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...
| 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...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4.1) | 173 | |
| Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(12.1) | 45 |
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...
| 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...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Statutory Interpretation - French and English Version | 21 |
See Also
J.K. Read Engineering Ltd. v. The Queen, 2014 DTC 1216 [at 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...
| 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...
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...