(2)-(41)

Table of Contents

Articles

Elie Roth, Tim Youdan, Chris Anderson, Kim Brown, "Taxation of Trusts Resident in Canada", Chapter 3 of Canadian Taxation of Trusts, (Canadian Tax Foundation), 2016.

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Tax Topics - Income Tax Act - 101-110 - Section 108 - Subsection 108(3) 374
Tax Topics - Income Tax Act - Section 251.1 - Subsection 251.1(4) - Paragraph 251.1(4)(d) 437
Tax Topics - Income Tax Act - Section 251.1 - Subsection 251.1(1) - Paragraph 251.1(1)(g) - Subparagraph 251.1(1)(g)(ii) 115
Tax Topics - Income Tax Act - Section 164 - Subsection 164(6) 141
Tax Topics - Income Tax Act - Section 112 - Subsection 112(3.2) 331
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(1) 144
Tax Topics - Income Tax Act - Section 251.2 - Subsection 251.2(3) - Paragraph 251.2(3)(b) 112
Tax Topics - Income Tax Act - Section 252.2 - Subsection 252.2(2) 115
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(i) 176
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) - Paragraph 70(6)(d.1) 161
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) 1201
Tax Topics - Treaties - Income Tax Conventions - Article 29B 239
Tax Topics - Income Tax Act - Section 248 - Subsection 248(8) 199
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(a.2) 59
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(a.3) 38
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(6) 174
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(6) 164
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(24) 163
Tax Topics - Income Tax Act - 101-110 - Section 105 - Subsection 105(1) 91
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(18) 49
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(7.01) 66
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(19) 311
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(13) 125
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(bb) 144
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(2) 379

Subsection 248(2) - Tax payable

Cases

R. v. Simmons, 84 DTC 6171 (Nfld. Prov. Ct.)

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Tax Topics - Income Tax Act - Section 244 - Subsection 244(4) 35

Subsection 248(3) - Property subject to certain Quebec institutions and arrangements

Cases

Canada v. Construction Bérou Inc., 99 D.T.C 5869 (FCA)

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Administrative Policy

7 October 2020 APFF Roundtable Q. 5, 2020-0852171C6 F - Usufruct of a principal residence

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Tax Topics - Income Tax Act - Section 54 - Principal Residence - Paragraph (c.1) a deemed s. 248(3) testamentary usufruct trust might access the principal residence exemption on the spousal usufructuary’s death or on her surrendering her interest 409
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(4) application of s. 107(4) to termination of deemed s. 248(3)(a) spousal trust 472
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) - Paragraph 70(6)(b) - Subparagraph 70(6)(b)(ii) s. 70(6)(b)(ii) not satisfied where residence of deceased passes to a usufruct for his surviving spouse for a fixed term of years 218

13 April 2015 External T.I. 2012-0449141E5 F - Usufruct

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Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) 75(2) applies to termination of usufruct 174
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(2.1) 107(2.1) application to termination of usufruct created for valuable consideration 126

22 May 2014 External T.I. 2014-0519811E5 F - Droit d'usage au Québec pré-1991

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Tax Topics - Income Tax Act - Section 54 - Principal Residence usufructuary of duplex unit (with her right acquired pre-1991) entitled to claim principal residence exemption on post-1991 disposition 167
Tax Topics - General Concepts - Ownership usufructuary of duplex unit was de facto owner thereof 71

5 October 2012 APFF Roundtable, 2012-0451281C6 F - Usufruit étranger

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition whether the formation of a usufruct under overseas law triggers a disposition turns on such law 132

17 August 2010 External T.I. 2010-0367371E5 F - Fin d'un usufruit - résidence principale

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Tax Topics - Income Tax Act - Section 54 - Principal Residence - Paragraph (a.1) usufructuary parents were specified beneficiaries based on their inhabiting the housing unit 287
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(2.01) deemed s. 248(3) trust that dissolved when the usufructuary parents renounced their, makes a s. 107(2.01) or (2.001) to apply principal residence exemption to dissolution gain 287

27 May 2009 Internal T.I. 2009-0310751I7 F - Usufruit d'un immeuble avant 1991

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Tax Topics - Income Tax Act - Section 54 - Principal Residence usufructuary under usufruct created prior to 1991 was beneficial owner on his death in 2007 for principal residence exemption purposes 48

Paragraph 248(3)(a)

Administrative Policy

20 April 2017 External T.I. 2016-0672501E5 F - Usufruct and Use of capital of a trust by a spouse

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Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) - Paragraph 70(6)(b) - Subparagraph 70(6)(b)(ii) right of the bare owner of property, subject to a usufruct in favour of a surviving spouse, to dispose of his bare ownership does not preclude a spousal trust 151

11 March 2013 External T.I. 2012-0432201E5 F - Payment of tax by an institute

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Tax Topics - Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Testamentary Trust - Paragraph (d) spousal beneficiary of substitution by testament does not taint the resulting deemed testamentary trust by paying the trust taxes 265

12 January 2012 External T.I. 2011-0421791E5 F - Usufruit de terres boisées acquises avant 1987

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Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1.3) - Paragraph 110.6(1.3)(c) property acquired before 18 June 1987 will qualify if s. 110.6(1.3)(c)(i) or (ii) satisfied 240

Subsection 248(4) - Interest in real property

Administrative Policy

16 March 2015 Internal T.I. 2013-0479861I7 - Section 116 & forfeited deposits on real property

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Tax Topics - Income Tax Act - Section 116 - Subsection 116(5) forfeited sale deposit was proceeds of security interest rather than of tcp 264
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition - Paragraph (b) forfeited sale deposit was proceeds 79

13 September 2012 CICA Compliance Roundtable, 2012-0453021C6 - Taxable Canadian Property

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2001 Ruling 2001-0083883 - QUALIFIED INVST RRSP RRIF RESP DPSP

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18 January 1993 External T.I. 5-921718 -

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December 1990 TI 1990-240

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15 January 1987 TI 7-1282

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Subsection 248(5) - Substituted property

Cases

Canada v. Sommerer, 2012 DTC 5126 [at 7219], 2012 FCA 207

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Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(1) Austrian foundation likely not a trust 181
Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) does not apply to FMV purchases 236
Tax Topics - Treaties treaty applies to economic double taxation 356
Tax Topics - Treaties - Income Tax Conventions - Article 13 attributed gain not included 415

See Also

St-Pierre c. La Reine, 2008 DTC 3730, 2007 TCC 90

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Administrative Policy

22 June 2016 Internal T.I. 2016-0632821I7 F - 93(2.01) & Capital Contribution

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Words and Phrases
substituted
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Tax Topics - Income Tax Act - Section 93 - Subsection 93(2.01) a contribution of FA1 shares to FA2 causes the FA2 shares to be substituted property for s. 93(2.01) purposes 195
Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(a) - Subparagraph 95(2)(a)(ii) - Clause 95(2)(a)(ii)(B) inter-affiliate loan generating deemed active business funded out of an interest-free loan from Canco 105

25 September 2013 Internal T.I. 2013-0476311I7 F - 93(2), 93(2.01) - Share substituted

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Tax Topics - Income Tax Act - Section 93 - Subsection 93(2.01) concept of substituted share in s. 93(2.01) is subject to the exchanged-for limitation in s. 248(5)(a) 1304

10 May 2013 Internal T.I. 2012-0464901I7 - 93(2), 93(2.01) - Share substituted

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6 April 1992 T.I. 920265 (March 1993 Access Letter, p. 71 ¶C56-218; Tax Window, No. 18, p. 1, ¶1852)

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15 January 1992 T.I. (Tax Window, No. 15, p. 12, ¶1700)

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Subsection 248(6) - “Class” of shares issued in series

See Also

Bowater Canadian Ltd. v. R.L. Crain Inc. (1987), 62 OR (2d) 752 (C.A.)

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Subsection 248(7) - Receipt of things mailed

See Also

Canada v. Schafer, 2000 DTC 6542 (FCA)

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Sameden Oil of Canada, Inc. v. Provincial Treasurer of Alberta (1993), 102 DLR (4th) 125 (Alta. C.A.)

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file

Rolling v. Willann Investments Ltd. (1989), 63 DLR (4th) 760 (Ont CA)

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Administrative Policy

May 2019 CPA Alberta CRA Roundtable, General Session – Q.4

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Subsection 248(8) - Occurrences as a consequence of death

Articles

Elie Roth, Tim Youdan, Chris Anderson, Kim Brown, "Taxation of Trusts Resident in Canada", Chapter 3 of Canadian Taxation of Trusts, (Canadian Tax Foundation), 2016.

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Tax Topics - Income Tax Act - 101-110 - Section 108 - Subsection 108(3) 374
Tax Topics - Income Tax Act - Section 251.1 - Subsection 251.1(4) - Paragraph 251.1(4)(d) 437
Tax Topics - Income Tax Act - Section 251.1 - Subsection 251.1(1) - Paragraph 251.1(1)(g) - Subparagraph 251.1(1)(g)(ii) 115
Tax Topics - Income Tax Act - Section 164 - Subsection 164(6) 141
Tax Topics - Income Tax Act - Section 112 - Subsection 112(3.2) 331
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(1) 144
Tax Topics - Income Tax Act - Section 251.2 - Subsection 251.2(3) - Paragraph 251.2(3)(b) 112
Tax Topics - Income Tax Act - Section 252.2 - Subsection 252.2(2) 115
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(i) 176
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) - Paragraph 70(6)(d.1) 161
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) 1201
Tax Topics - Treaties - Income Tax Conventions - Article 29B 239
Tax Topics - Income Tax Act - Section 248 - (2)-(41) 157
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(a.2) 59
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(4) - Paragraph 104(4)(a.3) 38
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(6) 174
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(6) 164
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(24) 163
Tax Topics - Income Tax Act - 101-110 - Section 105 - Subsection 105(1) 91
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(18) 49
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(7.01) 66
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(19) 311
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(13) 125
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(bb) 144
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(2) 379

Paragraph 248(8)(a)

See Also

Bueti v. The Queen, 2015 DTC 1213 [at 1374], 2015 TCC 265

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Tax Topics - General Concepts - Ownership residuary beneficiary had no ownership of estate property 118
Tax Topics - Income Tax Act - Section 70 - Subsection 70(5) residuary beneficiary did not acquire as a consequence of death 250

Husel Estate v. The Queen, 94 DTC 1765 (TCC)

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Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) 49

Administrative Policy

7 October 2020 APFF Financial Strategies and Instruments Roundtable Q. 5, 2020-0851601C6 F - TFSA Exempt Contribution - Spousal Trust

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) bequest of TFSA to spousal trust which, in turn, distributed the TFSA proceeds per the will to the surviving spouse would qualify as an indirect transfer as a consequence of death 500

6 June 2017 External T.I. 2015-0617331E5 F - TFSA - Exempt Contribution

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) payment of family-law debt out of TFSA to surviving spouse would occur as a consequence of the deceased’s death 316
Tax Topics - Income Tax Act - Section 248 - Subsection 248(23.1) - Paragraph 248(23.1)(a) payment of family-law obligation of deceased to surviving spouse out of deceased's TFSA could qualify 81

11 May 2017 External T.I. 2016-0679751E5 F - TFSA - Exempt Contribution

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) a “survivor payment” can be made out of the deceased’s TFSA even where this occurs in the executor’s discretion 208

10 June 2016 STEP Roundtable Q. 10, 2016-0645781C6 - US Revocable Living Trusts

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Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(1) U.S. revocable living trust is not a bare trust 171
Tax Topics - Income Tax Act - Section 70 - Subsection 70(5) transfer to remainder beneficiary of a U.S. revocable living trust on death does not occur as a consequence of death 126

16 December 2014 External T.I. 2014-0539841E5 F - Testamentary Trust

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Tax Topics - Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Testamentary Trust transfer from one testamentary trust to another pursuant to a will direction treated as a non-tainting contribution from the deceased 152

12 June 2012 STEP CRA Roundtable, 2012-0442931C6 - 2012 STEP Question 8

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11 January 2012 STEP Roundtable, 2011-0402291C6 - Subsection 248(8)-Intestacy-Transfer of Property

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Tax Topics - Income Tax Act - Section 60 - Paragraph 60(l) 108
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) non pro rata allocations to beneficiaries 124

20 October 2009 External T.I. 2009-0328441E5 F - Fiducie testamentaire

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Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) s. 75(2) would apply if heirs form a trust to provide for their sister out of the residue, with the remainder to them on her death 173

5 May 1995 External T.I. 9500985 - ASSUMPTION OF LIABILITIES

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17 August 1994 External T.I. 9410535 - TRUSTS - "AS A CONSEQUENCE OF THE TAXPAYER'S DEATH"

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Articles

Hoffstein, Lee, "Restructuring the Will and the Testamentary Trust: Methods, Underlying Legal Principles and Tax Considerations", Estates and Trust Journal, Volume 13, 1993, p. 42.

Paragraph 248(8)(b)

Cases

Biderman v. The Queen, 2000 DTC 6149, 2001 FCA 269 (FCA)

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Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) conduct subsequent to death inconsistent with disclaimer 150

See Also

Lewski v Commissioner of Taxation, [2017] FCAFC 145

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disclaimer
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Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Incurring of Expense obligation to pay purchase price was incurred on agreement date rather than subsequent closing 382
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(24) an alternate resolution that the taxpayer was not entitled to an income distribution if Revenue denied a trust deduction made her entitlement contingent and non-includible 356
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(13) a trust income declaration that was subject to a tax contingency did not result in an income inclusion to the beneficiary 145
Tax Topics - General Concepts - Agency knowledge of agent imputed to principal 206

Ginsburg v. MNR, 92 DTC 1774 (TCC)

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Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(24) income payable even before amount ascertained 234

Sembaliuk v. Sembaliuk (1984), 43 R.F.L. (2d) 425 (Alta. C.A.)

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Montreal Trust Co. v. Matthews, [1979] 3 WWR 621 (BCSC)

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Administrative Policy

11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) transfer of TFSA to surviving spouse because of daughter’s renunciation occurred as a consequence of the deceased’s death 222

10 April 1997 External T.I. 9706185 - "AS A CONSEQUENCE OF DEATH"

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9 March 1992 T.I. (Tax Window, No. 17, p. 9, ¶1788)

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8 March 1991 T.I. (Tax Window, No. 1, p. 21, ¶1152)

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22 February 1990 T.I. (July 1990 Access Letter, ¶1348)

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Articles

Elie Roth, Tim Youdan, Chris Anderson, Kim Brown, "Taxation of Beneficiaries Resident in Canada", Chapter 4 of Canadian Taxation of Trusts (Canadian Tax Foundation), 2016.

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disclaimer

Paragraph 248(8)(c)

Administrative Policy

S6-F2-C1 - Disposition of an Income Interest in a Trust

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Subsection 248(9)

Disclaimer

Administrative Policy

16 December 2008 External T.I. 2008-0279741E5 F - Renonciation au capital d'une fiducie

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Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) settlor’s valid renunciation of capital interest (but not income interest) prior to trustees’ exercise of discretion to distribute a capital gain would avoid application of s. 75(2)(a)(i) 199
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition - Paragraph (i) non-disposition distribution of non-taxable portion of trust capital gains avoids a gain under s. 107(2.1) 375
Tax Topics - Income Tax Act - Section 54 - Proceeds of Disposition settlor’s renunciation of capital interest (but not income interest) prior to trustees’ exercise of discretion to distribute a capital gain would generate nil proceeds and not engage s. 56(2) or (4) 194
Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(b) s. 69(1) does not apply to a renunciation of trust capital interest since no disposition "to" any person 44
Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) s. 56(2) inapplicable to renunciation of capital interest in a trust 45
Tax Topics - Income Tax Act - Section 56 - Subsection 56(4) s. 56(4) inapplicable to disclaimer of capital interest in a trust 43

Subsection 248(10) - Series of transactions

Cases

EYEBALL NETWORKS INC. v. HER MAJESTY THE QUEEN, 2021 FCA 17

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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 - 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
Tax Topics - General Concepts - Fair Market Value - Other note supported only by pref, then note, of a sister had full FMV 132

Louie v. Canada, 2019 FCA 255

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (b) - Subparagraph (b)(i) advantages generated in Year 1 from swap transactions continued to produce indirect advantages thereafter 547
Tax Topics - Income Tax Act - Section 207.06 - Subsection 207.06(2) concerns about future value increases are intended to be addressed by relief provisions 384
Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) taxpayer was directing mind in transactions involving an arm’s length trustee 137

2763478 Canada Inc. v. Canada, 2018 FCA 209

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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
Tax Topics - Income Tax Act - Section 245 - Subsection 245(6) individual allegedly suffering double taxation re s. 245(2) denial of capital loss of his corporation failed to apply under s. 245(6) within 180 days 327

Groupe Honco Inc. v. Canada, 2014 DTC 5006, 2013 FCA 128, aff'g 2013 DTC 1032 [at 149], 2012 TCC 305, infra

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Tax Topics - Income Tax Act - Section 83 - Subsection 83(2.1) two or three main purposes 73

Copthorne Holdings Ltd. v. Canada, 2012 DTC 5006 [at 6536], 2011 SCC 63, [2011] 3 S.C.R. 721

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Words and Phrases
in contemplation of
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Tax Topics - General Concepts - Stare Decisis high threshold for reversing not met 193
Tax Topics - Income Tax Act - Section 245 - Subsection 245(1) - Tax Benefit tax benefit illuminated by comparison to reasoanble alternative 315
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) policy of s. 87(3) is to avoid preservation of PUC on parent and sub amalgamation 372
Tax Topics - Statutory Interpretation - Expressio Unius est Exclusio Alterius 109

Toronto-Dominion Bank v. Canada, 2011 DTC 5125 [at 6061], 2011 FCA 221, [2011] 6 CTC 19

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Lipson v. Canada, 2007 DTC 5172, 2007 FCA 113, aff'd 2009 DTC 5015 [at 5528], 2009 SCC 1

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Canada Trustco Mortgage Co., v. The Queen, 2005 DTC 5523, [2005] 2 S.C.R. 601, 2005 SCC 54

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Words and Phrases
contemplation
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Tax Topics - Income Tax Act - Section 245 - Subsection 245(1) - Tax Benefit tax benefit if taxable income reduction or on basis of comparison to alternative 126
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) policy of CCA provisions relied on cost irrespective of risk mitigation 207
Tax Topics - Statutory Interpretation - Certainty 127
Tax Topics - Statutory Interpretation - Ordinary Meaning primacy to ordinary meaning if unequivocal 90

OSFC Holdings Ltd. v. Canada, 2001 DTC 5471, 2001 FCA 260

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See Also

Agence du revenu du Québec v. Custeau, 2020 QCCA 1496

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) no avoidance transaction where subsequent utilization of PUC created with PUC-averaging was not contemplated 404

3295036 Canada Inc. v. Agence du revenu du Québec, 2020 QCCA 1435

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Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) subsequent years could be reassessed to deny the carryforward of a capital loss reported in a statute-barred year 216

The Trustees of the Morrison 2002 Maintenance Trust & Ors v Revenue and Customs, [2019] EWCA Civ 93

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Tax Topics - General Concepts - Tax Avoidance 228

3295036 Canada Inc. v. Agence du revenu du Québec, 2018 QCCQ 8100, aff'd 2020 QCCA 1435

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Louie v. The Queen, 2018 TCC 225, rev'd in part on "advantage" issue (for subsequent years) 2019 FCA 255

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Tax Topics - Income Tax Act - Section 207.05 - Subsection 207.05(3) holder rather than trustee liable for advantage tax 148
Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (b) - Subparagraph (b)(i) temporal limitation placed on the advantages considered to arise from TFSA swap transactions 643
Tax Topics - General Concepts - Fair Market Value - Shares use of price range for share valuation was inappropriate where there was a second-by-second market 185

Cameco Corporation v. The Queen, 2018 TCC 195, aff'd 2020 FCA 112

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Words and Phrases
series of transactions
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Tax Topics - Income Tax Act - Section 247 - New - Subsection 247(2) having a Swiss/Lux subsidiary enter into long-term purchase contracts at a somewhat fixed price with third parties and the taxpayer did not engage s. 247(2) 708
Tax Topics - General Concepts - Sham transactions that were not factually misrepresented were not a sham 254
Tax Topics - Income Tax Act - Section 247 - New - Subsection 247(1) - Transaction meaning of "arrangement" and "event" 153

Loblaw Financial Holdings Inc. v. The Queen, 2018 TCC 182, rev'd on s. 95(1) - investment business - (a) (arm's length conduct) grounds 2020 FCA 79

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Tax Topics - Income Tax Act - Section 165 - Subsection 165(1.11) requirement met where Crown knew the nature and quantum of the dispute 269
Tax Topics - Income Tax Act - Section 95 - Subsection 95(1) - Foreign Bank CFA qualified as a foreign bank since it was licensed under Barbados law as an international bank 123
Tax Topics - Income Tax Act - Section 95 - Subsection 95(1) - Investment Business - Paragraph (a) Barbados-licensed international bank, which used Loblaw funding to invest responsively to Loblaw considerations, conducted an offside non-arm’s length business 429
Tax Topics - Income Tax Act - Section 95 - Subsection 95(1) - Investment Business - Paragraph (c) employee equivalents was reduced by employee time described in s. 95(2)(b) 290
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Foreign Exchange short-term debt securities were inventory because they were the raw material for generating swap income 130
Tax Topics - Income Tax Act - Section 152 - Subsection 152(4.01) - Paragraph 152(4.01)(a) - Subparagraph 152(4.01)(a)(ii) GAAR is generally a separate matter rather than being subsumed in the allegedly-misused substantive provision 208
Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) application of GAAR required the occurrence of an avoidance transaction (or series) in non-statute-barred years and the relevant previous year’s avoidance transaction did not occur as part of the series 512
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) use of Barbados sub to engage in proprietary trading for Canadian parent misused the foreign bank exemption, whose purpose was promoting international competitiveness 336
Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(l) purpose of s. 95(2)(l) exception was to permit non-resident subsidiaries of Canadian banks and dealers to compete internationally 190

Oxford Properties Group Inc. v. The Queen, 2016 TCC 204, rev'd 2018 FCA 30

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) no abuse in using 88(1)(d) bump to avoid s. 100 after 3-year s. 69(11) period 557
Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) purpose not to tax underlying recapture on subsequent LP unit sale 431
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) purpose: to push down ACB of shares of sub to qualifying non-depreciable property 489
Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 45(2) subsequent amendment shed light on scope of previous version 107
Tax Topics - Income Tax Act - Section 100 - Subsection 100(1) S. 100 operates only on outside basis gain 290
Tax Topics - Income Tax Act - Section 69 - Subsection 69(11) Parliament provided safe harbour for sales after 3 years 204
Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) - Paragraph 98(3)(c) purpose: to preserve high outside basis through push down 293

Pièces automobiles Lecavalier Inc. v. The Queen, 2014 DTC 1126 [at 3319], 2013 TCC 310

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Tax Topics - General Concepts - Evidence Canadian tax accountant's testimony on US tax consequences accorded little weight 152
Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) debt-paydown transactions were avoidance transactions 268
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) avoidance of debt forgiveness rules was abusive 277

MIL (Investments) S A v. The Queen, 2006 DTC 3307, 2006 TCC 460, aff'd 2007 FCA 236

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Canutilities Holdings Ltd. v. The Queen, 2003 DTC 1029 (TCC), rev'd in part 2004 DTC 6475, 2004 FCA 234

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Les Placements E&R Simard Inc. v. The Queen, 97 DTC 1328 (TCC)

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Craven v. White, [1988] BTC 268 (HL)

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Words and Phrases
series of transactions
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Tax Topics - General Concepts - Tax Avoidance 181

Administrative Policy

May 2019 CPA Alberta CRA Roundtable, ITA Session – Q.7

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2018 Ruling 2017-0683941R3 - Split-up transactions

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) - Subparagraph 55(3)(a)(ii) split-up to resolve business differences between daughter and mother, with relevant significant investment of arm's length investor in further transferee company 758
Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) year-end established in middle of cross-redemptions to avoid circularity 220

29 October 2013 External T.I. 2013-0489771E5 F - Internal Reorganization - 55(3)(a)

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(3.2) - Paragraph 55(3.2)(d) s. 55(3.2)(d) application to estate distribution of corporation to 3 sibling beneficiaries does not deem them to be related to each other 245
Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) - Subparagraph 55(3)(a)(v) relief under s. s. 256(7)(a)(i)(C) or (D) is relevant to s. 55(3.1)(b)(ii), but not to ss. 55(3)(a)(i) to (v) 221

24 October 2012 Internal T.I. 2012-0456711I7 F - Inadmissibilité à la déduction pour GC

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(7) - Paragraph 110.6(7)(b) potential application of s. 110.6(7)(b) where s. 51(2) applied 268
Tax Topics - Income Tax Act - Section 152 - Subsection 152(4.2) no retroactive adjustment of capital gains exemption where claimed before the normal reassessment period 192

17 November 2000 External T.I. 1999-0008585 - Winding-up

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23 August 1991 T.I. (Tax Window, No. 8, p. 21, ¶1409)

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9 May 1990 Meeting (October 1990 Access Letter, ¶1474)

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3 November 89 T.I. (April 90 Access Letter, ¶1172)

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Articles

Doron Barkai, Alexander Demner, "Dealing with New Subsection 55(2): Issues and Strategies", 2016 Conference Report (Canadian Tax Foundation), 6:1–56

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Justice Marshall Rothstein, "An Overview of the Supreme Court of Canada", Bulletin for International Taxation (IBFD), January/February 2016, p. 20.

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Benjamin Alarie, Julia Lockhart, "The Importance of Family Resemblance: Series of Transactions After Copthorne", Canadian Tax Journal (2014) 62:1, 273-99.

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David M. Williamson, Michael H. Manly, "Subsection 69(11) - Unexpected Problems from Inappropriate Positions", Corporate Structures and Groups, Vol. V, No. 4, 1999, p. 285.

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Tax Topics - Income Tax Act - Section 69 - Subsection 69(11) 0

Thivierge, "Emerging Income Tax Issues", 1993 Conference Report, c. 4

J. Tiley, "Series of Transactions", 1988 Conference Report, c.8.

Subsection 248(16) - Goods and services tax — input tax credit and rebate

Administrative Policy

2 April 2014 External T.I. 2012-0473151E5 F - Limitation du coût de location d'un véhicule

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Tax Topics - Income Tax Act - Section 67.3 GST ITCs included under element E of formula 176

27 November 2014 External T.I. 2013-0503861E5 F - Application du paragraphe 248(16)

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) - Paragraph 85(1)(e) ETA s. 193 ITC generated on drop-down does not reduce UCC at that time 193

3 January 1992 T.I. (Tax Window, No. 15, p. 24, ¶1683)

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19 August 1991 Memorandum (Tax Window, No. 8, p. 12, ¶1395)

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22 March 1991 T.I. (Tax Window, No. 1, p. 7, ¶1164)

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Paragraph 248(16)(a)

Subparagraph 248(16)(a)(i)

Administrative Policy

30 March 2011 External T.I. 2010-0390591E5 F - Cotisation spéciale

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Tax Topics - General Concepts - Payment & Receipt amounts paid by set-off are both paid even though no movement of funds 274
Tax Topics - Income Tax Act - Section 9 - Timing amounts assessed against the taxpayer by co-owners not deductible until expended on or in the business 219

Subsection 248(18) - Goods and services tax — repayment of input tax credit

Administrative Policy

19 August 1991 Memorandum 911368(E)

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Subsection 248(20) - Partition of property

Administrative Policy

9 June 2015 External T.I. 2014-0554381E5 F - Copropriété par indivision - partage de biens

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Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1.3) partition did not reset original date of acquisition of property in co-ownership 147

25 September 2000 External T.I. 2000-0038595 - PARTITION OF PROPERTY

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30 November 1995 Ruling 9618173 - PARTITION OF SHARES IN A PARTNERSHIP

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27 April 1998 Internal T.I. 9804567 - PARTITION OF A MILK QUOTA

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23 December 1992 T.I. (Tax Window, No. 27, p. 20, ¶2341) [partition of non-adjacent properties]

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24 February 1992 Memorandum (Tax Window, No. 13, p. 17, ¶1622)

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23 October 1991 T.I. (Tax Window, No. 12, p. 18, ¶1552)

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Articles

A. J Oakley, "Chapter 8: Co-ownership", A Manual of the Law Of Real Property by Robert Megarry, 8th Ed., Sweet & Maxwell, 2002

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Subsection 248(21) - Subdivision of property

Administrative Policy

2019 Ruling 2018-0787181R3 - Minority owners and Partition of Property

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2011 Ruling 2011-0408781R3 - Partition of Property - Land and Buildings

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1 September 2010 External T.I. 2009-0338641E5 - Partition of property

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30 January 2009 External T.I. 2008-0287541E5 F - Décès - actions détenues en indivision

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Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) s. 70(6) inapplicable if partition of bequeathed shares between death and distribution to spousal trust 138

8 August 2005 External T.I. 2005-0145251E5 - Partition of Property

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2003 Ruling 2003-0033363 - PARTNERSHIP WIND-UP

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Tax Topics - Income Tax Act - Section 98 - Subsection 98(3) transfer of undivided interests in cash, WIP and goodwill followed by partition of goodwill 378

2003 Ruling 2003-000951 -

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28 October 2002 External T.I. 2002-0134785 F - Partitioning of Shares

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17 September 1996 External T.I. 9625255 - ACB OF PARTITIONED INTEREST.

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12 July 1995 External T.I. 9428785 - GENERAL SCHEME OF PARTITION

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1994 A.P.F.F. Round Table, Q. 31

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27 January 1992 T.I. (Tax Window, No. 15, p. 18, ¶1687)

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8 January 1992 T.I. (Tax Window, No. 15, p. 17, ¶1686)

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Articles

McMullen, "Tax Considerations in the Reorganization of Partnerships", 1994 Corporate Management Tax Conference Report, c. 6.

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Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) 0

Subsection 248(22) - Matrimonial regimes

Administrative Policy

Tax Professionals Mini Round Table - Vancouver - Q. 32 (March 1993 Access Letter, p. 110)

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Subsection 248(23.1)

Paragraph 248(23.1)(a)

Administrative Policy

6 June 2017 External T.I. 2015-0617331E5 F - TFSA - Exempt Contribution

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Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) payment of family-law debt out of TFSA to surviving spouse would occur as a consequence of the deceased’s death 316
Tax Topics - Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(a) legacy of residue (which included the residence) could be satisfied with TFSA of deceased 101

Paragraph 248(23.1)(b)

Administrative Policy

8 October 2010 Roundtable, 2010-0371951C6 F - Transfert d'un REER ou d'un FERR au décès

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Tax Topics - Income Tax Act - Section 146.3 - Subsection 146.3(6) s. 146.3(6) does not apply as a result of death of non-annuitant spouse 149

Subsection 248(24) - Accounting methods

Administrative Policy

7 August 1991 T.I. (Tax Window, No. 7, p. 18, ¶1386)

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Subsection 248(25) - Beneficially interested

Cases

Canada v. Propep Inc., 2010 DTC 5088 [at 6882], 2009 FCA 274

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Administrative Policy

28 June 2017 External T.I. 2016-0653921E5 F - Beneficiary/person beneficially interested

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Tax Topics - Income Tax Act - Section 70 - Subsection 70(3) a testamentary trust could be a beneficiary or beneficially interested in an estate 104

10 October 2014 APFF Roundtable Q. 4, 2014-0538231C6 F - 2014 APFF Roundtable, Q. 4 - Beneficially interested

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10 October 2014 APFF Roundtable, 2014-0538021C6 F - Meaning of beneficiary

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(5) - Paragraph 55(5)(e) - Subparagraph 55(5)(e)(ii) beneficiary under s. 55(5)(e)(ii) includes beneficially interested under s. 248(25)(a) 284

8 October 2004 APFF Roundtable Q. 28, 2004-0086961C6 - Interaction of 55(5)(e)(ii) and 248(25)(a)

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(5) - Paragraph 55(5)(e) - Subparagraph 55(5)(e)(ii) s. 248(25)(a) does not expand "beneficiary" in s. 55(5)(e)(ii) 71

26 June 2012 External T.I. 2011-0417391E5 F - Bien remis à une fiducie

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - 101-110 - Section 108 - Subsection 108(1) - Testamentary Trust being a contingent beneficiary of an inter vivos trust disqualified a testamentary trust as such 253

Articles

Jeffrey T. Love, Kenneth R. Hauser, "How Various Aggregation Rules Apply to Trusts", 2018 Conference Report (Canadian Tax Foundation), 28: 1-79

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Elie Roth, Tim Youdan, Chris Anderson, Kim Brown, "Taxation of Beneficiaries Resident in Canada", Chapter 4 of Canadian Taxation of Trusts (Canadian Tax Foundation), 2016.

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Michael Goldberg, "Not Quite Chicken Soup – Part II: Are Powers to Add and Remove Beneficiaries Safe for Canadian Family Trust Precedents", Tax Topics, Number 2175, November 14, 2013, p.1.

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Paragraph 248(25)(a)

Administrative Policy

8 June 2018 Internal T.I. 2017-0683021I7 - Assignment of capital interest in a trust

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Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(13) purported drop-down of trust interests to an excluded beneficiary resulted in s. 104(13) inclusions to transferors 343
Tax Topics - Income Tax Act - 101-110 - Section 107 - Subsection 107(5) purported drop down of trust interests by non-resident beneficiaries to ULC was ineffective so that s. 107(2.1) applied to subsequent purported asset distribution to ULC 192
Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) potential application of s. 56(2) to income distribution to non-qualifying transferee of trust interest 203
Tax Topics - Income Tax Act - 101-110 - Section 105 - Subsection 105(1) potential application of s. 105(1) to income distribution to non-qualifying transferee of trust interest 273

Articles

Jeffrey T. Love, Kenneth R. Hauser, "How Various Aggregation Rules Apply to Trusts", 2018 Conference Report (Canadian Tax Foundation), 28: 1-79

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Paragraph 248(25)(b)

Subparagraph 248(25)(b)(ii)

Subsection 248(25.1) - Trust-to-trust transfers

Administrative Policy

10 February 2003 External T.I. 2003-014702 -

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Subsection 248(25.4)

Articles

Elie Roth, Tim Youdan, Chris Anderson, Kim Brown, "Taxation of Beneficiaries Resident in Canada", Chapter 4 of Canadian Taxation of Trusts (Canadian Tax Foundation), 2016.

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Subsection 248(26) - Debt obligations

Cases

Imperial Oil Ltd. v. Canada, 2004 DTC 6702, 2004 FCA 361, rev'd 2006 SCC 46

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Administrative Policy

20 May 2014 External T.I. 2013-0516121E5 F - Debt forgiveness

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Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(x) - Subparagraph 12(1)(x)(iv) BIA settlement of GST interest and penalties included under s. 12(1)(x)(iv) 157
Tax Topics - Income Tax Act - Section 12 - Subsection 12(2.2) s. 12(1)(x)(iv) inclusion from BIA settlement of GST interest and penalties could be offset against related expense 157
Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) - Commercial Debt Obligation BIA settlement of unremitted GST interest 127
Tax Topics - Income Tax Act - Section 9 - Forgiveness of Debt BIA settlement of unremitted GST on sales was on capital account 82

Subsection 248(27)

Articles

Marc André Gaudreau Duval, Michael N. Kandev, "Foreign Affiliate Issues in Troubled Times", International Tax (Wolters Kluwer CCH), No. 112, June 2020, p. 1

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Subsection 248(28) - Limitation respecting inclusions, deductions and tax credits

Cases

Tusk Exploration Ltd. v. Canada, 2018 FCA 121

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Tax Topics - Income Tax Act - Section 211.91 - Subsection 211.91(1) Part XII.6 tax was payable on CEE purportedly renounced on a look-back basis to NAL shareholders 515
Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(a) double taxation can result from non-arm’s length transactions such as under s. 69(1) 301
Tax Topics - Income Tax Act - Section 66 - Subsection 66(12.6) only a PBC can renounce 61

Bakorp Management Ltd. v. Canada (National Revenue), 2016 FCA 74

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Tax Topics - Income Tax Act - Section 187 - Subsection 187(2) overpayment of Part IV tax for a subsequent year did not cut off interest for its underpayment in the previous year before application of the overpayment by CRA 395

Holder v. Canada, 2004 DTC 6413, 2004 FCA 188

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Kruco Inc. v. The Queen, 2001 DTC 668 (TCC), aff'd 2003 FCA 284

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MNR v. Chrysler Canada Ltd., 92 DTC 6346 (FCTD)

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R. v. Inland Revenue Commissioners, ex parte Woolwich Equitable Buildings Society, [1990] BTC 490 (HL)

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Robertson v. The Queen, 90 DTC 6070 (FCA)

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Tax Topics - Income Tax Act - Section 6 - Subsection 6(1) - Paragraph 6(1)(a) only quantifiable benefit from non-s. 7 option grant arose at exercise time 212

Canadian Pacific Ltd. v. The Queen, 88 DTC 6265, [1988] 1 CTC 429 (FCA)

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Tax Topics - Income Tax Act - Section 13 - Subsection 13(7.1) 35

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

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Bye v. Coren, [1985] BTC 7 (HC), aff'd [1986] BTC 330 (C.A.)

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Furniss v. Dawson, [1984] BTC 71 (HL)

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The Queen v. Robichaud, 83 DTC 5265, [1983] CTC 195 (FCTD)

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Gillespie v. The Queen, 82 DTC 6334, [1982] CTC 378 (FCA)

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Noranda Mines Ltd. v. The Queen, 82 DTC 6212, [1982] CTC 226 (FCTD), aff'd 85 DTC 5001, [1984] CTC 659 (FCA)

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IRC v. Garvin, [1981] 1 WLR 793 (HL)

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Tax Topics - General Concepts - Estoppel 48

R. v. Malloney’s Studio Ltd., 79 DTC 5124, [1979] CTC 206, [1979] 2 S.C.R. 326

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Quebec North Shore Paper Co. v. The Queen, 78 DTC 6426, [1978] CTC 628 (FCTD)

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Tax Topics - Income Tax Act - Section 10 - Subsection 10(2) 121

Perrault v. The Queen, 78 DTC 6272, [1978] CTC 395 (FCA)

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Denison Mines Ltd. v. Minister of National Revenue, 74 DTC 6525, [1974] CTC 737, [1976] 1 S.C.R. 245

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F.S. Securities, Ltd. v. C.I.R. (1964), 41 TC 688 (HL)

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Minister of National Revenue v. Trans-Canada Investment Corporation Ltd., 55 DTC 1191, [1955] CTC 275, [1956] S.C.R. 49

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Tax Topics - Income Tax Act - Section 112 - Subsection 112(1) dividend-received deduction flowed through an investment trust 115
Tax Topics - Statutory Interpretation - Expressio Unius est Exclusio Alterius 39

See Also

101139810 Saskatchewan Ltd. v. The Queen, 2017 TCC 3

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(b) s. 55(2) assessment of corporate tax on bad butterfly confirmed notwithstanding same accrued gain reported at individual shareholder level 489
Tax Topics - Income Tax Act - Section 55 - Subsection 55(5) - Paragraph 55(5)(f) 55(5)(f) designation may be made after assessment under s. 55(2) 278

Létourneau v. The Queen, 2010 DTC 1098 [at 3020], 2009 TCC 614 (Informal Procedure)

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Beament et al. v. Minister of National Revenue, 70 DTC 6130, [1970] CTC 193, [1970] S.C.R. 680

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Consoltex Inc. v. The Queen, 97 DTC 724 (TCC)

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Pezzelato v. The Queen, 96 DTC 1285 (TCC)

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Attis v. MNR, 92 DTC 1128 (TCC)

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(2.6) no series of loans and repayments where practice of repaying shareholder advances out of dividends and bonuses 127

Pat Marcantonio v. Minister of National Revenue, 91 DTC 917, [1991] 1 CTC 2702 (TCC)

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Administrative Policy

2016 Ruling 2016-0661071R3 - Whether s. 80 or s. 143.4 applies

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Tax Topics - Income Tax Act - Section 143.4 - Subsection 143.4(4) s. 80 rules prevailed in a CCAA compromise over the contingent amount (s. 143.4) rules 320
Tax Topics - Income Tax Act - Section 143.4 - Subsection 143.4(2) s. 80 prevailed over s. 143.4 110

4 March 2015 External T.I. 2014-0562151E5 F - Frais de psychothérapie – dépense d'entreprise

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Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose “but for” test applied to determine deductibility/potentially creditable item can instead be expense 182

10 October 2014 APFF Roundtable Q. 21, 2014-0538091C6 F - 2014 APFF Roundtable, Q. 21 - Impact of the Descarries Case

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) Descarries failed to recognize scheme against indirect surplus stripping 750
Tax Topics - Income Tax Act - Section 84 - Subsection 84(2) Descarries failed to recognize breadth of s. 84(2) 572

30 October 2014 External T.I. 2013-0488881E5 - Upstream Loan

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11 March 2014 Internal T.I. 2013-0513221I7 F - Stock options

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) double income inclusion under s. 56(2) or (4) to consulting corporation, and under s. 15(1) to its shareholder, where consultant's options issued directly by client to shareholder 113
Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) s. 56(2) benefit where corporation implicitly consented to consultant's options being issued by client directly to its shareholder 170
Tax Topics - Income Tax Act - Section 56 - Subsection 56(4) implicit transfer by corporation when stock options earned by it were issued directly by its client to its shareholder 175
Tax Topics - Income Tax Act - Section 9 - Timing no s. 9(1) income inclusion from consultant being granted stock options until exercise 226
Tax Topics - General Concepts - Fair Market Value - Options stock options with no in-the-money value could have nil FMV 134
Tax Topics - Income Tax Act - Section 52 - Subsection 52(1) s. 15 benefit due to shareholder receipt of stock options earned by corporation added to the ACB of the exercised shares 165

31 August 2011 External T.I. 2011-0415891E5 F - Increase in stated capital, stock dividends -55(2)

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(2) - Paragraph 55(2)(c) capital gain recognized under s. 55(2)(c) not recognized a second time on sale of the shares 185

23 April 2009 External T.I. 2008-0301241E5 F - Fiducie d'invest. à participation unitaire-75(2)

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Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) s. 75(2) generally not applied to commercial unit trust where single class of units subscribed for on FMV terms 277
Tax Topics - Income Tax Act - Section 53 - Subsection 53(2) - Paragraph 53(2)(h) - Subparagraph 53(2)(h)(i.1) CRA could extend IT-369R, para. 10 to avoid ACB reductions to unit trust units where s. 75(2) applies 301

2003 Ruling 2003-0028033 - LEASE-BARGAIN PURCHASE OPTION

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29 April 2003 External T.I. 2003-00646 -

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26 March 2003 External T.I. 2003-0008795 - EMPLOYEE STOCK OPTION DEEMED DIVIDEND

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11 April 2001 External T.I. 1999-0007005 - DEEMED DIVIDENDS ON MARK-TO-MARKET SHARE

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21 November 2000 External T.I. 2000-0056495 - double taxation

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10 August 2000 External T.I. 2000-0016875 - SAR DISPOSITION, SHARES

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12 November 1992 Memorandum (Tax Window, No. 27, p. 7, ¶2330)

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11 June 1991 T.I. (Tax Window, No. 4, p. 8, ¶1297)

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Tax Topics - Income Tax Act - Section 80 - Subsection 80(4) 19

11 September 89 T.I. (February 1990 Access Letter, ¶1109)

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86 C.R. - Q.39

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Tax Topics - Income Tax Act - Section 67 42

85 C.R. - Q.6

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Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) 17

84 C.R. - Q.46

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81 C.R. - Q.3

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IT-369R "Attribution of Trust Income to Settlor"

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Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) 108

IT-462 "Payments Based on Production or Use"

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Articles

Kevin Kelly, Sona Dhawan, "Share Repurchase Programs", Canadian Tax Highlights, Vol. 26, No. 6, June 2018, p. 9

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Tax Topics - Income Tax Act - Section 112 - Subsection 112(5.2) 352

Subsection 248(30)

See Also

Markou v. The Queen, 2018 TCC 66, aff'd on selected grounds 2019 FCA 299

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Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts leveraged donations were integrated transactions no component of which had a “donative intent” 447

Administrative Policy

Subsection 248(31)

Administrative Policy

15 June 2012 External T.I. 2012-0434761E5 F - Dons liés à une police d'assurance-vie

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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 260
Tax Topics - General Concepts - Fair Market Value - Other 7 factors to be considered in valuing a donated life insurance policy 103

Subsection 248(32) - Amount of advantage

Cases

Canada v. Castro, 2015 DTC 5113 [at 6266], 2015 FCA 225, rev'g sub nom. David v. The Queen, 2014 DTC 1111 [at 3236], 2014 TCC 117

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Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts inflated charitable receipt not a "benefit" vitiating a gift (donative intent issue not properly raised) 175
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(2) inflated charitable receipt was invalid 193
Tax Topics - Income Tax Regulations - Regulation 3501 inflated charitable receipt was invalid 193
Tax Topics - Statutory Interpretation - Interpretation Act - Section 16 Regs read in context of enabling legislation 82
Tax Topics - Statutory Interpretation - Interpretation Act - Section 32 inflated charitable receipt not an "advantage" 124

Administrative Policy

Subsection 248(34)

Subsection 248(35) - Deemed fair market value

See Also

Mariano v. The Queen, 2015 DTC 1209 [at 1331], 2015 TCC 244

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Tax Topics - General Concepts - Fair Market Value - Other courseware licences valued at modest initial cost, given relevant wholesale market and depressive effect of huge volumes purchased 303
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 - 101-110 - Section 104 - Subsection 104(1) void for lack of certainty of objects 224
Tax Topics - Income Tax Act - 101-110 - 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

Administrative Policy

10 October 2014 APFF Roundtable Q. 10, 2014-0538641C6 F - 2014 APFF Roundtable, Q. 10 - Application of 248(35), (36) and (37)(g).

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(36) bequest on FMV basis 100

16 October 2012 External T.I. 2012-0454451E5 - Donation of flow-through shares

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19 November 2009 External T.I. 2009-0312021E5 F - Prime d'assurance et donation

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Tax Topics - Income Tax Act - Section 118 - Subsection 118(5.2) deemed payment of gift by deceased under s. 118(5.2) when charity receives policy death benefit, subject to s. 248(35) 265

Paragraph 248(35)(b)

Subparagraph 248(35)(b)(i)

Administrative Policy

18 May 2017 Roundtable, 2017-0692361C6 - CLHIA 2017 Q4 - Gift of a life insurance policy

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(36) adjusted cost basis of policy is a reasonable proxy for its cost 446

Subsection 248(36) - Non-arm’s length transaction

Administrative Policy

18 May 2017 Roundtable, 2017-0692361C6 - CLHIA 2017 Q4 - Gift of a life insurance policy

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Words and Phrases
cost
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 248 - Subsection 248(35) - Paragraph 248(35)(b) - Subparagraph 248(35)(b)(i) gifted policy deemed to have its nil adjusted cost basis to the NAL transferor to the donor 301

10 October 2014 APFF Roundtable Q. 10, 2014-0538641C6 F - 2014 APFF Roundtable, Q. 10 - Application of 248(35), (36) and (37)(g).

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(35) s. 248(35) does not apply where gifted property previously was bequested on s. 70(6) rollover basis 65

Subsection 248(37)

Paragraph 248(37)

Paragraph 248(37)(e)

Paragraph 248(37)(f)

Subsection 248(38)

Subsection 248(39)

Subsection 248(41)