Section 249

Subsection 249(1)

Cases

Katz Estate v. The Queen, 76 DTC 6377, [1976] CTC 633 (FCTD)

Addy, J. stated, obiter, that "where section 249 refers to an individual, it must be taken to refer to an individual who is alive and ... [a]...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 70 - Subsection 70(6) 57

Administrative Policy

7 November 2012 External T.I. 2012-0468101E5 - Year End of Inter Vivos Trust on Wind Up

The taxation year of an inter vivo trust that has distributed all its property in the year to its beneficiary and, therefore, has effectively been...

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17 July 2000 Internal T.I. 2000-0012557 - 75(20 on transfer of shares to trust...

"The taxation year of an inter vivos trust is December 31, regardless of when it is wound up....[T]he trust could not avoid the application of...

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20 February 1998 External T.I. 9714685 - NON-RESIDENT TRUST STRUCTURES

"It is our view that by virtue of subsection 104(2) and 249(1) of the Act, the last taxation year of an inter-vivos trust ends on December 31 of...

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94 C.P.T.J. - Q.22

"A predetermined agreement which sets out how the group is to act in certain situations would normally constitute acting in concert ... ....

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4 October 89 Memorandum (March 1990 Access Letter, ¶1155)

The taxation year of a deceased taxpayer ends on the date of his death.

89 C.M.TC - Q.4

The RCT policy to permit a joint venture to establish its own fiscal period is intended to apply primarily to the situation where the participants...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 18 - Subsection 18(9) 44

88 C.R. - Q.79

An election pursuant to s. 195 of S.C. 1988, C.55 will be accepted if made in a late-filed return, but not if in an amended return.

Paragraph 249(1)(b)

Administrative Policy

15 June 2022 STEP Roundtable, Q.10

When a trust is wound up, does its taxation year end at that time or does it continue until the time of its normal year-end (which for an inter...

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Paragraph 249(1)(c)

Administrative Policy

26 November 2020 STEP Roundtable Q. 11, 2020-0839891C6 - Subsection 104(19)

If a beneficiary receives an amount that is designated as a taxable dividend under s. 104(19) by the payor trust (which designation CRA considers...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(a) Pt IV tax exemption no longer available because corporate beneficiary was no longer connected at December 31 effective time of s. 104(19) designation 196
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(19) dividend subject to Pt IV tax because payer and corporate beneficiary no longer connected at December 31 effective date of all s. 104(19) designations 85
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(13) designated dividend included in individual’s terminal return which has a December 31 year end 129

29 May 2018 STEP Roundtable Q. 3, 2018-0744081C6 - Trust return due date on wind up

In contrast with ss. 249(1)(b) and 249(5), which provide that the taxation year for a graduated rate estate is based on the period for which the...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 249 - Subsection 249(5) a non-GRE trust can have a calendar tax year even where it was dissolved 193

Subsection 249(3) - Fiscal period exceeding 365 days

Administrative Policy

S4-F7-C1 - Amalgamations of Canadian Corporations

Requirement for Amalco year end not to skip a year

1.17.1 … [A] fiscal period of a corporation can be up to 53 weeks. However, subsection 249(3)...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 100 - Subsection 100(2.1) s. 100(2.1) applies to non-qualifying amalgamation 64
Tax Topics - Income Tax Act - Section 111 - Subsection 111(12) application following amalgamation 113
Tax Topics - Income Tax Act - Section 116 - Subsection 116(1) deemed tcp following amalgamation 167
Tax Topics - Income Tax Act - Section 13 - Subsection 13(5.1) continuity of s. 13(5.1) on amalgamation 132
Tax Topics - Income Tax Act - Section 165 - Subsection 165(1) Amalco can continue objection and receive refunds 157
Tax Topics - Income Tax Act - Section 169 Amalco can continue objection 103
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(n) reserve after amalgamation 62
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Shareholder shareholder need not hold shares 88
Tax Topics - Income Tax Act - Section 251 - Subsection 251(3.1) deemed non-arm's length relationship on amalgamation 172
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(b) related party, majority and 50% group exceptions 495
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(iii) reserve after amalgamation 62
Tax Topics - Income Tax Act - Section 66.7 - Subsection 66.7(7) successoring where non-wholly owned amalgamation 109
Tax Topics - Income Tax Act - Section 69 - Subsection 69(13) no disposition of predecessor property on general principles 113
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1.4) s. 87(5) not applicable 112
Tax Topics - Income Tax Act - Section 80.01 - Subsection 80.01(3) non-87 amalgamation/no FX gain 165
Tax Topics - Income Tax Act - Section 84 - Subsection 84(3) no deemed dividend to dissenter on amalgamation 87
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) election filing by Amalco 109
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.1) s. 87(1.1) qualifies for all s. 87 purposes 66
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.2) successoring where non-wholly owned amalgamation 109
Tax Topics - Income Tax Act - Section 87 - Subsection 87(10) deemed listing of temporary Amalco shares 120
Tax Topics - Income Tax Act - Section 87 - Subsection 87(11) gain if high PUC is sub shares 55
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) presumptive satisfaction of s. 87(1)(a)/dissent and squeeze-outs onside 297
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(a) new corp/deemed year end coinciding or not with acquisition of control 758
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(b) Amalco must follow predecessor's valuation method subject to truer picture doctrine 64
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(c) reserve after amalgamation 113
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(d) cost amount carryover 149
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(e.1) s. 100(2.1) applies to non-qualifying amalgamation 64
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(o) no continuity rule for non-security options 139
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(q) pre-amalgamation services 106
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.11) loss-carry back to parent 169
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.1) dovetailing with s. 88(1.1) 44
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3.1) 346
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3) PUC shifts 189
Tax Topics - Income Tax Act - Section 87 - Subsection 87(4) fractional share cash/ACB or value shift/implied non-recognition for predecessor shares 281
Tax Topics - Income Tax Act - Section 87 - Subsection 87(7) dovetailing with s. 78 and 112(12) 191
Tax Topics - Income Tax Act - Section 87 - Subsection 87(9) allocation of s. 87(9)(c)(ii) excess as parent chooses 230
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) late designation 122
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1.1) dovetailing with s. 87(2.1) 62
Tax Topics - Income Tax Act - Section 98 - Subsection 98(5) partnership dissolution on amalgamation 137
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2.2) deemed non-arm's length relationship on amalgamation 467
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2) deemed non-arm's length relationship on amalgamation 371
Tax Topics - Income Tax Regulations - Regulation 1102 - Subsection 1102(14) class continuity on non-arm's length amalgamation 327
Tax Topics - Income Tax Regulations - Regulation 8503 - Subsection 8503(3) - Paragraph 8503(3)(b) pre-amalgamation services 106
Tax Topics - Income Tax Act - Section 22 - Subsection 22(1) 179

28 April 2015 External T.I. 2014-0560131E5 - Subsection 249(3) - fiscal period exceeds 365 days

A taxpayer changes from a calendar to a floating fiscal period, with the first such period beginning on January 1, 2014, and ending on January 3,...

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17 October 2014 Internal T.I. 2014-0535561I7 F - Application du paragraphe 249(3)

A corporation has a financial year commencing 31 December 2009 and ending 3 January 2011. The Directorate stated (TaxInterpretations...

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18 January 1994 External T.I. 9330965 F - Deemed Taxation Year

Where a corporation has a fiscal year commencing on December 29, 1991 and ending on January 2, 1993 and its subsequent fiscal period commences on...

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Subsection 249(3.1) - Year end on status change

Administrative Policy

22 October 2014 Internal T.I. 2014-0550191I7 - Subsections 89(11) and 249(3.1)

Does s. 249(3.1) apply when a corporation files a s. 89(11) election, thereby triggering a deemed year-end - and does a revocation of the election...

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27 March 2014 External T.I. 2014-0523171E5 - Deemed year-end pursuant to 249(3.1)

A few years after the taxpayer (a Canadian-controlled private corporation) made the s. 89(11) election, two public corporations acquired more than...

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27 March 2014 External T.I. 2014-0524851E5 F - Deemed year-end and CPCC status

On December 1, B Corporation (a CCPC) makes a binding offer (to which s. 251(5)(b) applies) to purchase all the shares of A Corporation whose...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 251 - Subsection 251(5) - Paragraph 251(5)(b) sub of public corporation does not become CCPC until time of its actual acquisition of control 234

28 November 2013 External T.I. 2013-0504221E5 F - Fin d'années réputées

Opco, a Canadian-controlled private corporation with a September 30 year end, amalgamates on October 1 with another CCPC so that the deemed year...

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Words and Phrases
immediately before

2 December 2011 External T.I. 2011-0424446E5 - Interaction of Subsections 249(3.1) and 249(4)

on November 30, a Canadian-controlled private corporation (Corp A) and a non-resident enter into a purchase agreement, with the non-resident...

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9 December 2010 External T.I. 2010-0388101E5 F - CCPC status and acquisition of control

The shareholders of Opco, a Canadian-controlled private corporation which has had a July 31 taxation year end, agrees on December 26, 20-A with a...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 249 - Subsection 249(4) - Paragraph 249(4)(b) CCPC whose control has been agreed to be acquired by Pubco can elect to extend its deemed s. 249(3.1) year end under s. s. 249(4)(b) 173

Articles

Kenneth Saddington, Jennifer Hanna, "Mergers and Acquisitions in the Light of the US Tax Changes", 2018 Conference Report (Canadian Tax Foundation), 19:1-36

Hybrid potential where IP with little recapture (p. 19:14)

It may be possible to use a hybrid transaction to reconcile a US acquiror’s desire to...

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Anthony Strawson, Timothy P. Kirby, "Vendor Planning for Private Corporations: Select Issues", 2017 Conference Report, (Canadian Tax Foundation), 11:1-28

Use of s. 89(11) election to avoid deemed s. 249(3.1) year end (p. 11:18)

Subsection 249(3.1) applies to deem a CCPC’s year-end to occur when...

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Subsection 249(4) - Year end on change of control

Administrative Policy

15 October 2014 External T.I. 2014-0547551E5 F - Acquisition of Control

The common shares of Opco are held as follows: A-20%; B-9%; C-10%; D-25%; E-10%; F-13%; G-13%. A, B and C are a related group as are E, F and G. D...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 251.2 - Subsection 251.2(2) - Paragraph 251.2(2)(a) shrinking of CCPC control group likely was AOC if sufficiently material 372

15 April 2014 External T.I. 2014-0527231E5 F - Acquisition of control and amalgamation

A plan of arrangement provided for the following transactions to occur on 18 January 20X1 and in the indicated order but without a particular hour...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(a) same day amalgamation following control acquisition gives rise to two taxation year ends if out-of-normal course transactions occur on day of closing 327

26 March 2013 External T.I. 2014-0523251E5 F - Acquisition of control and amalgamation

Following a sale of assets of a corporation and a rollover of its shares on 18 January 20X1, an acquisition of control of the corporation occurs...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(a) double taxation year ends where transactions occur on the closing date before acquisition and amalgamation 379

18 December 2013 External T.I. 2013-0511101E5 F - Substantial interest - Part VI.1

An inter vivos trust (Trust), with three individual trustees holds Class A non-voting common shares and C special voting shares of Corporation. An...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 191 - Subsection 191(3) creation of substantial interest through redemption of special voting shares 414
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition no disposition of shares that became voting by operation of law (due to cancellation of voting shares) 171
Tax Topics - Income Tax Act - Section 251.2 - Subsection 251.2(2) - Paragraph 251.2(2)(a) no acquisition of control where votes pass from trust to an estate with the same individuals as executors 187

17 February 2011 External T.I. 2010-0388081E5 - Clarification STEP Roundtable Q3 - Deemed Year End

It is generally CRA's position that a target corporation will only have one deemed year end where an acquisition of control of the target is...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(b) double year ends where acquisition of control under s. 256(7)(b)(ii) 162
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(a) double year ends where acquisition of control under s. 256(7)(b)(ii) 165

Income Tax Technical News, No. 34, 27 April 2006 under "Change in Trustees and Control".

Income Tax Technical News, No. 7, 21 February 1996 (cancelled)

Discussion of when shareholders of a closely-held corporation are considered to be acting in concert or otherwise to represent a group.

1994 A.P.F.F. Round Table, Q. 48

"In general, the Department's position is that an agreement signed between shareholders has no influence whatever on determining de jure control...

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18 May 1993 T.I. (Tax Window, No. 31, p. 4, ¶2511)

Where a widely-held public corporation (A) issues treasury shares pursuant to a takeover bid to the shareholders of B (another widely-held public...

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25 August 1992 External T.I. 5-921586

Where an individual (or group of persons) transfers a controlling interest in one corporation to a second corporation in exchange for a...

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29 July 1992 Memorandum (Tax Window, No. 21, p. 4, ¶2037)

Two unrelated individuals each holding ½ of the shares of a corporation will not be considered to act in concert simply because the consent of...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 256 - Subsection 256(5.1) 27

29 June 1992 Internal T.I. 7-920444

Discussion of what constitutes a "group of persons".

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 256 - Subsection 256(5.1) 34

28 May 1992 T.I. 920817 (December 1992 Access Letter, p. 38, ¶C248-120)

Where trustees of a trust control the voting rights of shares of a corporation prior to the distribution of the shares to unrelated beneficiaries,...

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14 May 1992 External T.I. 5-920356

It is RC's position that a shareholders' agreement, regardless of whether or not it is pursuant to a specific statute or includes the corporation...

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91 C.R. - Q.12

The existence of a shareholder agreement between two 50% shareholders will not always be prima facie evidence that they constitute a group.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 256 - Subsection 256(5.1) 28

15 November 1991 T.I. (Tax Window, No. 11, p. 10, ¶1535)

A corporation ("Holdco") which held less than 50% of the shares of another corporation ("Opco") and which dealt at arm's length with the other...

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90 C.R. - Q43

In the absence of the application of s. 256(8), control of a corporation normally will be considered to be acquired on the date of closing.

90 C.R. - Q39

Where corporations A and B are amalgamated on the same day on which control of corporation B was acquired by corporation A, corporation B will...

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11 June 1990 T.I. (November 1990 Access Letter, ¶1537)

Where 50% of the shares of Corporation C are each owned by Corporation A and Corporation B and an individual (who previously owned 1/2 of the...

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June 1990 Meeting with Alberta Institute of Chartered Accountants (November 1990 Access Letter, ¶1499, Q. 1)

Where a wholly-owned subsidiary of a corporation sells 60% of its common shares in a public offering, there has been no change of control if there...

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19 March 1990 T.I. (August 1990 Access Letter, ¶1393)

Where one of the two 50% shareholders of a company sells his shares to an arm's length purchaser, a group of persons will be considered to have...

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8 March 1990 T.I. (August 1990 Access Letter, ¶1393)

S.249(4) would apply to the Canadian branch of a U.K. company when control of the U.K. has been acquired.

16 January 1990 T.I. (June 1990 Access Letter, ¶1284)

The voting rights of a public corporation held by a Canadian-controlled private corporation increases from 45% to 55% as a result of the...

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24 November 89 T.I. (April 90 Access Letter, ¶1188)

Where Mr. A is a sole shareholder of company A and Mr. A transfers all the shares of company A to company X in exchange for 55% of the voting...

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18 October 89 Meeting with Quebec Accountants, Q.2 (April 90 Access Letter, ¶1166)

In the situation where A owns all the shares of a corporation and sells half of those shares to B, there would be an acquisition of control by a...

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89 C.R. - Q.16

Where Mr. A, who owns 100% of the voting shares of Opco, sells 10% of the shares to Mr. B who deal at arm's length with Mr. A, there will not be...

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88 C.R. - Q.40

Where 1/2 of the shares of a corporation are owned by each of A and B, and B sells his shares to C, it will be a question of fact whether control...

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IT-64R2 "Corporations

Association and Control"

Articles

Gregory M. Johnson, Wesley R. Novotny, "An Update on Flow-through Shares in the Energy Sector", 2016 Conference Report (Canadian Tax Foundation),12:1-39

Loss restriction event should not create flow-through share timing issues (p. 12:18)

...Fortunately, the operating FTS provisions [f.n. 72 For...

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Joel A. Nitikman, "Who Has De Jure Control of a Corporation When Its Shares Are Held by a Limited Partnership?", 2011 Canadian Tax Journal, Vol 59, p. 765

Argues that (at least where the shares of a subsidiary corporation held as partnership property are registered in the name of the limited...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 111 - Subsection 111(5) 63

Jack Bernstein, "Corporate Control: An Evolving Canadian Concept", Tax Notes International, February 20, 2012, p. 597

Survey of jurisprudence on de jure control.

Robert Couzin, "Some Reflections on Corporate Control", 2005 Canadian Tax Journal, p. 305.

Ronit Florence, "Acquisition of Control of Canadian Resident Corporations: Checklist", Business Vehicles, Vol. V, No. 4, 1999, p. 262.

Ewens, "Acquisition of Control Issues and Secondary Offerings of Shares", Corporate Structures and Groups, Vol. IV, No. 1, 1996, p. 190.

Bernstein, "Canadian Implications of Control", Tax Profile, September 1995, Vol. 4, No. 27, p. 289.

Brown, "The Transfer of Property on Death: Ownership, Control and Vesting", 1994 Canadian Tax Journal, Vol. 42, No. 6, p. 1449.

"Group Control", 1992 Corporate Structures and Groups, Vol. 1, No. 1, p. 9.

Lahmer, "Acquisition-of-Control Rules", 1990 Corporate Management Tax Conference Report, c. 4

Contains checklist.

Tremblay, "Disposition of Foreign Affiliate: Year-end on Change of Control", Canadian Current Tax, February, 1990, page P3

It is not clear that s. 249(4) will apply to a disposition by one foreign affiliate of the shares of another foreign affiliate.

Harris, "Acquisition of Control", Practice Notes, Canadian Current Tax, February 1988, p. P11

General discussion of the consequences of an acquisition of control.

Paragraph 249(4)(a)

Administrative Policy

15 June 2021 STEP Roundtable Q. 10, 2021-0883191C6 - Acquisition of control

ACo repurchased all the shares held by one of its 50% shareholders so that there was an acquisition of control (“AOC”) by the other...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 129 - Subsection 129(1) - Paragraph 129(1)(a) a dividend refund, from a redemption also generating an AOC, arises in the taxation year commencing with the AOC 137

Paragraph 249(4)(b)

Administrative Policy

9 December 2010 External T.I. 2010-0388101E5 F - CCPC status and acquisition of control

The shareholders of Opco, a Canadian-controlled private corporation which has had a July 31 taxation year end, agrees on December 26, 20-A with a...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 249 - Subsection 249(3.1) CCPC which has a December 26 deemed year end under ss. 249(3.1) and 251(1)(b) that is extended to December 31 under s. 249(4)(b) loses SBC for that extended year 236

Subsection 249(4.1)

Administrative Policy

18 June 2015 STEP Roundtable Q. 1, 2015-0572131C6 - 2015 STEP Q1- Tax Year of Graduated Rate Estate

The executors adopt a first year-end for the estate of an individual who died on March 31, 2016, of September 30, 2016. The second and third...

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Subsection 249(5)

Administrative Policy

29 May 2018 STEP Roundtable Q. 3, 2018-0744081C6 - Trust return due date on wind up

Where a trust winds up, by distributing all of its property to its beneficiaries, does the T3 Return need to be filed within 90 days of the date...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 249 - Subsection 249(1) - Paragraph 249(1)(c) non-GRE's tax year does not end with final distribution 129