(2)-(13)

Table of Contents

Subsection 18(2) - Limit on certain interest and property tax

Cases

Jobin v. Canada (Attorney General), 2005 DTC 5405, 2004 FCA 386

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Urbandale Realty Corp Ltd. v. The Queen, 97 DTC 5353 (FCTD)

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Words and Phrases
tax

Heinze v. The Queen, 97 DTC 5219 (FCTD)

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Ward v. The Queen, 88 DTC 6212, [1988] 1 CTC 336 (FCTD)

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Administrative Policy

20 February 2013 External T.I. 2012-0469811E5 F - Interest deductibility

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4 April 1997 Memorandum 963881

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7 February 1992 T.I. (Tax Window, No. 16, p. 19, ¶1738)

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91 C.R. - Q.39

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13 June 1991 T.I. (Tax Window, No. 4, p. 29, ¶1303)

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5 February 1990 T.I. (July 1990 Access Letter, ¶1314)

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1 December 1989 T.I. (May 1990 Access Letter, ¶1209)

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89 C.R. - Q.46

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89 C.M.TC - Q.11

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89 C.M.TC - Q.12

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89 C.M.TC - Q.13

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89 C.M.TC - Q.14

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IT-153R3 "Land Developers - Subdivision and Development Costs and Carrying Charges on Land"

Articles

Bourgeois, "Some Tax Considerations in Real Estate Development and Construction: Soft Costs, Capitalization, Inventory Write-Downs and Characterization of Partnership Income", 1995 Corporate Management Tax Conference Report, c. 4.

Subsection 18(3) - Definitions

Land

See Also

Re Trizec Equities (1987), 36 DLR (4th) 318 (N.S.C.A.)

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Administrative Policy

1 December 1989 T.I. (May 1990 Access Letter, ¶1209)

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IT-153R3 "Land Developers - Subdivision and Development Costs and Carrying Charges on Land"

Subsection 18(3.1) - Costs relating to construction of building or ownership of land

Cases

Trynchy v. The Queen, 2001 DTC 5582 (FCTD)

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Fiore v. The Queen, 93 DTC 5215 (FCA)

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See Also

Morris v. The Queen, 2014 DTC 1149 [at 3481], 2014 TCC 142 (Informal Procedure)

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Start-Up and Liquidation Costs rental operation commenced with repairs and touch-ups 128

Janota v. The Queen, 2010 TCC 395, 2010 DTC 1268 at 3893 (Informal Procedure)

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Baggs v. MNR, 90 DTC 1296 (TCC)

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Administrative Policy

S3-F4-C1 - General Discussion of Capital Cost Allowance

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense 476
Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Undepreciated Capital Cost - A 669
Tax Topics - Income Tax Act - Section 13 - Subsection 13(21) - Depreciable Property 170
Tax Topics - Income Tax Act - Section 16.1 - Subsection 16.1(1) 248
Tax Topics - Income Tax Act - Section 13 - Subsection 13(28) 194
Tax Topics - Income Tax Act - Section 13 - Subsection 13(27) 178
Tax Topics - Income Tax Act - Section 13 - Subsection 13(29) 145
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2) 184
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2.2) 267
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(3) 60
Tax Topics - Income Tax Act - Section 13 - Subsection 13(7.5) 167
Tax Topics - Income Tax Act - Section 261 - Subsection 261(2) 53
Tax Topics - Income Tax Act - Section 128.1 - Subsection 128.1(1) - Paragraph 128.1(1)(b) 204
Tax Topics - Income Tax Regulations - Regulation 1102 - Subsection 1102(1) - Paragraph 1102(1)(c) 150
Tax Topics - Income Tax Act - Section 13 - Subsection 13(7) - Paragraph 13(7)(e) 55
Tax Topics - Income Tax Act - Section 43 - Subsection 43(1) 142
Tax Topics - Income Tax Act - Section 68 153
Tax Topics - Income Tax Act - Section 13 - Subsection 13(21.1) - Paragraph 13(21.1)(a) 65
Tax Topics - Income Tax Act - Section 13 - Subsection 13(21.1) - Paragraph 13(21.1)(b) 117
Tax Topics - Income Tax Act - Section 13 - Subsection 13(1) 403
Tax Topics - Income Tax Act - Section 8 - Subsection 8(2) 65
Tax Topics - Income Tax Act - Section 20 - Subsection 20(16.1) 142
Tax Topics - Income Tax Act - Section 13 - Subsection 13(9) 207
Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) 299
Tax Topics - Income Tax Regulations - Schedules - Schedule II - Class 8 214
Tax Topics - Income Tax Act - Section 13 - Subsection 13(5) 259
Tax Topics - Income Tax Act - Section 13 - Subsection 13(6) 191

5 July 2013 Internal T.I. 2013-0489821I7 F - Application of subsection 18(3.1)

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9 March 1992 T.I. (Tax Window, No. 17, p. 22, ¶1792))

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19 September 89 T.I. (February 1990 Access Letter, ¶1099)

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89 C.M.TC - "Capitalization of Soft Costs - Buildings Under Construction"

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88 C.R. - Q.52

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84 C.R. - Q.66

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Articles

Bourgeois, "Some Tax Considerations in Real Estate Development and Construction: Soft Costs, Capitalization, Inventory Write-Downs and Characterization of Partnership Income", 1995 Corporate Management Tax Conference Report, c. 4.

Paragraph 18(3.1)(a)

Administrative Policy

9 October 2015 APFF Roundtable Q. 3, 2015-0595761C6 F - Application of ss. 18(3.1)

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Subparagraph 18(3.1)(a)(i)

See Also

Customs and Excise Commissioners v. Viva Gas Appliances Ltd., [1983] BTC 5064, [1983] 1 WLR 1445, [1984] 1 All E.R. 112 (HL)

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Tax Topics - Statutory Interpretation - Noscitur a Sociis 112

ACT Construction Ltd. v. Customs and Excise Commissioners, [1982] 1 All E.R. 84 (HL)

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Subsection 18(3.2) - Included costs

Paragraph 18(3.2)(a)

Administrative Policy

89 C.M.TC - "Capitalization of Soft Costs - Buildings Under Construction"

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(3.1) 2

84 C.R. - Q.67

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Subsection 18(3.4) - Where s. (3.1) does not apply

See Also

Re Regional Assessment Commissioner, Region No. 14 and Silton Ltd. (1986), 54 OR (2d) 282 (Ont. D.C.)

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Administrative Policy

89 C.M.TC - "Capitalization of Soft Costs - Buildings under Construction" - "Principal Business Corporation"

Subsection 18(3.5) - Idem [Where s. (3.1) does not apply]

See Also

Barat v. M.N.R., 91 DTC 1097 (TCC)

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Schneider v. MNR, 89 DTC 198 (TCC)

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Administrative Policy

85 C.R. - Q.51

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Paragraph 18(3.5)(d)

See Also

Pogson v. Lowe, [1984] 1 WLR 182 (HL)

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Tax Topics - General Concepts - Transitional Provisions 43

Subsection 18(4) - Limitation — deduction of interest by certain corporations

Cases

Wildenburg Holdings Ltd. v. Minister of Revenue (Ontario), 2001 DTC 5145 (Ont CA)

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Wildenburg Holdings Ltd. v. Minister of Revenue, 98 DTC 6462 (Ont. C.J. (G.D.))

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Uddeholm Ltd. v. The Queen, 87 DTC 5431, [1987] 2 CTC 236 (FCTD)

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The Queen v. Thyssen Canada Ltd., 87 DTC 5038, [1987] 1 CTC 112 (FCA)

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See Also

Specialty Manufacturing Ltd. v. The Queen, 97 DTC 1511 (TCC)

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Tax Topics - Treaties - Articles of Treaties - Article 10 48

Administrative Policy

11 September 2015 Internal T.I. 2015-0599161I7 - Subsection 18(4) and section 216

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24 December 2013 Internal T.I. 2013-0512551I7 - Thin Cap and partnership income

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5 December 2012 External T.I. 2012-0445891E5 - Contributed Surplus and Thin Capitalization

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2005 Ruling 2005-0123631R3 -

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 60

9 September 2002 External T.I. 2002-013698 -

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Income Tax Technical News, No. 16

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23 July 1997 T.I. 963894

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Tax Topics - Income Tax Act - Section 216 - Subsection 216(1) 58

3 October 1996 Internal T.I. 7-952365 -

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1996 Corporate Management Tax Conference Round Table, Q. 6

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Tax Topics - Income Tax Act - Section 181 - Subsection 181(3) 39

30 August 1995 T.I. 952011 (C.T.O. "Application of 78(1) and 18(4)")

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Tax Topics - Income Tax Act - Section 78 - Subsection 78(1) 21

92 C.R. - Q.12

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23 November 1990 T.I. (Tax Window, Prelim. No. 2, p. 5, ¶1038)

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IT-59R3 "Interest on Debts Owing to Specified Non-Residents (Thin Capitalization)"

Articles

Jack Bernstein, Francesco Gucciardo, "Update on Canada-U.S. Merges and Acquisitions", Tax Notes International, March 16, 2015, p. 993

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Nathan Boidman, Rhonda Rudick, "Recent Developments Affecting Foreign Investment in Canadian Real Estate", Tax Notes International, 30 April 2012, p. 449

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Janette Y. Pantry, Soraya M. Jamal, "The Thin Cap Rules: Revisiting the Foreign Exchange Anomaly", Corporate Finance, 2011, p. 1934: discussion of effect of s. 261(2)(b) and of Imperial Oil decision.

Greg M. Johnson, "Selected Tax Issues Relating to Capitalizing Private Equity Investments in the Oil and Gas Industry", Resource Taxation, Vol. VI, No. 4, 2009, p. 466

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Ewens, "The Thin Capitalization Restrictions", 1994 Canadian Tax Journal, Vol. 42, No. 3, p. 954.

Subsection 18(5) - Definitions

Administrative Policy

4 March 2016 External T.I. 2016-0626841E5 - 18(5) and 20(1)(d)

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(c)

Administrative Policy

19 September 2015 STEP Roundtable, Q.3

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Equity Amount

Paragraph (a)

See Also

Mac's Convenience Stores Inc. v. A.G. of Canada, 2015 QCCA 837

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Tax Topics - General Concepts - Rectification & Rescission thin cap issues were not considered at time of paying a dividend 220

Administrative Policy

18 June 2015 STEP Roundtable Q. 3, 2015-0572201C6 - 2015 STEP Q3 Redeemable Preferred Shares and 18(4)

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Share equity/debt classification based on legal form 51

Subparagraph (a)(i)

Administrative Policy

23 November 2016 Internal T.I. 2015-0618511I7 - Thin Capitalization - Retained Earnings

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Tax Topics - General Concepts - Accounting Principles consistency between unconsoidated and consolidated financials 143

Paragraph (b)

Administrative Policy

19 August 2016 External T.I. 2015-0585471E5 - Thin cap rules and trusts

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Paragraph (c)

Administrative Policy

4 June 2014 External T.I. 2013-0513761E5 - Meaning of "cost" in determining "equity amount"

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Words and Phrases
cost in respect of

22 July 2014 External T.I. 2014-0526631E5 - Definition of equity amount - cost of ECP

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Outstanding Debts to Specified Non-Residents

Administrative Policy

24 November CTF Annual Roundtable, Q.10

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) application where no gain on shares/non-application to loss-shifting transactions 313

21 November 2011 External T.I. 2010-0384001E5 - Guarantee/Collateral/ASPE effect on Thin Cap

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93 C.M.TC - Q. 3

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15 July 1992 T.I. 920963 (January - February 1993 Access Letter, p. 11, ¶C9-255)

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Specified Right

Articles

Jason Boland, Christopher Montes, "A Detailed Review of the Back-to-Back Loan Rules", 2016 CTF Annual Conference draft paper

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Amanda S.A. Doucette, Britney Wangler, "Normal Borrowing by CCPC Owners Can Create an Income Inclusion", Canadian Tax Focus, Vol. 7, No. 1, February 2017, p. 1

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(2.17) 351

John Lorito, Trevor O'Brien, "International Finance – Cash Pooling Arrangements", 2014 Conference Report, (Canadian Tax Foundation), 20:1-33

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Steve Suarez, "Canada Releases Revised Back-to-Back Loan Rules", Tax Notes International, October 27, 2014, p. 357.

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Subsection 18(6) - Loans made on condition

See Also

Langhammer v. The Queen, 2001 DTC 45 (TCC)

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Words and Phrases
loan
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Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(ii) occasional loans were money-lending business given that done similarly to a money lender 245

Administrative Policy

27 July 1990TI AC 59653

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23 June 1989 TI 7-3792

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(6) 33

Income Tax Technical News, No. 15, "Back-to-Back Loans in Relation to Subsections 18(4) and 18(6)".

2 October 1996 T.I. 961781 (C.T.O. "Thin Capitalization Back-to-Back Loans")

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93 C.M.TC - Q. 9

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18 January 1993 External T.I. 5-921647 -

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18 July 1989 T.I. (Dec. 89 Access Letter, ¶1044)

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23 June 1989 TI 7-3792

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(6) 160

Paragraph 18(6)(c)

Administrative Policy

17 November 2015 Roundtable, 2015-0614241C6 - 2015 TEI Liaison Meeting Q.6 - Specified Right

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Tax Topics - Income Tax Act - Section 212 - Paragraph 212(3.1)(c) cross-border notional cash-pooling arrangement engages the B2B loan rules 227

28 May 2015 IFA Roundtable Q. 5, 2015-0581531C6 - IFA 2015 Q.5: "Causality test" in 18(6) & 212(3.1)

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Articles

Shane Onufrechuk, Warren Pashkowick, "Tax Considerations of Major Construction Projects", 2014 Conference Report, Canadian Tax Foundation, 10:1-35.

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Steve Suarez, "Canada Releases Revised Back-to-Back Loan Rules", Tax Notes International, October 27, 2014, p. 357.

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Subparagraph 18(6)(c)(i)

Paragraph 18(6)(d)

Articles

Jason Boland, Christopher Montes, "A Detailed Review of the Back-to-Back Loan Rules", 2016 CTF Annual Conference draft paper

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Shane Onufrechuk, Warren Pashkowick, "Tax Considerations of Major Construction Projects", 2014 Conference Report, Canadian Tax Foundation, 10:1-35.

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Subsection 18(7) - Partnership debts

Administrative Policy

28 July 2015 External T.I. 2015-0567811E5 - Thin cap rules for members of a partnership

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Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(l.1) sale by Cancos of their partnership interests part-way through year did not eliminate their proportionate pick-up of partnership debt 338

Subsection 18(9) - Limitation respecting prepaid expenses

Cases

Urbandale Realty Corp. Ltd. v. The Queen, 2000 DTC 6118 (FCA)

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Tax Topics - Income Tax Act - Section 9 - Timing 83

Canderel Ltd. v. Canada, 98 DTC 6100, [1998] 1 S.C.R. 147

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The Queen v. Toronto College Park Ltd., 96 DTC 6407 (FCA), rev'd 98 DTC 6088 (SCC)

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See Also

SPG International Ltée v. The Queen, 98 DTC 1706 (TCC)

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Administrative Policy

28 April 2015 External T.I. 2015-0566011E5 - Whether s. 16.1 applies to a transport truck

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Tax Topics - Income Tax Act - Section 16.1 - Subsection 16.1(1) identification of lease based on legal substance/no election for transport truck 197

27 August 2012 Internal T.I. 2012-0442831E7 -

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30 January 2003 External T.I. 2002-016978 -

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11 July 1995 Internal T.I. 7-950599 -

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14 June 1994 T.I. 940977 (C.T.O. "Single Premium on a Group Term of Life Insur for Retire")

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1994 A.P.F.F. Round Table, Q. 36

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25 October 1990 T.I. (Tax Window, Prelim. No. 1, p. 19, ¶1017)

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29 January 1990 T.I. (June 1990 Access Letter, ¶1250)

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89 C.M.TC - Q.4

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Tax Topics - Income Tax Act - Section 249 - Subsection 249(1) 65

84 C.R. - Q.68

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IT-417R2 "Prepaid Expenses and Deferred Charges"

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(9.2) 0

Articles

Joseph Frankovic, "The Income Tax Treatment of Prepaid Expenses and Similar Costs: A Time Value Analysis", 2000 Canadian Tax Journal, Vol. 48, No. 5, p. 1371.

Subsection 18(9.1) - Penalties, bonuses and rate-reduction payments

Administrative Policy

27 January 2017 External T.I. 2013-0482351E5 - Clause 95(2)(a)(ii)(D)

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Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(a) - Subparagraph 95(2)(a)(ii) - Clause 95(2)(a)(ii)(D) s. 95(2)(a)(ii)(D) can recharacterize a loan prepayment penalty as active business income 434
Tax Topics - Income Tax Regulations - Regulation 5907 - Subsection 5907(2.7) loan prepayment penalty fully deducted from surplus when paid 155

11 January 2013 External T.I. 2012-0436771E5 - Sale of a business

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Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e) continued deduction where debt settlement by shareholder rather than taxpayer 22
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(i) sale agreement required loan prepayment penalty 60

30 March 2007 External T.I. 2005-012906 -

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(9.7) 21

23 November 2005 External T.I. 2005-015607 -

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30 September 2003 Internal T.I. 2003-0023137 -

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15 May 2002 External T.I. 2003-001161 -

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13 September 2000 External T.I. 2000-003682 -

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24 April 1998 T.I. 9802565 [arm's length refinancing with different lender generally not a substitution]

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1998 Ruling 9802143 [refinancing through new bond offering not a debt substitution]

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1996 Ruling 961368

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23 October 1995 Memorandum 950376 [straight line method]

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26 October 1994 Memorandum 942587

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21 October 1993 T.I. 932532

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19 August 1992 Memorandum 922019 (Tax Window, No. 23, p. 14, ¶2156)

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14 August 1992 Internal T.I. 7-921593 -

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4 May 1992 Tax Executive's Institute Roundtable, Q. 11, No. 92063651 (December 1992 Access Letter, p. 49)

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1 May 1992 T.I. 920313

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9 January 1992 Memorandum 9718371 (Tax Window, No. 15, p. 6, ¶1677)

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Articles

Subsection 18(9.2) - Interest on debt obligations

Administrative Policy

2 December 1992 Memorandum (Tax Window, No. 30, p. 9, ¶2484)

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IT-417R2 "Prepaid Expenses and Deferred Charges"

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(9) 0

Articles

Richardson, "Tax Amendments Facilitate Issue of Synthetic Zero Coupon Debt", Corporate Finance, Vol. 1, No. 1, 1992, p. 8: Discussion of WIC and Rogers' LYONs transactions.

Novek, "Deductibility of Financing Expenses", 1992 Corporation Management Tax Conference, C.3.

Subsection 18(9.7) - Idem [Interest on debt obligations]

Administrative Policy

30 March 2007 External T.I. 2005-012906 -

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(9.1) PV excess 34

Subsection 18(10) - Employee benefit plan

Administrative Policy

2 May 1990 Memorandum (October 1990 Access Letter)

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Subsection 18(11) - Limitation

Paragraph 18(11)(c)

See Also

Walton v. MNR, 89 DTC 423 (TCC)

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Subsection 18(12) - Work space in home

See Also

Doleman v. The Queen, 2011 DTC 1257 [at 1474], 2011 TCC 349 (Informal Procedure)

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Arbeau v. The Queen, 2010 DTC 1203 [at 3526], 2010 TCC 307 (Informal Procedure)

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Ryan v. The Queen, 2006 DTC 2738, 2006 TCC 132 (Informal Procedure)

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Words and Phrases
meeting

Jenkins v. The Queen, 2005 DTC 384, 2005 TCC 167 (Informal Procedure)

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Words and Phrases
principal business

Rudiak v. The Queen, 2000 DTC 3901 (TCC)

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Sudbrack v. The Queen, 2000 DTC 2521, Docket: 98-2386-IT-G (TCC)

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Administrative Policy

27 October 2014 External T.I. 2012-0471391E5 F - Entreposage d'inventaire à domicile

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Tax Topics - Income Tax Act - Section 8 - Subsection 8(13) inventory storage part of work place 92

2 March 1994 T.I. 940351 (C.T.O. "Office in Home Expenses Property Tax Commercial")

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Articles

Gael Melville, Lucie Champagne, Yves Plante, "Tax Considerations for the Newly-Self-Employed", 2011 Canadian Tax Journal, Vol 59, p. 843

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Tax Topics - Income Tax Act - Section 5 - Subsection 5(1) 23

Paragraph 18(12)(a)

Administrative Policy

Paragraph 18(12)(b)

Paragraph 18(12)(c)

Subsection 18(13) - When s. (15) applies to money lenders

Administrative Policy

5 February 1990 T.I. (July 1990 Access Letter, ¶1315)

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