Cases
Canada v. Citibank Canada, 2002 DTC 6876, 2002 FCA 128
The taxpayer (a Schedule II chartered bank) acquired preferred shares of a public company which, after five years, were convertible into common...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Statutory Interpretation - Ordinary Meaning | phrase directed at sophisticated transctions should be given its commercial meaning | 154 |
See Also
MacNiven v. Westmoreland Investments Ltd., [2001] 1 All ER 865 (HL)
After noting that Aldous L.J. stated in British and Commonwealth Holdings plc v. Barclays Bank plc 1 All ER 381 at 395 that "the words 'financial...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Payment & Receipt | interest paid with loan | 130 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(d) | capitalization of interest through payment and readvance respected | 130 |
| Tax Topics - Statutory Interpretation - Ordinary Meaning | 70 |
Penner v. The Queen, 94 DTC 6567, [1994] 2 CTC 253 (FCTD)
Teitelbaum J. indicated (at p. 6592) that he did not believe that the reference in former s. 192(6)(c)(iii)(B) to "a share ... of the capital of a...
Apple Fields Ltd. v. New Zealand Apple and Pear Marketing Board, [1991] 2 WLR 129 (PC)
S.27(1) of the Commerce Act 1986 (New Zealand) provided:
"No person shall enter into a contract or arrangement, or arrive at an understanding,...
Administrative Policy
1999 Ruling 9927473 - TERM PREFERRED SHARES
Para. (b) will not apply where the issuer is controlled by a person related to the shares' owner.
11 September 1996 Internal T.I. 9613107 - TERM PREFERRED SHARES
Preferred shares that were convertible or exchangeable into a number of common shares determined by dividing the preferred shares' redemption...
30 November 1995 Ruling 9610843 - CONVERSION OF DEBT INTO PREFERRED SHARES,
Preferred shares issued on a debt restructuring that are convertible at any time into that number of non-voting shares of the issuer that is...
14 September 1994 External T.I. 9419925 - SECTION 84(4.2)
"Where a corporation has only one class of common shares outstanding that are not TPS, in our view, such shares would generally not become TPS...
93 C.R. - Q. 9
Shares held by an SFI that it has agreed to sell to an arm's length person will be term-preferred shares by virtue of subparagraph (a)(ii) of the...
17 July 1992 External T.I. 5-911644
A convertible or exchangeable share which is not a term preferred share under s.(a)(iv) of the definition, might still be a term preferred share...
26 June 1992 T.I. 911683 (March 1993 Access Letter, p. 87, ¶C248-128)
A conversion feature pursuant to which a preferred share could be converted, after a period of five years, into common shares of the issuing...
91 C.R. - Q.15
The wording of ss. (a)(i) and (ii) of the definition of term preferred share may be broad enough to include a share with "piggyback" rights.
23 September 1991 T.I. (Tax Window, No. 9, p. 19, ¶1468)
A shareholders' agreement which provides that a shareholder or group of shareholders may be required to purchase the shares of another shareholder...
16 October 1990 T.I. (Tax Window, Prelim. No. 1, p. 22, ¶1027)
The phrase "may reasonably be expected" in paragraph (e) of the definition of short-term preferred share, in paragraph (i) of the definition of...
89 C.R. - Q.19
"We acknowledge that paragraph (h) is not applicable for cases where the guarantee agreement could be considered to relate only to earnings to be...
89 C.R. - Q.17
Where a preferred share is convertible into common on the basis of 95% of the market value of the common at the time of exchange, this will not...
89 C.R. - Q.18
In determining whether an issuer of a share is controlled by a specified financial institution either alone or together with any other specified...
ATR-5 (16 Dec. 85)
the right of holders of common share purchase warrants to surrender preferred shares of the company to it in lieu of paying the cash subscription...
84 C.R. - Q.61
waiver of compliance with a covenant on the occurrence of what is a commercially accepted event of default is neither a change in the terms of the...
ATR-46, February 21, 1992
Description of arrangement for issuance of financial difficulty preferred shares by subsidiary of corporation in financial difficulty.
Articles
Elinore J. Richardson, "Term Preferred Shares Revisited", Corporate Finance, Vol VIII, No. 2, 2000, p. 726
Discussion of preferred shares with value-based conversion features.
Skingle, "A Guide through the Preferred Share Maze", 1994 Canadian Petroleum Tax Journal, Vol. 7, No. 1, p. 79.
Darling, "Revenue Canada Perspectives", 1992 Corporate Management Tax Conference Report, c. 5.
Schafer, "Tax Implications of Restructuring and Refinancing", under "Distress Preferred Shares", 1992 Corporate Management Tax Conference Report, c. 4.
Worndl, "Debt Restructuring for a Corporation in Financial Difficulty", Tax Profile, February, 1991
Discussion of financial difficulty shares.
Brussa, "Strategies for Troubled Times", 1990 Conference Report, c. 9
Discussion of financial difficulty shares.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) | 0 |
Ruby, "Recent Financing Techniques", 1989 Conference Report, c.27 under "Perpetual Preferred Shares"
Discussion of auction preferred shares.
Dyer, "Preferred Share Financing", 1986 Corporate Management Tax Conference, p. 20.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 112 - Subsection 112(2.2) | 10 |
Paragraph (b)
Administrative Policy
27 July 2004 Internal T.I. 2004-0079111I7 F - Actions privilégiées à terme
LP #1, whose limited partner (“Corporation”) was a specified financial institution, had its shares of a corporation (“Group") redeemed,...