partnership interest
A partner of a professional partnership which has elected under s. 34 to exclude work-in-progress from its income transfers his partnership...
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| Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) - Paragraph 85(1)(c) | FMV of professional partnership interest would normally discount the value of s. 34-elected WIP for income taxes | 135 |
| Tax Topics - Income Tax Act - Section 34 | FMV of partnership interest reduced re deferred income taxes on WIP subject to s. 34 election | 41 |
7 November 2012 External T.I. 2012-0466681E5 F - Frais de gestion environnementale
The "écofrais," which vendors of various types of electronic products are now required under Quebec law to (at their option) add to or include in...
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| Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) | ecocharges payable on any purchase of electronic goods included in benefit from their gift | 185 |
15 June 2012 External T.I. 2012-0434761E5 F - Dons liés à une police d'assurance-vie
CRA stated that, in valuing a life insurance policy donated to a charity, the principles set out in IC 89-3, paras. 40-41 should be applied,...
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | gift if pay policy premiums following assignment of policy to charity, but not by virtue of designating charity as policy beneficiary | 272 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(31) | donated life insurance policy to be valued on ordinary principles | 142 |
7 February 2005 External T.I. 2004-0101421E5 F - Subsection 111(5.1)
Aco acquired all of the shares of Bco for a price of $1000, resulting in an acquisition of control. Bco’s only assets were Class 43 and 8 assets...
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| Tax Topics - Income Tax Act - Section 111 - Subsection 111(5.1) | FMV of assets should be established on a push-down basis from the share purchase price, but can be allocated based on an appraisal | 191 |
10 October 2003 Roundtable, 2003-0036865 F - TRANSFER DE POLICE D'ASSURANCE
For the first nine years of a critical illness policy on the life of one of its shareholders, the corporation has been paying the premiums on the...
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| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | benefit to shareholder on gratuitous transfer to it of critical illness policy entitled to refund of premiums on maturity | 238 |
| Tax Topics - Income Tax Act - Section 148 - Subsection 148(7) | s. 148(7) inapplicable to critical illness policy | 20 |
4 October 2002 External T.I. 2002-0154725 - LIFE INTEREST-REMAINDER INTEREST
On the death of Mrs. X, a life interest in a residence was received by her surviving husband (Mr. X) and the remainder interest by her daughter...
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| Tax Topics - Income Tax Act - Section 70 - Subsection 70(5) | 192 |
2000 Ruling 1999-0010723 - sequential butterfly reorganizations
Deferred taxes in respect of a property be transferred pursuant to an s. 85(1) election in the course of a butterfly reorganization would not be...
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| Tax Topics - Income Tax Act - Section 55 - Subsection 55(3.1) - Paragraph 55(3.1)(a) | 48 |
5 October 1994 External T.I. 9421645 - GIFT OF EQUITABLE INTEREST IN A TRUST
Discussion of method of valuing an equitable interest in a trust.
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| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | 83 |
3 December 1993 External T.I. 9200995 F - Transfer of Farm Inventory to a Corporation
Where the market price of wheat is $2 per bushel but under a gross revenue insurance program a farmer is guaranteed a price of $4 per bushel, the...
September 1992 B.C. Revenue Canada Round Table, Q. 31 (May 1993 Access Letter, p. 228)
The fair market value of an interest in a fully discretionary trust is generally indeterminable.
Tax Professionals Mini Round Table - Vancouver - Q. 31 (March 1993 Access Letter, p. 110)
The fair market value of an interest in a fully discretionary trust is indeterminable.
4 February 1992 Memorandum (Tax Window, No. 16, p. 21, ¶1730)
Appraisals of art collections should be made on a piece by piece basis with little or no consideration given to premiums or discounts.
20 September 1991 T.I. 911923 [FMV excludes GST]
If a corporation or individual donated a work of art to a public cultural institution, does the tax receipt reflect the fair market value plus the...
26 November 1990 T.I. (Tax Window, Prelim. No. 2, p. 23, ¶1070)
Where a winner of a lottery price has agreed, prior to winning, to give the prize to charity, the amount of the gift will be the fair market value...
89 C.R. - Q.32
The fact that a government agency might not grant a renewal of a taxi licence, timber licence or other quota in the nature of government rights is...
81 C.R. - Q.49
For purposes of s. 15(1), the repayment of a note bearing little or no interest will not be regarded as entailing the conferral of a benefit on...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | 41 |
Articles
Peter Neelands, Suzy Lendvay, "Valuation of IP based on a royalty stream", The Lawyer's Daily (LexisNexis Canada), January 24, 2018
Relief-from-royalty method of valuing intellectual property (IP)
One common approach to value IP is the relief from royalty method. The relief...
Wolfe D. Goodman, "Valuation of an Interest in a Discretionary Trust Under the Family Law Act", Goodman on Estate Planning, Vol. IV, No. 4, 1998, p. 464.
Wolfe D. Goodman, "American Family Limited Partnerships as an Estate Planning Tool?", Goodman on Estate Planning, Vol. VI, No. 3, 1997, p. 447
Discussion of the valuation of limited partnership interests gifted by a parent to a child.
Hayhurst, "Transactions in Income and Capital Interests in Trusts", 1988 Conference Report, c. 38
Discussion of the valuation of interests in trust.