Section 84

Subsection 84(1) - Deemed dividend

See Also

R. v. Golini, 2016 TCC 174

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) a loan to a shareholder with recourse limited to an asset pledged by the corporation was a shareholder benefit 536
Tax Topics - General Concepts - Sham sham doctrine did not apply to a "minor pretence" 326
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) interest deduction on limited recourse loan 293
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) use of corporate asset to create PUC was abuse of s. 84(1) 244

Aylward v. The Queen, 97 DTC 1097 (TCC) (Informal Procedure)

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Administrative Policy

2015 Ruling 2015-0584151R3 - Conversion of Contributed Surplus to PUC

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Tax Topics - Income Tax Act - Section 89 - Subsection 89(1) - Paid-Up Capital corporate PUC and capital surplus flowed through on a cross-border continuance 104

2014 Ruling 2014-0533601R3 - Spin-off butterfly - subsection 55(2)

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Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) matching of PUC of cross-shareholdings to match Part IV tax 144
Tax Topics - Income Tax Act - Section 55 - Subsection 55(1) - Distribution spin-off by CCPC under Plan of Arrangement of two businesses/matching of PUC of cross-shareholdings to match Part IV tax/leased property as business property 916
Tax Topics - Income Tax Act - Section 86 - Subsection 86(1) new common shares distinct on basis of right to interim financials 89

17 February 2003 External T.I. 2002-017645 -

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Tax Topics - Income Tax Act - Section 85.1 - Subsection 85.1(2.1) 101

12 August 1994 External T.I. 5-932594 -

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23 September 1992 T.I. (Tax Window, No. 24, p. 1, ¶2190)

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92 C.R. - Q.27

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1992 June Hong Kong Seminar, Q. B.8 (May 1993 Access Letter, p. 226)

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1992 A.P.F.F. Annual Conference, Q. 1 (January - February 1993 Access Letter, p. 49)

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(2.1) 73

28 August 1991 Memorandum (Tax Window, No. 8, p. 6, ¶1435)

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81 C.R. - Q.6

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Articles

Brussa, "Capital Reorganizations", 1991 Conference Report, c. 16.

Paragraph 84(1)(b)

Administrative Policy

7 October 2016 APFF Roundtable Q. 21, 2016-0655901C6 F - Section 7 and bonus paid in share

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Tax Topics - Income Tax Act - Section 7 - Subsection 7(3) - Paragraph 7(3)(a) s. 7 can govern bonuses paid in shares where discretion ceases prior to the issuance 254
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1.1) 7(1.1) applicable to non-discretionary bonus payable in shares 174

Paragraph 84(1)(c)

Subsection 84(2) - Distribution on winding-up, etc.

Commentary

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Cases

Canada v. MacDonald, 2013 DTC 5091 [at 5982], 2013 FCA 110, rev'g 2012 TCC 123

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Canada v. Vaillancourt-Tremblay, 2010 DTC 5079 [at 6833], 2010 FCA 119

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Gilmour v. The Queen, 81 DTC 5322, [1981] CTC 401 (FCTD)

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Words and Phrases
winding-up

Perrault v. The Queen, 78 DTC 6272, [1978] CTC 395 (FCA)

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Words and Phrases
winding-up

David v. The Queen, 75 DTC 5136, [1975] CTC 197 (FCTD)

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Words and Phrases
on

Smythe et al. v. Minister of National Revenue, 69 DTC 5361, [1969] CTC 558, [1970] S.C.R. 64

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Words and Phrases
winding-up

Merritt v. MNR (1941), 2 DTC 513 (Ex Ct), rev'd [1942] S.C.R. 269, 2 DTC 561

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See Also

Kvas v. The Queen, 2016 TCC 199

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Words and Phrases
winding-up
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Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) involuntary dissolution did not render the corporation a transferor 183

Latham v. The Queen, 2015 DTC 1104 [at 617], 2015 TCC 75

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) distribution to shareholder reimbursed him for loss as guarantor

Descarries v. The Queen, 2014 DTC 1143 [at 3412], 2014 TCC 75 (Informal Procedure)

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Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) free to raise an interpretation not advanced by either party 71
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) use of outside basis to step up PUC abused s. 84.1 495

MacDonald v. The Queen, 2012 TCC 123, rev'd 2013 DTC 5091 [at 5982], 2013 FCA 110

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McMullen v. The Queen, 2007 DTC 286, 2007 TCC 16

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) 266
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 194
Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) mutual benefit and same advisors insufficient to establish non-arm's length in structured sale transaction 253
Tax Topics - Income Tax Act - Section 84.1 - Subsection 84.1(1) arm's length: negotiation based on self-interest 253

Geransky v. The Queen, 2001 DTC 243 (TCC)

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James v. The Queen, 2000 DTC 2056 (TCC)

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RMM Canadian Enterprises Inc. v. The Queen, 97 DTC 302, [1998] 1 C.T.C. 2300 (TCC)

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McNichol et al. v. The Queen, 97 DTC 111 (TCC)

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Kennedy v. MNR, 72 DTC 6357 (FCTD), aff'd 73 DTC 5359 (FCA)

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Words and Phrases
reorganization

Administrative Policy

2017 Ruling 2016-0646891R3 - Pipeline and subsequent Split-up butterfly

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(1) - Distribution combined pipeline and split-up butterfly 140
Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) circularity avoided through 2nd dividend arising on winding-up of DC 141

29 May 2018 STEP Roundtable Q. 10, 2018-0748381C6 - Pipeline Ruling Requests

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2017 Ruling 2016-0629511R3 - Post-Mortem Planning and Extraction of "Hard ACB"

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Tax Topics - Income Tax Act - Section 84.1 - Subsection 84.1(2) - Paragraph 84.1(2)(a.1) pipeline transfer of inherited shares for their "hard" ACB (excluding CGD and V-Day step-up by deceased) 112

2017 Ruling 2016-0670871R3 - Post-mortem pipeline

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7 October 2016 APFF Roundtable Q. 12, 2016-0655911C6 F - Partial Leveraged Buy-Out and Monetization of ACB

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27 April 2016 External T.I. 2016-0625001E5 F - Surplus Stripping

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) funnelling deemed dividend to holdco trust beneficiary and resulting PUC to individual beneficiary/shareholder was surplus stripping 126
Tax Topics - Income Tax Act - 101-110 - Section 104 - Subsection 104(24) distribution of s. 84(1) dividend effected with note issuance 223

22 January 2016 External T.I. 2015-0617601E5 F - Pipeline followed by butterfly

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(3.1) - Paragraph 55(3.1)(b) where pipeline transaction followed by split-up butterfly, the opco also is a distributing corporation 431

2015 Ruling 2015-0569891R3 - Ss. 164(6) carry-back and post-mortem pipeline

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Tax Topics - Income Tax Act - Section 164 - Subsection 164(6) redemption of Canco shares bequeathed to U.S. resident (coupled with s. 164(6) carryback) before pipeline strip of Canco 141

2015 Ruling 2014-0548621R3 - Post Mortem Pipeline Planning

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2014 Ruling 2014-0540861R3 F - Post-Mortem Planning

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2015 Ruling 2014-0563081R3 - Post-mortem pipeline

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2015 Ruling 2014-0559481R3 F - Post Mortem Planning

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2015 Ruling 2014-0541261R3 F - Post-Mortem Planning

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2014 Ruling 2014-0537161R3 - Reduction of stated capital

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10 October 2014 APFF Roundtable Q. 21, 2014-0538091C6 F - 2014 APFF Roundtable, Q. 21 - Impact of the Descarries Case

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on
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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) Descarries failed to recognize scheme against indirect surplus stripping 696
Tax Topics - Income Tax Act - Section 248 - Subsection 248(28) will not impose double taxation under s. 84(2) and (3) 36

2014 Ruling 2011-0415811R3 - Internal reorganization

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) - Paragraph 85(1)(e.2) s. 85(1)(e.2) non-application to transfers at ACB to sisters in order to limit ACB shift 604

2014 Ruling 2014-0526361R3 F - Post Mortem Pipeline

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Tax Topics - Income Tax Act - Section 84.1 - Subsection 84.1(1) step up of PUC of freeze pref shares for purposes of pipeline transaction 99

2014 Ruling 2013-0503611R3 - Post-Mortem Planning

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Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(c) - Subparagraph 88(1)(c)(vi) bump of marketable securities (no ruling) occurring as part of post-mortem pipeline transactions 218

2013 Ruling 2012-0470281R3 - Reduction of paid-up capital

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2 April 2013 External T.I. 2013-0479651E5 F - Leveraged buy-out

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18 June 2013 External T.I. 2012-0433261E5 F - 55(5)(f) and Surplus Stripping

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) deliberate engaging of s. 55(2) to convert annual taxable dividends into annual capital gains permitting annual capital dividends would engage s. 245(2) 143

2012 Ruling 2012-0464501R3 - Post-mortem planning

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29 May 2012 CTF Prairie Tax Roundtable, 2012-0445341C6 - Meaning of business as used in subsection 84(2)

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2012 Ruling 2011-0425211R3 - Reduction of capital

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2012 Ruling 2012-0435291R3 - Public Corporation PUC Reduction

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2012 Ruling 2012-0432431R3 - Reduction of stated capital

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2012 Ruling 2012-0401811R3 -

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2 June 2011 STEPs Roundtable Q. 5, 2011-0401861C6 - 2011 STEP - Q.5 - Post-Mortem Planning and 84(2)

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12 August 2010 External T.I. 2010-0370551E5 F - Tuck Under Transaction - Tremblay Decision

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26 April 2006 Ruling 2004-0099201R3 F - GAAR Surplus Stripping

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2004 Ruling 2004-007547 -

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2003 Ruling 2002-018027 -

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2003 APFF Roundtable Q. 1, 2003-0029955 -

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 41

2000 Ruling 2000-001444 -

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1997 Ruling 30970152

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22 June 1990 T.I. (November 1990 Access Letter, ¶1534)

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88 C.R. - Q.34

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Articles

Charles P. Marquette, "Hybrid Sale of Shares and Assets of a Business", Canadian Tax Journal, (2014) 62:3, 857 – 79.

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Tax Topics - Income Tax Act - Section 191 - Subsection 191(4) 140

Perry Truster, "Turning Dividends into Capital Gains", Tax for the Owner-Manager, Volume 14, Number 1, January 2014, p. 7.

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Steve Suarez, Firoz Ahmed, "Public Company Non-Butterfly Spinouts", 2003 Conference Report, c. 32.

Subsection 84(3) - Redemption, etc.

Cases

Canada v. Macmillan Bloedel Ltd., 99 DTC 5454 (FCA)

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Tax Topics - Income Tax Act - Section 39 - Subsection 39(2) loss on redemption of U.S.-dollar preferred shares 95

See Also

McClarty Family Trust v. The Queen, 2012 DTC 1123 [at 3122], 2012 TCC 80

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Gagnon v. The Queen, 2008 DTC 3111, 2006 TCC 194

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Tax Topics - General Concepts - Effective Date person declared a shareholder retroactively 141

MacMillan Bloedel Ltd. v. The Queen, 97 DTC 1446 (TCC)

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Lalonde v. MNR, 90 DTC 1313 (TCC)

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Belair v. MNR, 89 DTC. 429 (TCC)

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Cabezuelo v. MNR, 83 DTC 769 (TCC)

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McArdle Estate [No. 2] v. MNR, 62 DTC 402 (TAB)

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Words and Phrases
redeem
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Tax Topics - General Concepts - Substance mistaken nomenclature ignored if inconsistent with governing intention 58

Administrative Policy

27 June 2018 External T.I. 2018-0745681E5 F - Wind-up of a partnership

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Tax Topics - Income Tax Act - Section 98 - Subsection 98(5) s. 98(5) inapplicable on simultaneous dissolving transfer of partnership interests 156
Tax Topics - Income Tax Act - Section 28 - Subsection 28(1) - Paragraph 28(1)(f) application of s. 28(1)(f) on partnership wind-up 189

26 May 2016 IFA Roundtable Q. 3, 2016-0642111C6 - PUC of Shares of a FC Reporter

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Tax Topics - Income Tax Act - Section 261 - Subsection 261(1) - Canadian Tax Results deemed dividend calculation for shareholder not part of Cdn tax results 313

2015 Ruling 2014-0532201R3 - Corporate reorganization

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Tax Topics - Income Tax Act - Section 38 - Paragraph 38(a.1) donation of pubco shares to foundation and immediate cash sale to affiliate 474
Tax Topics - Income Tax Act - Section 118.1 - Subsection 118.1(1) - Total Charitable Gifts donation and sale-back of public company shares 82

S4-F7-C1 - Amalgamations of Canadian Corporations

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Tax Topics - Income Tax Act - Section 100 - Subsection 100(2.1) s. 100(2.1) applies to non-qualifying amalgamation 58
Tax Topics - Income Tax Act - Section 111 - Subsection 111(12) application following amalgamation 103
Tax Topics - Income Tax Act - Section 116 - Subsection 116(1) deemed tcp following amalgamation 155
Tax Topics - Income Tax Act - Section 13 - Subsection 13(5.1) continuity of s. 13(5.1) on amalgamation 126
Tax Topics - Income Tax Act - Section 165 - Subsection 165(1) Amalco can continue objection and receive refunds 145
Tax Topics - Income Tax Act - Section 169 Amalco can continue objection 97
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(n) reserve after amalgamation 50
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Shareholder shareholder need not hold shares 82
Tax Topics - Income Tax Act - Section 251 - Subsection 251(3.1) deemed non-arm's length relationship on amalgamation 164
Tax Topics - Income Tax Act - Section 256 - Subsection 256(7) - Paragraph 256(7)(b) realted party, majority and 50% group exceptions 448
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(iii) reserve after amalgamation 50
Tax Topics - Income Tax Act - Section 66.7 - Subsection 66.7(7) successoring where non-wholly owned amalgamation 85
Tax Topics - Income Tax Act - Section 69 - Subsection 69(13) no disposition of predecessor property on general principles 103
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1.4) s. 87(5) not applicable 104
Tax Topics - Income Tax Act - Section 80.01 - Subsection 80.01(3) non-87 amalgamation/no FX gain 159
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) election filing by Amalco 103
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.1) s. 87(1.1) qualifies for all s. 87 purposes 60
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1.2) successoring where non-wholly owned amalgamation 85
Tax Topics - Income Tax Act - Section 87 - Subsection 87(10) deemed listing of temporary Amalco shares 114
Tax Topics - Income Tax Act - Section 87 - Subsection 87(11) gain if high PUC is sub shares 47
Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) presumptive satisfaction of s. 87(1)(a)/dissent and squeeze-outs onside 260
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 0
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 58
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(c) reserve after amalgamation 103
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(d) cost amount carryover 135
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(e.1) s. 100(2.1) applies to non-qualifying amalgamation 58
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(o) no continuity rule for non-security options 133
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2) - Paragraph 87(2)(q) pre-amalgamation services 96
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.11) loss-carry back to parent 159
Tax Topics - Income Tax Act - Section 87 - Subsection 87(2.1) dovetailing with s. 88(1.1) 38
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3.1) 328
Tax Topics - Income Tax Act - Section 87 - Subsection 87(3) PUC shifts 181
Tax Topics - Income Tax Act - Section 87 - Subsection 87(4) fractional share cash/ACB or value shift/implied non-recognition for predecessor shares 247
Tax Topics - Income Tax Act - Section 87 - Subsection 87(7) dovetailing with s. 78 and 112(12) 171
Tax Topics - Income Tax Act - Section 87 - Subsection 87(9) allocation of s. 87(9)(c)(ii) excess as parent chooses 218
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) - Paragraph 88(1)(d) late designation 106
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1.1) dovetailing with s. 87(2.1) 56
Tax Topics - Income Tax Act - Section 98 - Subsection 98(5) partnership dissolution on amalgamation 123
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2.2) deemed non-arm's length relationship on amalgamation 415
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(2) deemed non-arm's length relationship on amalgamation 323
Tax Topics - Income Tax Regulations - Regulation 1102 - Subsection 1102(14) class continuity on non-arm's length amalgamation 311
Tax Topics - Income Tax Regulations - Regulation 8503 - Subsection 8503(3) - Paragraph 8503(3)(b) pre-amalgamation services 96

29 October 2013 External T.I. 2013-0507881E5 - Price adjustment clause

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Tax Topics - General Concepts - Effective Date 316

3 July 2012 Internal T.I. 2012-0450821I7 F - Interaction of 84(3) and 69(1)(b)

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29 November 2011 Roundtable, 2011-0426361C6 F - Price adjustment clause and redemption of shares

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Tax Topics - General Concepts - Effective Date deemed dividend through operation of price adjustment clause arises in the adjustment rather than redemption year 61

21 November 2011 External T.I. 2011-0422191E5 F - Price adjustment clause and redemption of shares

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Tax Topics - General Concepts - Effective Date 52

23 July 2007 Internal T.I. 2007-0228601I7 F - Redemption of U.S. Denominated Shares

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Tax Topics - Income Tax Act - Section 39 - Subsection 39(2) s. 86 exchange of US-dollar denominated prefs does not affect patrimony of issuer 73

15 January 2007 Internal T.I. 2006-0216801I7 - Redemption of US $ Denominated Shares

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Tax Topics - Income Tax Act - Section 39 - Subsection 39(2) s. 39(2) on USD pref redemption 20

28 October 2005 External T.I. 2005-0145891E5 F - Redemption of Shares - Balance of Purchase Price

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2004 APFF Roundtable Q. 15, 2004-008682 -

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31 December 2004 Internal T.I. 2004-0091781I7 -

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2003 APFF Roundtable Q. 4, 2003-0030005 -

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1 November 2002 External T.I. 2002-0146775 -

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2002 Ruling 2002-0138993 -

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10 August 2000 External T.I. 2000-001687 -

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26 October 1998 Memorandum 980394

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6 June 1997 Internal T.I. 7-963186 -

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Tax Topics - Income Tax Act - Section 142.5 - Subsection 142.5(1) 36

6 July 1995 External T.I. 5-931646 -

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 151

12 August 1994 External T.I. 5-941549 -

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30 March 1994 T.I. 933722 (C.T.O. "Shares Held as Inventory")

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Tax Topics - Income Tax Act - Section 9 - Computation of Profit 70

93 C.R. - Q. 56

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3 September 1991 T.I. (Tax Window, No. 8, p. 21, ¶1436)

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Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) 30

3 July 1991 T.I. (Tax Window, No. 5, p. 13, ¶1334)

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31 May 1990 T.I. (October 1990 Access Letter, ¶1469)

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87 C.R. - Q.59

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87 C.R. - Q.69

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84 C.R. - Q.45

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Articles

Didier Fréchette, Ryan Rabinovitch, "Current Issues Involving Foreign Exchange", 2015 CTF Annual Conference paper

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R. Durand, I.M. Freedman, "Dealing with Paid-Up Capital", 1997 Corporate Management Tax Conference Report, c. 17.

Subsection 84(4)

Subsection 84(4.1) - Deemed dividend on reduction of paid-up capital

Articles

Judith Paris, "Paid-Up Capital and Return of Capital Public Corporations", Business Vehicles, Vol. VI, No. 2, 2000, p. 290.

Subsection 84(5) - Amount distributed or paid where a share

Administrative Policy

18 Aug. 89 T.I. (Jan. 90 Access Letter, ¶1082)

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Subsection 84(6) - Where s. (2) or (3) does not apply

Administrative Policy

7 January 1998 T.I. 971265

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1997 Ruling 971084

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Tax Topics - Income Tax Act - Section 183.1 - Subsection 183.1(2) 31

90 C.R. - Q50

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Subsection 84(9) - Shares disposed of on redemptions, etc.

See Also

Gaumond v. The Queen, 2014 DTC 1024 [at 98], 2014 TCC 339 (Informal Procedure)

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Tax Topics - Income Tax Act - Section 39 - Subsection 39(1) - Paragraph 39(1)(c) renounced debt is not disposed of to anyone/s. 50 not available where debt settled in year 261
Tax Topics - Income Tax Act - Section 50 - Subsection 50(1) s. 50 not available where debt settled in year 100

Special Risks Holdings Inc. v. The Queen, 86 DTC 6035, [1986] 1 CTC 201 (FCA)

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Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) relationship enabling one party to dictate terms 144
Tax Topics - Income Tax Act - Section 86 - Subsection 86(1) 160

Administrative Policy

20 February 1991 T.I. (Tax Window, No. 2, p. 8, ¶1182)

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10 January 1990 T.I. (June 1990 Access Letter, ¶1257)

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IT-484R "Business Investment Losses"

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

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