Subsection 164(1) - Refunds
Cases
4431472 Canada Inc. v. Canada (Attorney General), 2021 FC 812
A trust (the “Thames Trust”) received annual “fees” from a non-resident hedge fund manager (“GAM”) that it distributed to...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) | it would be reasonable for CRA to reverse a s. 56(2) assessment of the shareholder where it had refused to reverse the inclusion of the same income to the corporation | 326 |
Canada v. 984274 Alberta Inc., 2020 FCA 125
The taxpayer (“984”) reported a capital gain on its 2003 sale of land on the basis that it had acquired it from its parent (Henro) on a...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 160.1 - Subsection 160.1(1) | ss. 160.1(1) and (3)’s application not subject to the issuance of a prior time-constrained reassessment | 489 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | nil assessment not subject to 3-year limitation in s. 152(4) | 190 |
| Tax Topics - General Concepts - Stare Decisis | prior decision of the FCA that “manifestly overlooked [the] established line of cases” was not to be followed | 76 |
Clover International Properties Ltd. v. Canada (AG), 2013 DTC 5116 [at at 6132], 203 FC 676
The taxpayer had an overpayment of tax in its 1996 taxation year, and did not file its T2 return within three years of the end of 1996. Although...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 221.2 - Subsection 221.2(1) | 189 |
Twentieth Century Fox Film Corp. v. MNR, 2001 DTC 5125 (FCTD)
The taxpayer had filed income tax returns reporting Part XIV tax payable, its returns were assessed as filed, and it did not file Notices of...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 219 - Subsection 219(2) | 58 |
See Also
1074022 B.C. Ltd. v Li, 2020 BCSC 65
No s. 116 certificate was obtained on a court-approved sale of a Vancouver property (arising in connection with foreclosure proceedings) by the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 116 - Subsection 116(5) | CRA could be required to pay excess s. 116 remittance to taxpayer’s mortgagee as directed by taxpayer or to pay into court | 522 |
984274 Alberta Inc. v. The Queen, 2019 TCC 85, rev'd 2020 FCA 125
The taxpayer (“984”) reported a capital gain on its 2003 sale of land on the basis that it had acquired it from its parent (Henro) on a...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(ii) | reassessment made pursuant to late waiver was void | 34 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(8) | reassessment made pursuant to late waiver could not be cured by s. 152(8) | 47 |
| Tax Topics - Income Tax Act - Section 169 - Subsection 169(3) | voidness of assessment against 2nd taxpayer to a settlement agreement meant that it could not be assessed under s. 169(3) | 285 |
| Tax Topics - Income Tax Act - Section 160.1 - Subsection 160.1(1) | refund made pursuant to a void reassessment was not made pursuant to the Act (and also was not a “refund” on ordinary principles) so that s. 160.1(1) unavailable | 488 |
The Queen v. Erasmus, 92 DTC 6301, [1992] 2 CTC 21 (FCA)
Pratte J.A. stated (pp. 6304-6305):
"Until an assessment is made, therefore, a court may not order the refund of the sums paid as income tax...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(8) | 41 |
Hughes v. The Queen, 91 DTC 5290, [1991] 1 CTC 492 (FCTD)
The taxpayer filed tax returns beyond the time period referred to in s. 164(1)(b) seeking a refund of a portion of the source deductions remitted...
Administrative Policy
15 June 2015 Internal T.I. 2015-0583081I7 - Refund Request - Normal Reassessment Period
In clarifying the indication in 2012-0468081I7 that "where a refund request is based on issues that are covered by a valid waiver, a refund may be...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(ii) | inferring refund request from waiver | 147 |
18 November 2014 TEI Roundtable, Q. E.4
Where a corporation has been formally dissolved and has an "overpayment," the CRA may refuse to issue a refund, whereas if it has a a balance of...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) | refund re dissolved sub | 108 |
CBAO National Commodity Tax, Customs and Trade Section – 2014 GST/HST Questions for Revenue Canada, Q. 7
It appears that these refunds are being withheld when an audit is about to take place even if the returns have been filed and duly paid. Is this...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Section 229 - Subsection 229(1) | discretion to delay refund if pending audit | 116 |
5 November 2014 External T.I. 2014-0538901E5 - Refund Sought/Notices of Objection, ss. 164(1)
A non-resident corporation, which had not filed any T2 returns (notwithstanding having been subject to Reg. 105 withholding), was assessed under...
15 March 2013 Internal T.I. 2012-0468081I7 - Paragraph 164(1)(b)
Does s. 164(1)(b) permit a refund to be made where a taxpayer has filed a valid waiver to allow a reassessment beyond the normal reassessment...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(ii) | refund request not related to issues in waiver issues | 119 |
8 October 2008 Internal T.I. 2008-0269581I7 - statute-barred refund
The corporate taxpayer requested that CRA exercise its discretion under any of ss. 220(2.1), 220(3) and 221.2(1) to refund an overpayment where...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(1.5) | "may" establishes CRA discretion | 128 |
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(2.1) | request to extend filing deadline | 70 |
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(3) | request to extend filing deadline | 70 |
| Tax Topics - Income Tax Act - Section 221.2 - Subsection 221.2(1) | request to re-appropriate | 88 |
7 June 2012 Internal T.I. 2012-0435561I7 - Refunds on Post-Bankruptcy Returns
An individual becomes a bankrupt part-way through a year. In his return for his post-bankruptcy part year (commencing under s. 128(2)(d)(i) on...
12 December 2002 External T.I. 2001-0100755 F - Impact of LCB on Dr and Part IV
During its the taxation year ending September 30, 2000 ("2000 TY”), Bco paid its CCPC parent (Aco) a taxable dividend of $223,500, entitling it...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 129 - Subsection 129(2) | general practice to net dividend refund against unpaid Part I tax | 115 |
| Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) | connected dividend recipient is not required to pay s. 186(1)(b) tax if it can demonstrate by the return-filing deadline that such tax was eliminated through a loss carryback | 274 |
| Tax Topics - Income Tax Act - Section 160.1 - Subsection 160.1(1) | interest payable under s. 160.1(1) on the reversed dividend refund where subsequent year’s loss is carried back to eliminate the Part I tax and RDTOH | 283 |
Subsection 164(1.1) - Repayment on objections and appeals
Cases
Grenon v. Canada (National Revenue), 2017 FCA 167
After the taxpayer was reassessed for over $200 million and appealed to the Tax Court, the Minister obtained an ex parte order under s. 225.2 (the...
Topol v. MNR, 2003 DTC 5343 (FCTD)
Layden Stevenson J. found that the correct standard of judicial review under s. 18.1 of the Federal Court Act of a decision of the Minister under...
Subsection 164(1.2)
Cases
Canada (National Revenue) v. 0741449 B.C. Ltd., 2016 FC 530
An individual (“Consiglio”) his wife was the sole director and shareholder of the respondent corporation, whose assets consisted of several...
Subsection 164(1.5) - Exception
Administrative Policy
22 August 2022 Internal T.I. 2019-0810061I7 - XXXXXXXXXX v MNR -220(3) and 152(7)
ACo’s 2011 to 2013 taxation years were arbitrarily assessed under s. 152(7). Eventually, it filed tax returns for those taxation years after the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(3) | s. 220(3) could not be used to extend the normal reassessment period running from an arbitrary assessment | 243 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(i) | misrepresentation (a repeated failure to file returns) could not ground CRA reassessments, beyond the normal reassessment period, to reduce arbitrary assessments made by it | 253 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(6) | s. 152(6) is limited by s. 152(4)(b) | 221 |
8 October 2008 Internal T.I. 2008-0269581I7 - statute-barred refund
In disagreeing with the taxpayer's submission "that subsection 164(1.5) is not really a discretionary provision but essentially gives individuals...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(1) | request to extend filing deadline or re-appropriate | 106 |
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(2.1) | request to extend filing deadline | 70 |
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(3) | request to extend filing deadline | 70 |
| Tax Topics - Income Tax Act - Section 221.2 - Subsection 221.2(1) | request to re-appropriate | 88 |
Subsection 164(1.6)
Cases
Canada (Attorney General) v. Iris Technologies Inc., 2021 FCA 223
Iris Technologies Inc. (“Iris”) filed applications for the Canada emergency wage subsidy (“CEWS”). CRA took the view that Iris, contrary...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 244 - Subsection 244(9) | no evidence that CRA affiant had control of records | 225 |
| Tax Topics - General Concepts - Evidence | exception from hearsay evidence rule for reliable evidence | 197 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(3.4) | respective roles of Tax Court and Federal Court in reviewing CEWS claims | 318 |
Subsection 164(2) - Application to other debts
Administrative Policy
2024 Alberta CPA Roundtable, Q.6(b)
Consider the example of a taxpayer owing $1,000 and being entitled to a Canada carbon rebate (CCR) of $140. Although CRA indicated in the 2023...
18 July 2013 External T.I. 2013-0483031E5 - Applying Income Tax Refund to Security for GST
In indicating that a non-resident's failure to post security under s. 240(6) of the ETA did not create a liability so that subsection 164(2) of...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(2.01) | 68 |
27 September 2011 Internal T.I. 2010-0389171I7 - Reassessment of a Bankrupt Taxpayer
After the taxpayer's return for 2006 was assessed on April 27, 2007 on a basis that showed a refund was owing to the taxpayer for that year, the...
85 C.R. - Q.32
Although s. 164(2) does not apply to the request of a taxpayer, RC will honour a taxpayer's request to transfer an overpayment to a subsequent...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 161 - Subsection 161(2) | 36 |
Subsection 164(2.01) - Withholding of refunds
Administrative Policy
18 July 2013 External T.I. 2013-0483031E5 - Applying Income Tax Refund to Security for GST
After noting that in order to post security pursuant to 240(6) of the ETA, a non-registrant is required to complete and return Form GST 114...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(2) | 70 |
Subsection 164(3) - Interest on refunds and repayments
Cases
Glatt v. Canada (National Revenue), 2019 FC 738
Following his assessment for a $2,890,050 penalty in 2012 under s. 163.2, the Applicant paid $1,000,000 to the Minister so as to offset interest...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(8) | CRA could not treat its statement of a taxation year in its Notice of Reassessment as an error | 385 |
| Tax Topics - Other Legislation/Constitution - Federal - Federal Courts Act - Section 18.1 - Subsection 18.1(2) | extension granted where the taxpayer had continually pursued relief | 415 |
| Tax Topics - General Concepts - Onus | onus on Minister to establish that her refund of a s. 163.2 penalty did not relate to any particular taxation year | 282 |
Imperial Oil Resources Ventures Limited v. Canada (Attorney General), 2014 DTC 5113 [at 7275], 2014 FC 839
In response to an increase in royalty charges by the Albertan government for the rights to oil sands, the federal government issued the Syncrude...
Portage Tax Services v. The Queen, 82 DTC 6104, [1982] CTC 95 (FCTD)
The overpayments on which interest runs include rights to refunds which a discounter has acquired pursuant to the Tax Rebate Discounting Act, and...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Federal - Crown Liability and Proceedings Act - Paragraph 3(a) | 45 |
Administrative Policy
15 June 2022 STEP Roundtable Q. 13, 2022-0929381C6 - 164(6) – Amending Deceased’s Final T1 Return
If an election under s. 164(6) results in a refund, when does interest begin to accrue thereon?
CRA noted that given that the election shifts the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(6) - Paragraph 164(6)(e) | s. 164(6) amendment must be made through filing an amended return, not a T1 Adjustment Request | 107 |
2 December 2008 External T.I. 2008-0301761E5 F - Prepayment of Reassessments - Refund Interest
A corporation makes an advance payment in anticipation of a reassessment, with CRA subsequently refunding a portion of such amount pursuant to s....
IT-155R3 "Exemption from Non-resident Tax on Interest Payable on Certain Bonds, Debentures, Notes, Hypothecs or Similar Obligations"
The exemption in s. 212(1)(b)(ii)(C) is not applicable to refund interest.
Subsection 164(3.1) - Idem [Interest on refunds and repayments]
Cases
Interprovincial Steel and Pipe Corp. v. The Queen, 86 DTC 6583, [1986] 2 CTC 473 (FCA)
Prior to the enactment of s. 164(3.1), there was no basis for the Minister to collect interest in the circumstances described therein.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(1) | 32 |
Subsection 164(4.1) - Duty of Minister
Cases
Trzop v. Canada, 2002 DTC 6728, 2001 FCA 380
The taxpayer had acquired debt with a nominal adjusted cost base to it and successfully argued before the Supreme Court of Canada that subsequent...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Evidence | 74 | |
| Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base | no addition for unpaid labour | 68 |
Indalex Ltd. v. The Queen, 86 DTC 6598, [1986] 2 CTC 482 (FCA)
The issuance of a fresh reassessment by the Minister pursuant to s. 164(4.1)(d) does not have the effect of nullifying the assessment from which...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 45(2) | 35 |
See Also
Hagedorn v. The Queen, 95 DTC 288, [1993] 2 CTC 3141 (TCC)
The Tax Court could not consider the appeal of the taxpayer from a reassessment of the Minister made pursuant to s. 164(4.1) given that such...
Subsection 164(6) - Where disposition of property by legal representative of deceased taxpayer
Administrative Policy
7 October 2020 APFF Roundtable Q. 4, 2020-0852161C6 F - Election
At the 2019 APFF Provincial Roundtable, Revenu Québec indicated that it is possible to claim the capital loss, realized by a graduated rate...
16 October 2020 External T.I. 2020-0865071E5 - Subsection 164(6) - time limit
Would CRA allow more time for the application of s. 164(6), given that delays in the probate process may delay the timing of the disposition of...
26 November 2020 STEP Roundtable Q. 15, 2020-0839951C6 - Subsection 164(6) limitations
S. 164(6) requires that there be a disposition within the first taxation year of the graduated rate estate. Would CRA be prepared to recommend and...
S4-F8-C1 - Business Investment Losses
1.71 ... Where an estate realizes a business investment loss in its first tax year, the legal representative of the estate may elect under...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Small Business Corporation | "substantially" and "principally" | 38 |
| Tax Topics - Income Tax Act - Section 50 - Subsection 50(1) | End of year references taxpayer | 343 |
| Tax Topics - Income Tax Act - Section 50 - Subsection 50(1.1) | 247 | |
| Tax Topics - Income Tax Act - Section 50 - Subsection 50(1) - Paragraph 50(1)(a) | Proactive collection efforts | 157 |
| Tax Topics - Income Tax Act - Section 40 - Subsection 40(2) - Paragraph 40(2)(g) - Subparagraph 40(2)(g)(ii) | connection between loan and income-producing purpose | 320 |
| Tax Topics - Income Tax Act - Section 39 - Subsection 39(9) | Example | 182 |
2015 Ruling 2015-0569891R3 - Ss. 164(6) carry-back and post-mortem pipeline
One of the beneficiaries (“Child 2”), of a Canadian estate holding stepped-up (per s. 70(5)) shares of A Co (a Canadian portfolio investment...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(2) | proceeds of share redemption (generating s. 164(6) carryback) allocated to U.S. beneficiary before pipeline for Cdn beneficiaries | 711 |
12 February 2013 Internal T.I. 2012-0437211I7 F - NRT rules and subsection 164(6)
The estate of an individual, who was resident in Canada for more than 60 months, was deemed to be resident in Canada under s. 94. At the time of...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 54 - Personal-Use Property | personal residence of deceased potentially would not be personal-use property to estate | 112 |
| Tax Topics - Income Tax Act - Section 94 - Subsection 94(3) - Paragraph 94(3)(a) | estate of resident deceased with one resident beneficiary was subject to s. 94(3) | 315 |
20 December 2010 External T.I. 2010-0384531E5 - Sale of Taxable Canadian Property by Non-Residents
S. 164(6) is available to a non-resident estate, but only regarding property that is taxable Canadian property (so that it would not be available...
25 February 2004 External T.I. 2004-0056681E5 - 164(6) losses and prior tax yrs
"When the total of the capital losses that are the subject of an election under subsection 164(6) and capital losses otherwise realized by the...
15 May 1995 External T.I. 9507245 - NR ESTATE - IS 164(6) LIMITED TO "TAX CND PTY"?
Where an estate is a non-resident of Canada, only a capital loss arising on the disposition of taxable Canadian property is eligible for carryback...
Halifax Round Table, February 1994, Q. 27
RC will accept a T1 Adjustment Request to amend the terminal year T1 return in order to deduct a capital loss incurred by the deceased taxpayer's...
30 November 1993 Income Tax Severed Letter 9322965 - Executor's Year—Loss Carryback to Year of Death Return
Re whether prior to (1) the anniversary of the death of the deceased and (2) the winding-up of the estate, the executor has the right to wind-up a...
1993 Internal T.I. 9325537 F - Election Under Sub
Discussion of when shares are capital property of the estate as opposed to the beneficiaries, including a finding that a flow-through of dividends...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Ownership | 39 | |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | 93 |
91 C.R. - Q.42
If a capital loss is deemed to be nil as a result of s. 85(4), there is no capital loss to which the rules in s. 164(6) are applicable.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 85 - Subsection 85(4) | 33 |
January 4 1991 T.I. (Tax Window, No. 2, p. 7, ¶1182)
The phrase "notwithstanding any other provision of this Act" does not exclude the application of s. 85(4) or similar stop-loss rules. Accordingly,...
12 September 1990 T.I. (Tax Window, Prelim. No. 1, p. 21, ¶1014)
Where property is held in joint tenancy and one of the joint tenants dies, the surviving joint tenant is not entitled to make the election under...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | 26 |
IT-484R "Business Investment Losses"
Where the estate realizes a business investment loss in its first taxation year, an election under s. 164(6)(c) may be utilized to have it...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 39 - Subsection 39(1) - Paragraph 39(1)(c) | 0 | |
| Tax Topics - Income Tax Act - Section 84 - Subsection 84(9) | 0 |
Articles
H. Michael Dolson, Balaji (Bal) Katlai, Leanne Rodrigo, "Will Planning, Subsection 164(6), and Non-Resident Trusts", International Tax Highlights, Vol. 2, No. 3, August 2023, p. 15
Potential inability of non-resident trust to utilize s. 164(6) for non-TCP (pp. 15-16)
- CRA has considered (e.g., in 2010-0384531E5) that a...
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.
Circularity problem where estate capital gains realized in 1st year (p 139)
The CRA has acknowledged that the wording of subsections 40(3.61) and...
Chris Falk, Stefanie Morand, "Current Issues Forum: Pipeline Planning; Subsection 164(6) Circularity Issue; Eligible Dividend Designations", 2012 Ontario Tax Conference of Canadian Tax Foundation
Interaction of Subsections 40(3.6), 40(3.61) and 164(6) — the "Circularity" Issue
As discussed in more detail in the Moraitis/Kakkar Article,...
David Louis, "164(6) - This Time in Context", Tax Topics No. 1595, 3 October 2002, p. 1.
Paragraph 164(6)(a)
Administrative Policy
26 November 2020 STEP Roundtable Q. 5, 2020-0847181C6 - Subsections 40(3.61) and 164(6)
In the first taxation year of an estate, it realizes a capital loss of $1,000,000 on redeeming a portion of the common shares of a private company...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 40 - Subsection 40(3.61) | ss. 40(3.61) and (3.6), and 164(6), not applied iteratively to eliminate a s. 164(6) loss carryback where the estate also realized a small capital gain | 474 |
Paragraph 164(6)(e)
Administrative Policy
15 June 2022 STEP Roundtable Q. 13, 2022-0929381C6 - 164(6) – Amending Deceased’s Final T1 Return
The conditions for allowing capital losses of a graduated rate estate in its first taxation year to be considered capital losses of the deceased...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(3) | commencement of refund interest where loss transferred from GRE to terminal return | 170 |
Subsection 164(6.1) - Realization of deceased employees’ options
Administrative Policy
16 June 2014 STEP Roundtable, 2014-0523011C6 - STEP Roundtable 2014-7(1)(e)
After noting that s. 7(1)(e) did not apply if a deceased employee held unvested stock options because such options had no value immediately after...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 7 - Subsection 7(1) - Paragraph 7(1)(e) | nil valuation of unvested options | 99 |
30 October 2012 Ontario CTF Roundtable Q. 14, 2012-0462941C6 - 2012 Ontario CTF Q14 - Circularity with 164(6)
The query noted that when an estate elects under subsection 164(6) to apply a capital loss to the terminal return of the deceased, it is possible...
21 December 2012 Internal T.I. 2009-0327221I7 - Paragraph 7(1)(e) - Death of a Taxpayer
After noting that a deceased employee would be deemed under s. 7(1)(e) to dispose of unexercised stock options at fair market value on death, and...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 110 - Subsection 110(1) - Paragraph 110(1)(d) | 75 | |
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(6.4) | 99 | |
| Tax Topics - Income Tax Act - Section 54 - Capital Property | 105 | |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(c) | FMV basis for stock options received by estate | 105 |
| Tax Topics - Income Tax Act - Section 7 - Subsection 7(1) - Paragraph 7(1)(e) | 99 |
6 September 2001 Internal T.I. 2001-0094327 F - DEMANDE DE CONTRIBUABLE
The Directorate indicated that since s. 110.1(1.1) used the word “deducted” rather than “deductible,” a donation which had been deducted...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(8) - Non-Capital Loss | non-capital loss could be recomputed for a prior year which had not been assessed | 373 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | CCRA should not exercise its discretion to reassess a taxation year to allow the carryforward of a non-capital loss arising as a result of a favourable court decision | 279 |
| Tax Topics - Income Tax Act - Section 110.1 - Subsection 110.1(1.1) | donation previously claimed in a prior year but no longer needed in that year could not be re-claimed in a subsequent year | 60 |
| Tax Topics - Income Tax Act - Section 111 - Subsection 111(3) - Paragraph 111(3)(a) | s. 111(3)(a) precluded the application of a non-capital loss that had previously been claimed for a prior year even though there no longer was taxable income in that prior year | 159 |
Subsection 164(6.4)
Administrative Policy
21 December 2012 Internal T.I. 2009-0327221I7 - Paragraph 7(1)(e) - Death of a Taxpayer
CRA stated:
Where an employee stock option provides that the option is automatically cancelled on death of an employee, the value of the option...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 110 - Subsection 110(1) - Paragraph 110(1)(d) | 75 | |
| Tax Topics - Income Tax Act - Section 164 - Subsection 164(6.1) | 223 | |
| Tax Topics - Income Tax Act - Section 54 - Capital Property | 105 | |
| Tax Topics - Income Tax Act - Section 69 - Subsection 69(1) - Paragraph 69(1)(c) | FMV basis for stock options received by estate | 105 |
| Tax Topics - Income Tax Act - Section 7 - Subsection 7(1) - Paragraph 7(1)(e) | 99 |
Subsection 164(7)
Cases
Imperial Oil Resources Limited v. Canada (Attorney General), 2016 FCA 139
In response to an increase in royalty charges by the Albertan government for the rights to oil sands, the federal government issued the Syncrude...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) | Tax Court has no jurisdiction to hear an appeal on the computation of refund interest | 347 |
See Also
McMillen Holdings Ltd. v. MNR, 87 DTC 585, [1987] 2 CTC 2327 (TCC)
The taxpayer, which had received a dividend refund, for its taxation year ended July 31, 1982, on August 22, 1983, appealed to the Tax Court...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) | no jurisdiction to order payment of refund interest | 344 |
Administrative Policy
4 May 2009 External T.I. 2008-0299841E5 F - Garantie pour l'impôt de départ
Before concluding that the posting of security under s. 220(4.5) for departure tax can generate a refund of instalments paid in excess of regular...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 220 - Subsection 220(4.5) | posting of security for departure tax can generate refund of instalments paid in excess of regular tax | 213 |