Subsection 207.01(1) - Definitions
Advantage
Administrative Policy
20 August 2018 External T.I. 2018-0739761E5 - TFSA contributions
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|---|---|---|
| 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
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May 2013 ICAA Roundtable, Q. 10 (reported in April 2014 Member Advisory)
28 May 2014 External T.I. 2013-0486111E5 F - RRSP, prohibited investment
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| 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
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1 June 2016 External T.I. 2015-0601211E5 - Mortgage loan from RRSP to make a shareholder loan
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| 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
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|---|---|---|
| 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
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Subparagraph (a)(v)
Administrative Policy
3 April 2020 External T.I. 2019-0830101E5 - “Advantage”: promotional incentive exception
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|---|---|---|
| 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
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Paragraph (b)
Administrative Policy
S3-F10-C1 - Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
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7 November 2012 External T.I. 2012-0437821E5 F - Registered Plan - Advantage
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14 February 2012 External T.I. 2011-0416621E5 F - REER, swap
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| 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
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| 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
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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
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28 September 2018 External T.I. 2018-0779261E5 - Investment management fees
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S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
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Finance
Subparagraph (b)(ii)
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
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Paragraph (c)
Administrative Policy
17 April 2013 External T.I. 2012-0457011E5 F - Coop Shares in RRSP and Prohibited Invest. Rules
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| 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
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|---|---|---|
| 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
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| 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
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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
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|---|---|---|
| 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
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11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 6, 2019-0813451C6 F - TFSA - Bequest and disclaimer
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| 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
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|---|---|---|
| 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
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| 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
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|---|---|---|
| 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)
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
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| 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 |
Registered Plan Strip
Administrative Policy
25 February 2021 Internal T.I. 2020-0865641I7 - Settlement Payments to Registered Plans
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(8) | damages payment received by annuitant is not a benefit if paid over to the RRSP by year end | 253 |
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Unused TFSA Contribution Room - Paragraph (b) - Element D | damages payments made to a TFSA are not treated as a contribution | 143 |
| Tax Topics - Income Tax Act - Section 146.4 - Subsection 146.4(6) | RDSP damages paid to and retained by the beneficiary would be taxable | 220 |
| Tax Topics - Income Tax Act - Section 146.1 - Subsection 146.1(7.1) | RESP damages received and retained by the subscriber would be included under s. 146.1(7.1) | 174 |
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs and TFSAs
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1 June 2016 External T.I. 2015-0601211E5 - Mortgage loan from RRSP to make a shareholder loan
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| 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 |
RRSP Strip
Administrative Policy
14 February 2012 External T.I. 2011-0416621E5 F - REER, swap
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| 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
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Unused TFSA Contribution Room
Administrative Policy
22 October 2015 Internal T.I. 2013-0486491I7 - Overdrafts in a TFSA
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| 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
25 February 2021 Internal T.I. 2020-0865641I7 - Settlement Payments to Registered Plans
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| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(8) | damages payment received by annuitant is not a benefit if paid over to the RRSP by year end | 253 |
| Tax Topics - Income Tax Act - Section 146.4 - Subsection 146.4(6) | RDSP damages paid to and retained by the beneficiary would be taxable | 220 |
| Tax Topics - Income Tax Act - Section 207.01 - Subsection 207.01(1) - Registered Plan Strip | advantage if RDSP damages are received by a holder who is not a beneficiary | 220 |
| Tax Topics - Income Tax Act - Section 146.1 - Subsection 146.1(7.1) | RESP damages received and retained by the subscriber would be included under s. 146.1(7.1) | 174 |
11 October 2019 APFF Financial Strategies and Instruments Roundtable Q. 4, 2019-0813421C6 F - TFSA - Survivor Payment - Decrease in FMV
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| 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
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Paragraph 207.01(4)(a)
Administrative Policy
20 March 2015 External T.I. 2014-0528311E5 - Mortgage Investment Corporation - RRSP
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|---|---|---|
| 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
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12 July 2013 External T.I. 2012-0447191E5 - RRSP trust taxation under 146(10.1)
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| 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
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| 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 |