Subsection 207.05(2)
See Also
Hunt v. The Queen, 2022 TCC 67
The taxpayer contributed shares of a private company each year from 2009 to 2012, and sold the shares in 2013 for around $114,000. After the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 53 | Ministerial discretion to waive tax did not render the tax contrary to s. 53 | 273 |
Hunt v. The Queen, 2018 TCC 193, aff'd on narrower grounds 2020 FCA 118
Over the years 2009 to 2012, the taxpayer transferred to his Tax Free Savings Account (“TFSA”) common shares in the capital stock of a...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 207.06 - Subsection 207.06(2) | Minister must consider the three s. 207.06(2) criteria | 160 |
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 91 - Subsection 91(3) | 100% TFSA advantage tax did not infringe provincial property-and-civil-rights power | 233 |
| Tax Topics - Other Legislation/Constitution - Constitution Act, 1867 - Section 53 | CRA’s discretion to waive tax does not render the tax unconstitutional | 155 |
Administrative Policy
S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
Advantage tax computed only on annual basis
3.45 In the case of an advantage consisting of an increase in the FMV of plan property attributable to...
S3-F10-C2 - Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
Computation of advantage tax
2.21 The controlling individual of a registered plan is also subject to a 100% advantage tax under section 207.05 on...
Subsection 207.05(3)
See Also
Louie v. The Queen, 2018 TCC 225, rev'd in part on "advantage" issue (for subsequent years) 2019 FCA 255
From May 15 to October 17, 2009, the taxpayer directed 71 “swaps” under which TSX-listed shares were transferred between her self-directed...
| 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 207.01 - 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 |
Subsection 207.05(4) - Transitional rule
Administrative Policy
S3-F10-C2 - Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
Transitional relief for locked-in plans
2.33 This transitional rule does not distinguish between locked-in plans and regular plans. Consequently,...
28 May 2014 External T.I. 2013-0486111E5 F - RRSP, prohibited investment
The shares of an RRSP, which were prohibited investments held by it on 23 March 2011 and for which it made the transitional benefit election in s....
| 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 207.01 - Subsection 207.01(13) | s. 51 exchange of transitional prohibited property does not trigger s. 207.04(1) tax | 134 |