Subsection 143.2(1) - Definitions
Limited-recourse amount
Administrative Policy
S7-F1-C1 - Split-receipting and Deemed Fair Market Value
Example re insurance policy
1.39 ... [T]he term limited-recourse amount is defined in subsection 143.2(1) as the unpaid principal amount of any...
Tax Shelter Investment
Articles
Bacal, Jadd, Thivierge, "Raised the Curtain for Act II: Tax Shelter Reform and the New Film Tax Credit Regime", 1997 Canadian Tax Journal, Vol. 43, No. 6, p. 1965.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(6) | 0 |
Ewens, "Tax Shelter Analysis", The Taxation of Corporate Reorganizations, 1996 Canadian Tax Journal, Vol. 44, No. 4, p. 1207 and Vol. 44, No. 5, p. 1486.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.1 - Subsection 237.1(1) - Tax Shelter | 0 |
Subsection 143.2(2) - At-risk adjustment
Cases
Madell v. Canada, 2009 DTC 6043, 2009 FCA 193
The taxpayer, and a limited partnership of which he was a member, agreed to pay an advance royalty of $20,000 per designated territory for rights...
Paragraph 146.2(2)(c)
Administrative Policy
23 October 2009 External T.I. 2009-0309861E5 F - Tax-free Savings Accounts
Mr. X makes the only contribution to the TFSA of his wife. CRA stated:
[A]n arrangement ceases to be administered in accordance with the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 74.5 - Subsection 74.5(12) - Paragraph 74.5(12)(c) | s. 74.5(12)(c) inapplicable to contribution of property to TFSA of contributor’s spouse followed by spouse’s withdrawal of property and investment of proceeds | 65 |
Subsection 143.2(6) - Amount of expenditure
See Also
Lee v. Agence du revenu du Québec, 2020 QCCQ 780, aff'd sub nomine Seica v. Agence du revenu du Québec, 2021 QCCA 1401
The ARQ did not lose heart with the victory by a representative investor in a tax shelter in Drouin (where CRA unsuccessfully argued that no...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(ii) | interest on limited recourse notes that could be extinguished through the surrender of the limited recourse asset was deductible | 226 |
| Tax Topics - Income Tax Act - Section 237.1 - Subsection 237.1(1) - Tax Shelter | tax shelter definition applied on a property-by-property basis, and cost excluded interest | 579 |
Articles
Donald H. Watkins, "The Tax-Shelter Rules: An Update", 1998 Conference Report, c.5.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.1 - Subsection 237.1(2) | 0 | |
| Tax Topics - Income Tax Regulations - Regulation 231 - Subsection 231(6.1) | 0 |
Bacal, Jadd, Thivierge, "Raised the Curtain for Act II: Tax Shelter Reform and the New Film Tax Credit Regime", 1997 Canadian Tax Journal, Vol. 43, No. 6, p. 1965.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(1) - Tax Shelter Investment | 0 |
Subsection 143.2(7) - Repayment of indebtedness
See Also
O'Dea v. The Queen, 2009 DTC 912, 2009 TCC 295
Promissory notes owing by the taxpayers, which were consideration for their acquisition of units of a limited partnership, provided that the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Payment & Receipt | no evidence of payment through off-settable cash | 87 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(i) | reliance on professional opinions for technical matter | 129 |
| Tax Topics - Income Tax Act - Section 163 - Subsection 163(2) | 49 | |
| Tax Topics - Income Tax Act - Section 96 | 56 |
Tolhoek v. The Queen, 2007 DTC 247, 2006 TCC 681 (Informal Procedure)
A partnership ("ICON") of which the taxpayer became a limited partner purchased software from a subsidiary ("Trafalgar Capital") of the developer...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(615) | 62 |
Administrative Policy
3 February 2000 TI 990688
For purposes of determining whether indebtedness denominated in a foreign currency is deemed to have a limited recourse amount by s. 143.2(7),...
Paragraph 143.2(7)(a)
See Also
Cassan v. The Queen, 2017 TCC 174
In December 2009, individual taxpayers participated in a tax shelter that involved making both a leveraged investment (the "LP Program") and...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | common law gift was vitiated by loan to donor at unreasonably low rate | 793 |
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(12) | although borrowing by taxpayers had a term of 9.3 years, they had a reasonable expectation of refinancing with the promoter’s assistance | 478 |
| Tax Topics - Income Tax Regulations - Regulation 7000 - Subsection 7000(2) - Paragraph 7000(2)(d) | no requirement to accrue interest on index-linked note in a year when the return thereon was not determinable | 605 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) | interest on loan to acquire LP units was deductible as there was a prospect of gross income being allocated by LP in 19 years’ time | 619 |
| Tax Topics - Statutory Interpretation - Realization Principle | amount should not be recognized until ascertainable | 73 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(c) | gratuitous transfer is gift irresepctive of absence of benevolent intent | 56 |
Subsection 143.2(615)
See Also
Tolhoek v. The Queen, 2007 DTC 247, 2006 TCC 681 (Informal Procedure)
The taxpayer unsuccessfully submitted that it was not "necessary" for the Minister to have reassessed beyond the normal limitation period on the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(7) | 341 |
Subsection 143.2(12)
See Also
Cassan v. The Queen, 2017 TCC 174
In December 2009, individual taxpayers participated in a tax shelter that involved making both a leveraged investment and leveraged donation. In...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts | common law gift was vitiated by loan to donor at unreasonably low rate | 793 |
| Tax Topics - Income Tax Act - Section 143.2 - Subsection 143.2(7) - Paragraph 143.2(7)(a) | loans were not bona fide in that not handled with commerciality | 701 |
| Tax Topics - Income Tax Regulations - Regulation 7000 - Subsection 7000(2) - Paragraph 7000(2)(d) | no requirement to accrue interest on index-linked note in a year when the return thereon was not determinable | 605 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i) | interest on loan to acquire LP units was deductible as there was a prospect of gross income being allocated by LP in 19 years’ time | 619 |
| Tax Topics - Statutory Interpretation - Realization Principle | amount should not be recognized until ascertainable | 73 |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(c) | gratuitous transfer is gift irresepctive of absence of benevolent intent | 56 |