Superficial Loss

See Also

Graphic Packaging Canada Corp. v. The Queen, 2001 DTC 861 (TCC), aff'd 2003 DTC 5007 (FCA)

In applying the version of the definition of superficial loss that applied to 1988 transactions, Archambault T.C.J. rejected the argument on...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base 126

IRC v. Beveridge, [1979] T.R. 305

Shares transferable at will which were acquired in place of shares which had been subject to restrictions on the right to transfer, were not of...

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Words and Phrases
same class

Administrative Policy

7 October 2021 APFF Financial Strategies and Instruments Roundtable Q. 3, 2021-0896031C6 F - R├Ęgles sur les pertes apparentes

Mr. A sold 1,000 shares of a listed company in a non-registered account on September 1, 2021 at a capital loss of $20,000. The RRSP of his spouse,...

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Tax Topics - Statutory Interpretation - Interpretation Act - Section 27 - Subsection 27(5) counting 30 day period starting with disposition 150

7 July 2014 External T.I. 2014-0518561E5 F - Superficial loss

Brothers A and B, who each hold 50% of the shares of Opco, dispose of those shares for their FMV to Holdco, another taxable Canadian corporation...

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Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) transferred corporation wound-up but not dissolved within 30 days 149

12 September 2005 External T.I. 2005-0134631E5 F - Superficial Loss - Realization of Latent Loss

Four unrelated individuals each holding 25% of the common shares of a small business corporation, transfer their shares to a corporation...

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Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) 4 unrelated individuals transferring their equal shareholdings of Opco to Newco could be a NAL transaction 179

22 September 2004 External T.I. 2004-0073011E5 - Superficial Loss

A taxpayer owning 60 shares disposes of 50 shares at a loss, with 10 of the 60 shares owned prior to the disposition having been acquired during...

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15 January 2003 External T.I. 2002-0178505 - SUPERFICIAL LOSS

A definition of superficial loss would apply where Mr. A acquired 200 shares of ACO for $100 per share on January 15, 2002, disposed of shares of...

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30 October 1996 External T.I. 9632485 - SUPERFICIAL LOSSES AND NON-TAXABLE ENTITIES

As the cost amount of property is relevant for Part XI purposes, a pension fund that is exempt from tax under s. 149(1)(o) nonetheless is required...

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IT387R2 "Meaning of Identical Properties" 14 July 1989

1. "Identical properties"...are properties which are the same in all material respects, so that a prospective buyer would not have a preference...

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17 March 1992 T.I. 920379

Discussion of RC formula for determining quantum of superficial loss where identical items are both disposed of and bought during the 60-day period.

89 C.R. - Q.41

s. 245 will not be applied where a taxpayer sells property to sustain a loss and then repurchases the property 31 days later. "Since this...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 54

IT-387R2 "Meaning of 'Identical Properties'"

Identical properties are the same in all material respects, so that a perspective buyer would not have a preference for one as opposed to another.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 47 - Subsection 47(1) 0