(5)-(7)

Subsection 245(5) - Determination of tax consequences

See Also

1245989 Alberta Ltd. v. The Queen, 2017 TCC 51, rev'd sub nom. Wild v. Canada, 2018 FCA 114

The CRA assessment reducing paid-up capital of shares held by an individual shareholder (thereby reversing an abusive bump to such PUC) without...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 84.1 - Subsection 84.1(1) the use of class PUC-averaging to bump the PUC of personally-held shares was an abuse of s. 84.1 701
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) use of PUC-averaging rule to bump outside PUC was abusive 273

Subsection 245(5.1)

Articles

Joint Committee, "Summary of Comments and Recommendations Provided to the Department of Finance on the General Anti-Avoidance Rule Proposals Released on March 28, 2023", Joint Committee Submission dated 7 June 2023

Effective date

  • The GAAR proposals should apply prospectively so that they would not apply to a series of transactions that commenced before the...

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Subsection 245(6)

Cases

2763478 Canada Inc. v. Canada, 2018 FCA 209

An individual (Jobin) did not sell his shares of an operating company (Groupe AST) directly to a third-party purchaser, but instead transferred...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) 9 month separation did not avoid series 290
Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) not each transaction in series effecting an estate freeze had that objective 417
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) value shift transactions that permitted the absorption of a real gain by a paper loss abused the basic capital gains regime 317

Subsection 245(7) - Exception

Cases

S.T.B. Holdings Ltd. v. Canada, 2002 DTC 7450, 2002 FCA 386

The Court rejected a submission that s. 245(7) required that, in order for GAAR to be applied, the reassessment notice must state on its face that...

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Words and Phrases
following

See Also

J.K. Read Engineering Ltd. v. The Queen, 2014 DTC 1216 [at 3872], 2014 TCC 309

The taxpayers acknowledged that capital losses (purportedly generated under schemes similar to Global Equity, 1207192 and Triad Gestco) should be...

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Words and Phrases
following
Locations of other summaries Wordcount
Tax Topics - General Concepts - Stare Decisis weight of obiter depends on fulness of argument 93
Tax Topics - General Concepts - Stare Decisis weight of obiter depends on fullness of argument 93
Tax Topics - Income Tax Act - Section 161 - Subsection 161(1) interest under GAAR assessments accrued from balance due dates 54

Copthorne Holdings Ltd v. The Queen, 2007 DTC 1230, 2007 TCC 481, aff'd 2011 SCC 63

The paid-up capital of the taxpayer was found to be higher than was appropriate in light of the object and spirit of the provisions of the Act...

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Administrative Policy

GST/HST Memorandum 16-4 "Anti-avoidance Rules" 20 February 2015

12. …[T]he determination of the tax consequences to any person, resulting from the application of [ETA] section 274, will only be made through a...

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