Subsection 46(1)
Administrative Policy
20 June 2023 STEP Roundtable Q. 1, 2023-0961341C6 - Personal-Use Property
f an individual at death held various personal-use properties (“PUP”), each with a cost and an FMV of under $1,000, and there was not personal...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 54 - Personal-Use Property | separate testing of whether PUP of deceased is PUP of the estate | 109 |
Subsection 46(3) - Properties ordinarily disposed of as a set
See Also
Plamondon v. The Queen, 2011 DTC 1137 [at 746], 2011 TCC 47 (Informal Procedure)
Hogan J. found at para. 22 that, even if a collection of insects were the taxpayers' personal use property, they did not form an "unbreakable...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 54 - Personal-Use Property | each donated dried insect was separate property | 180 |
Administrative Policy
12 June 2013 STEP Roundtable, 2013-0481001C6 - 2013 STEP Canada Roundtable, Question 8
The CRA considers that a set for these purposes is a number of properties belonging together and relating to each other. For example, in the...
10 November 2004 External T.I. 2004-0077831E5 F - Biens à usage personnel
The taxpayer (Mr. X) accumulated over 35 years a collection of objects from an era out of a passion for objects from that era. Over the years, he...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Collectibles | collection of items of personal interest accumulated over 35 years, with some trading, and then auctioned off, likely were capital property | 253 |
| Tax Topics - Income Tax Act - Section 45 - Subsection 45(1) - Paragraph 45(1)(a) - Subparagraph 45(1)(a)(i) | offering personal collection on an auction site did not constitute a change of use | 118 |
Subsection 46(4)
Administrative Policy
23 April 2003 Internal T.I. 2003-0008767 F - Benefits Conferred on Shareholders
The corporation built a luxury house on land belonging to its shareholder for his exclusive benefit and use and to his specifications, with its...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) | shareholder benefit where house sold to shareholder at a loss attributable to its having been built to his luxury specifications | 194 |
| Tax Topics - Income Tax Act - Section 54 - Personal-Use Property | house provided for use of the corporation’s shareholder (giving rise to s. 15(1) benefit) was personal-use property | 88 |