Former Business Property

Cases

Colbert v. The Queen, 94 DTC 6620, [1994] 2 CTC 345 (FCTD)

Wetson J. found that the taxpayer had transferred all the assets and goodwill of his chicken farm with the exception of the land and the chicken...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Agency shareholder generally does not carry on business of corporation 138
Tax Topics - General Concepts - Personality 138
Tax Topics - General Concepts - Separate Existence 138

The Queen v. Augart, 92 DTC 6610, [1992] 2 CTC 412 (FCTD)

Farm land which the taxpayer used for grazing animals (his own breeding stock as well as horses which he boarded for other people) was not a...

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Buonincontri v. The Queen, 85 DTC 5277, [1985] 1 CTC 370 (FCTD)

It was held that an 11 suite apartment building had been purchased by a tailor for the purpose of retaining it and renting it, and was accordingly...

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Words and Phrases
rent

See Also

Gestions Calce Ltée v. Agence du revenu du Québec, 2019 QCCQ 7377

The ARQ assessed the taxpayer for recapture of depreciation and capital gain on the basis that a rental property that the taxpayer (“Gestions...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 13 - Subsection 13(4) departure from written terms of lease to find that a rental property was used principally in the active business of a related person 253

Glaxo Wellcome Inc. v. The Queen, 96 DTC 1159, [1996] 1 CTC 2904 (TCC), aff'd 98 DTC 6638 (FCA)

The predecessor of the taxpayer bought an 18-acre parcel of land in 1965 with the intention of using it for an anticipated future expansion of its...

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Words and Phrases
use

Re Trizec (1986), 28 DLR (4th) 161 (Man. C.A.)

"Land is not, in law, the soil we touch, but the rights attached to it. Such rights include the right to work the soil, to mine beneath the...

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Words and Phrases
land

Administrative Policy

4 November 2016 External T.I. 2016-0666901E5 - New Class 14.1 and replacement property rules

The rollover in s. 14(6) for the acquisition of replacement eligible capital property following a voluntary disposition of ECP (e.g., of farm...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 13 - Subsection 13(4) rollover lost on transition from ECP to Class 14.1 property 140

4 March 2015 External T.I. 2014-0550761E5 F - 44(1) et disposition partielle

Insurance proceeds received for the destruction of part of a building (which, unlike the balance of the building, was used for business use)...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(f) inclusion of insurance proceeds applied to building repair 116
Tax Topics - Income Tax Act - Section 44 - Subsection 44(1) partial destruction of building 197
Tax Topics - Income Tax Act - Section 54 - Proceeds of Disposition - Paragraph (f) insurance proceeds received for destruction of part of building: compensation for property damaged rather than destroyed 76

2014 Ruling 2014-0523551R3 - Disposition of a Former Business Property

Holdco, which leases properties for heavy industrial use to Opco (which is related) with the exception of some leasing of the properties to third...

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22 May 2003 External T.I. 2003-0011805 - FORMER BUSINESS PROPERTY

"Notwithstanding the fact that a property owned by a corporation earns rental income that may be considered active business income, it is an...

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25 June 1999 External T.I. 9911065 - MEANING OF FORMER BUSINESS PROPERTY

An apartment building would be a rental property and, therefore, disqualified even if the taxpayer worked full-time at renovating and restoring it.

29 March 2000 External T.I. 2000-0012805 - REPLACEMENT PROPERTY LEASEHOLD INTEREST

The replacement property rules in s. 44 may apply when freehold land is acquired to replace a leasehold interest in land for the purpose of...

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25 August 1994 Ministerial Correspondence 940084B - P'SHIPS AS RELATED PERSONS

One partnership cannot be a "related person" to another partnership for purposes of the definition of a former business property.

19 August 1994 External T.I. 9416175 - FORMER BUSINESS PROPERTY

Four properties which were acquired by a holding company at different times and held under four separate titles would be considered to be four...

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19 November 1991 Memorandum (Tax Window, No. 13, p. 12, ¶1599)

Vacant land held for the purposes of future expansion of a business does not meet the definition of former business property because it is not...

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7 October 1991 T.I. (Tax Window, No. 10, p. 11, ¶1502)

Where a corporation acquires real property as capital property for use in an active business and at some later juncture the real property is...

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13 December 1989 T.I. (May 1990 Access Letter, ¶1214)

Buildings which were leased to a wholly-owned subsidiary or related corporation for use in manufacturing operations of those corporations did not...

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88 C.R. - Q.47

The exclusion for rental properties applies where the land and buildings are held by a holding company and leased to Opco.

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