Subsection 207.01(1) - Definitions
See Also
Grenon v. The Queen, 2021 TCC 30
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4801 - Paragraph 4801(a) - Subparagraph 4801(a)(i) - Clause 4801(a)(i)(A) | distribution of units that included significant purchases by minors and by adults who did not pay for their own units, was unlawful | 757 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | purported establishment of “alter ego” MFTs through which an RRSP could invest in operating businesses was an abuse engaging GAAR | 605 |
| Tax Topics - Income Tax Act - Section 204.2 - Subsection 204.2(1.1) | alleged distribution from non-qualified investment was not an over-contribution | 277 |
| Tax Topics - General Concepts - Window Dressing | window-dressing is a deception about intention | 312 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | CRA’s assessing listed taxable RRSPs in a T3GR global return was not of the taxpayer’s (also listed) RRSP /inappropriate reliance in legal opinion on certificate of fact was carelessness | 441 |
| Tax Topics - Income Tax Act - Section 207.2 - Subsection 207.2(3) | CRA’s assessment of Pt. XI.1 shown on the T3GR for all RRSPs of one type did not start the normal reassessment period for the taxpayer’s RRSP since no tax shown for it | 370 |
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(1) - Paragraph 4900(1)(d.2) | distribution was not lawful because the issuer had not complied with the OM exemption, which was the exemption that it had chosen to rely on | 291 |
Advantage
Administrative Policy
20 August 2018 External T.I. 2018-0739761E5 - TFSA contributions
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146.2 - Subsection 146.2(2) - Paragraph 146.2(2)(c) | remuneration or a trust distribution paid directly to a TFSA is not a 3rd-party contribution | 123 |
28 May 2015 External T.I. 2015-0574481E5 - Advantage tax and employee-owned securities
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
May 2013 ICAA Roundtable, Q. 10 (reported in April 2014 Member Advisory)
28 May 2014 External T.I. 2013-0486111E5 F - RRSP, prohibited investment
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(13) | s. 51 exchange of transitional prohibited property does not trigger s. 207.04(1) tax | 134 |
| Tax Topics - Income Tax Act - Section 207.05 - Subsection 207.05(4) | s. 207.05(4) status is preserved following s. 51 exchange | 120 |
Articles
Paragraph (a)
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
1 June 2016 External T.I. 2015-0601211E5 - Mortgage loan from RRSP to make a shareholder loan
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) | money borrowed by individual from RRSP to make interest-free loan to corporation | 181 |
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(1) - Paragraph 4900(1)(j.1) | use of qualified mortgage loan proceeds of no import | 184 |
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Registered Plan Strip | 4900(1)(j.1) mortgage loan unlikely to be acquired at less than FMV | 225 |
27 January 2014 External T.I. 2013-0504191E5 F - RRSP, qualified investment
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4901 - Subsection 4901(2) - Specified Small Business Corporation | general discussion of SSBC definition | 229 |
Subparagraph (a)(i)
Subparagraph (a)(ii)
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Subparagraph (a)(v)
Administrative Policy
3 April 2020 External T.I. 2019-0830101E5 - “Advantage”: promotional incentive exception
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(1) - Premium | referral bonus is considered to be a premium contributed to the plan | 173 |
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Paragraph (b)
Administrative Policy
S3-F10-C1 - Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
7 November 2012 External T.I. 2012-0437821E5 F - Registered Plan - Advantage
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
14 February 2012 External T.I. 2011-0416621E5 F - REER, swap
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - RRSP Strip | swap of savings bond between RRSP and non-registered account would be an RRSP strip | 80 |
Subparagraph (b)(i)
Cases
Louie v. Canada, 2019 FCA 255
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| 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 248 - Subsection 248(10) | no necessity for predetermined endpoint or advance determination of price | 211 |
| 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 |
See Also
Louie v. The Queen, 2018 TCC 225, rev'd in part on "advantage" issue (for subsequent years) 2019 FCA 255
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Words and Phrases
directly or indirectly| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(10) | share swap transactions were series notwithstanding that their particulars and end point were not known in advance | 189 |
| Tax Topics - Income Tax Act - Section 207.05 - Subsection 207.05(3) | holder rather than trustee liable for advantage tax | 148 |
| 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 |
Administrative Policy
27 November 2018 CTF Roundtable Q. 12, 2018-0785021C6 - Investment management fees
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
28 September 2018 External T.I. 2018-0779261E5 - Investment management fees
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Finance
Subparagraph (b)(ii)
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Paragraph (c)
Administrative Policy
17 April 2013 External T.I. 2012-0457011E5 F - Coop Shares in RRSP and Prohibited Invest. Rules
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Excluded Property - Paragraph (c) | shares can become prohibited investments as a result of other shareholders dispose of their shares | 373 |
| Tax Topics - Income Tax Act - Section 207.04 - Subsection 207.04(4) | dispositions that generate the refund are not limited to redemptions of the shares | 226 |
Deliberate Over-Contribution
Administrative Policy
14 July 2020 External T.I. 2020-0843071E5 - TFSA - Deliberate Over-contributions
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.02 | no requirement to distribute income on a TFSA overcontribution where there has been 1% monthly tax but no advantage tax | 45 |
Excluded Property
Paragraph (c)
Administrative Policy
17 April 2013 External T.I. 2012-0457011E5 F - Coop Shares in RRSP and Prohibited Invest. Rules
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.04 - Subsection 207.04(4) | dispositions that generate the refund are not limited to redemptions of the shares | 226 |
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (c) | advantage tax on net capital gains and income of RRSP from cooperative shares | 352 |
S3-F10-C2 - Prohibited Investments – RRSPs, RRIFs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Exempt Contribution
Paragraph (b)
Administrative Policy
7 October 2020 APFF Financial Strategies and Instruments Roundtable Q. 5, 2020-0851601C6 F - TFSA Exempt Contribution - Spousal Trust
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(a) | indirect transfer made in accordance with deceased’s will would be as a consequence of death | 235 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 7, 2019-0821701C6 F - TFSA Exempt Contribution - Survivor payment
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(b) | transfer of TFSA to survivor on renunciation of bequest thereof occurred as a consequence of death | 139 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Unused TFSA Contribution Room - Paragraph (b) - Element D | diminution in TFSA property in executors' hands reduces exempt contribution | 216 |
6 June 2017 External T.I. 2015-0617331E5 F - TFSA - Exempt Contribution
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| 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 |
| 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 |
11 May 2017 External T.I. 2016-0679751E5 F - TFSA - Exempt Contribution
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(8) - Paragraph 248(8)(a) | legacy made by executor exercising discretion conferred under will occurred because of death | 78 |
Paragraph (c)
Administrative Policy
Paragraph (d)
Registered Plan Strip
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
1 June 2016 External T.I. 2015-0601211E5 - Mortgage loan from RRSP to make a shareholder loan
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) | money borrowed by individual from RRSP to make interest-free loan to corporation | 181 |
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(1) - Paragraph 4900(1)(j.1) | use of qualified mortgage loan proceeds of no import | 184 |
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (a) | 4900(1)(j.1) insurance requirements generally arm's length/potential advantage on default | 247 |
Prohibited Investment
Administrative Policy
Articles
Todd Miller, Michael Friedman, Carl Irvine, "The New RRSP/RRIF Anti-Avoidance Regime: A Roadmap and Tips for the Unwary", Taxation of Executive Compensation and Retirement, Vol. 23, No. 4, p. 1463
Paragraph (b)
Subparagraph (b)(i)
Administrative Policy
22 November 2012 External T.I. 2012-0441781E5 F - Prohibited Investment - Cooperative
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(15) | application to shares of cooperative | 112 |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Shareholder | investor in cooperative holds shares and is shareholder | 178 |
RRSP Strip
Administrative Policy
14 February 2012 External T.I. 2011-0416621E5 F - REER, swap
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage - Paragraph (b) | computation of advantage from swap transaction | 257 |
Swap Transaction
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Unused TFSA Contribution Room
Administrative Policy
22 October 2015 Internal T.I. 2013-0486491I7 - Overdrafts in a TFSA
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146.2 - Subsection 146.2(2) - Paragraph 146.2(2)(f) | administrative accommodation of short term inadvertent overdrafts but not of cashless warrant exercise | 372 |
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(6) - Paragraph 146(4)(a) | accommodation only of temporary technical breach of borrowing prohibition for registered plans | 238 |
Paragraph (b)
Element D
Administrative Policy
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Exempt Contribution - Paragraph (b) | survivor payment equals amounts paid under the TFSA to the estate provided the survivor receives at least that amount as TFSA beneficiary | 312 |
Subsection 207.01(4)
Administrative Policy
S3-F10-C2 - Prohibited Investments – RRSPs, RRIFs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
Paragraph 207.01(4)(a)
Administrative Policy
20 March 2015 External T.I. 2014-0528311E5 - Mortgage Investment Corporation - RRSP
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 130.1 - Subsection 130.1(6) | shareholdings of siblings not included | 61 |
Subsection 207.01(6)
Administrative Policy
S3-F10-C1 - Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
12 July 2013 External T.I. 2012-0447191E5 - RRSP trust taxation under 146(10.1)
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(10.1) | gain due to ACB grind | 81 |
Subsection 207.01(13)
Administrative Policy
28 May 2014 External T.I. 2013-0486111E5 F - RRSP, prohibited investment
The text of this content is paywalled Mon.-Fri. except for the 1st full week of each month. Subscribe or log in for unrestricted access.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Advantage | no advantage on s. 51 exchange | 89 |
| Tax Topics - Income Tax Act - Section 207.05 - Subsection 207.05(4) | s. 207.05(4) status is preserved following s. 51 exchange | 120 |