Section 85

Table of Contents

Subsection 85(1) - Transfer of property to corporation by shareholders

Commentary

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Cases

Barnabe Estate v. The Queen, 99 DTC 5387 (FCA)

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Tax Topics - General Concepts - Effective Date 145

Dale v. Canada, 97 DTC 5252 (FCA)

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Deconinck v. The Queen, 90 DTC 6617 (FCA)

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See Also

Les Développements Iberville Ltée v. Agence du Revenu du Québec, 2018 QCCA 1886 (Quebec Court of Appeal)

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) abuse to use rollover provisions to avoid rather than defer tax 633
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Real Estate property bifurcated between capital and income portion on acquisition 94
Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense improvements to leased retail premises were not demonstrated to be made only at tenants’ requests 91
Tax Topics - Income Tax Regulations - Regulation 402 - Subsection 402(6) purpose of inter-provincial allocation rules is for 109% of income to be allocated and taxed 510
Tax Topics - Income Tax Act - Section 249.1 - Subsection 249.1(1) no policy of permitting differing Quebec and federal year ends 185

Dale v. The Queen, 94 DTC 1100 (TCC), aff'd supra.

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Words and Phrases
consideration

The Queen v. Miller, 90 DTC 6335 (FCTD)

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Cox v. I.R.C., [1988] BTC 37 (HCJ)

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Ward-Stemp v. Griffin, [1988] BTC 12 (HCJ)

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The Queen v. Leslie, 75 DTC 5086, [1975] CTC 155 (FCTD)

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Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) no asset backing for note - no benefit until paid 91

Deltona Corp. v. MNR, 71 DTC 5186, [1971] CTC 297 (Ex Ct), briefly aff'd 73 DTC 5180, [1973] CTC 215 (SCC)

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Administrative Policy

15 September 2020 IFA Roundtable, Q.1

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Tax Topics - Income Tax Act - Section 261 - Subsection 261(5) - Paragraph 261(5)(a) different currency reporting of s. 85(1) rollover where one party has elected a funcitional currency 63

5 October 2012 Roundtable, 2012-0451291C6 F - Subsection 85(1) and UMIR Marketplace Rules

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2015 Ruling 2015-0589471R3 - Earnout

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Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(g) 5-year earnings based earnout for sale of Holdco common shares by Opco to key employee 841
Tax Topics - Income Tax Act - Section 55 - Subsection 55(1) - Safe Income Determination Time safe income determination time for a subsequent contemplated dividend was immediately before that dividend 534
Tax Topics - Income Tax Act - Section 55 - Subsection 55(2.1) - Paragraph 55(2.1)(c) utilization of safe income as earned through a contemplated succession of dividends of all the annual earnings 178
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1) - Paragraph 7(1)(a) transactions for using s. 7 rules on sale of non-treasury shares 212

9 October 2015 APFF Roundtable Q. 21, 2015-0598291C6 F - Filing deadline for various forms

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Tax Topics - Statutory Interpretation - Interpretation Act - Section 26 where a return filing deadline falls on a Saturday, the deadline for related forms also is extended to the Monday 92

29 January 2015 Internal T.I. 2014-0544651I7 - Section 85 transfer of Swap Contracts

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Inventory swap contract treated as inventory 55
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1.1) swap contract treated as inventory 180
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Foreign Exchange swap contract treated as inventory 55

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 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 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 249 - Subsection 249(3) 136
Tax Topics - Income Tax Act - Section 22 - Subsection 22(1) 179

11 October 2013 APFF Roundtable, 2013-0495821C6 F - Share disposition

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition no disposition where shares exchanged for identical-attribute shares of a different class 229

7 October 2011 APFF Roundtable Q. 17, 2011-0412171C6 F - 112(7) - Share-for-Share Exchange - 85(1)

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Tax Topics - Income Tax Act - Section 112 - Subsection 112(3) s. 112(3) could still apply if "old" dividend-bearing shares "exchanged" under purported s. 85(1) exchange for "new" but identical shares 98
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition purported dirty s. 85 exchange of old common shares for new common shares does "not necessarily" entail a disposition 49
Tax Topics - Income Tax Act - Section 112 - Subsection 112(7) s. 112(7) does not “technically” apply to a dirty s. 85 exchange of old shares for new shares 257

8 October 2010 Roundtable, 2010-0373231C6 F - Application of subsections 51(1) and 85(1)

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Tax Topics - Income Tax Act - Section 51 - Subsection 51(1) simultaneous exchange 50

10 November 2004 External T.I. 2004-0092561E5 F - 85(1), 248(1) "Disposition"

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6 July 2004 External T.I. 2004-0081631E5 F - Price Adjustment Clauses

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12 November 2003 External T.I. 2002-0121835 - 85(1) - Holdbacks Payable

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19 September 2001 External T.I. 2001-0092085 - Transfer of Obligation under Short Position

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17 March 1997 Internal T.I. 9631007 - INTERACTION OF 85(1) & 110.6(19)

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24 May 1995 External T.I. 9420675 - WYOMING LLCS

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Income Tax Technical News, Release No. 3, 30 January, 1995 under "Section 85 (Dale Case)"

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1994 A.P.F.F. Round Table, Q. 42

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3 December 1993 External T.I. 9200995 - TRANSFER OF FARM INVENTORY TO A CORPORATION

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17 September 1992 T.I. (Tax Window, No. 24, p. 4, ¶2195)

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Tax Topics - Income Tax Act - Section 22 - Subsection 22(1) 15

92 C.R. - Q.20

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26 March 1992 External T.I. 5-913338 -

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24 February 1992 Memorandum (Tax Window, No. 13, p. 17, ¶1617)

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91 C.R. - Q.20

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10 July 1991 Decision Summary (Tax Window, No. 5, pp. 4-5, ¶1345)

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14 June 1991 T.I. (Tax Window, No. 4, p. 24, ¶1308)

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October 1989 Revenue Canada Round Table - Q.11 (Jan. 90 Access Letter, ¶1075)

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86 C.R. - Q.32

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85 CR - Q.52

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Tax Topics - General Concepts - Effective Date 7

84 C.R. - Q.47

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84 C.R. - Q.78

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12 December 1980 TI RCT 85-013

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(1.1) 51

80 CR - Q.14

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Tax Topics - General Concepts - Effective Date 36

IT-188R "Sale of Accounts Receivable"

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IT-243R4 "Dividend Refund to Private Corporations"

IT-291R3 "Transfer of Property to a Corporation under Subsection 85(1)"

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IT-457R "Election by Professionals to Exclude Work in Progress from Income"

IT-489R: "Non-Arm's Length Sale of Shares to a Corporation"

Articles

Michael J. Welters, "Limited Partner's Interest in Partnership Property", Canadian Tax Highlights, Vol. 21,No. 7, July 2013, p. 3 at 4

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Dunn, Nielsen, "Exchanges of Property for Shares: section 85-Part 2", 1995 Canadian Tax Journal, Vol. 43, No. 2, p. 496.

David W. Smith, "Corporate Restructuring Issues: Public Corporations", 1990 Corporate Management Tax Conference Report, pp. 6:10-6:11

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Carsley, "Loan Receivables Denominated in a Foreign Currency", Canadian urrent Tax, July 1988, p. 31

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Wise, "The Valuation of Preferred Shares Issued on a Section 85 Rollover", 1984 Canadian Tax Journal, March-April, p. 239.

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Tax Topics - General Concepts - Fair Market Value - Shares 0

Sylph, Percival, "Accounting Options for Section 85 Rollovers", CA Magazine, July 1981, p. 42

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Forms

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Paragraph 85(1)(a)

Administrative Policy

7 February 2018 External T.I. 2016-0637221E5 - Rollover of Mineral Rights

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Tax Topics - Income Tax Act - Section 66.2 - Subsection 66.2(5) - Canadian development expense cost of property added to CCDE or COGPE 225

2016 Ruling 2016-0635101R3 - 55(3)(a) Spin-Off to Use Parent Losses

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Tax Topics - Income Tax Act - Section 13 - Subsection 13(21.1) - Paragraph 13(21.1)(a) where land transferred under s. 85(1) along with terminal loss building, elect high with a view to s. 13(21.1)(a) applying to reduce the land proceeds to ACB 189
Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) 55(3)(a) spin-off of property already subject to sale agreement to parent before closing date 592
Tax Topics - Income Tax Act - Section 86 - Subsection 86(1) s. 86(1) applied where “dirty” s. 85 exchange mechanic used, but no s. 85 election made 93

11 May 2011 External T.I. 2011-0394231E5 F - Subsections 14(1.01) and 85(1) - Quotas

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Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(1.3) milk quotas could be segregated between those eligible for capital gains deduction and those transferred on rollover basis 183

Paragraph 85(1)(b)

Administrative Policy

2003 Ruling 2003-0054013 - Assumption of Debt

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12 November 2003 External T.I. 2002-0121835 - 85(1) - Holdbacks Payable

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6 December 2000 External T.I. 2000-0056485 - assumption of excess debt on sec 85 transfer

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10 April 2003 External T.I. 2002-0170485 - Assumption of Debt

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27 September 2000 External T.I. 2000-0039335 - Change in CCRA's position re 85(1)(b)

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2000 Ruling 1999-001074 -

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1996 Corporate Management Tax Conference Round Table, Q. 7

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Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) assumption of excess debt 94

1992 A.P.F.F. Annual Conference, Q. 21 (January - February 1993 Access Letter, p. 58)

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26 March 1992 T.I. (Tax Window, No. 18, p. 2, ¶1831)

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Commentary [in progress]

Paragraph 85(1)(c)

Administrative Policy

13 August 2013 External T.I. 2012-0471401E5 F - FMV - partnership interest

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Tax Topics - General Concepts - Fair Market Value - Other deferred tax liability re deferred (s. 34) partnership income recognition reduces partnership interest FMV 236
Tax Topics - Income Tax Act - Section 34 FMV of partnership interest reduced re deferred income taxes on WIP subject to s. 34 election 41

Paragraph 85(1)(c.2)

Administrative Policy

IT-427R "Livestock of Farmers"

IT-433 "Farming or Fishing - Use of Cash Method"

Paragraph 85(1)(d)

Administrative Policy

2015 Ruling 2014-0558831R3 - No-type of property spin-off butterfly

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(1) - Distribution prior drop-down of assets to Newco/split of DC manager's business/CEC proration/replacement option issuance as boot 1177
Tax Topics - Income Tax Act - Section 7 - Subsection 7(1.4) replacement stock options issued by Spinco treated as boot 112
Tax Topics - Income Tax Act - Section 86 - Subsection 86(1) new common shares with same attributes as old subject to rights of new special shares/pro rata PUC 164
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition splitting of fee for management of 2 divisions not a disposition of contract 145

Paragraph 85(1)(e)

Administrative Policy

27 October 2017 External T.I. 2017-0688971E5 F - New Class 14.1

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Tax Topics - Income Tax Act - Section 13 - Subsection 13(38) - Paragraph 13(38)(c) a s. 85 roll of purchased goodwill at an agreed amount of unamortized cost can trigger recapture 250
Tax Topics - Income Tax Act - Section 13 - Subsection 13(39) non-application on s. 85 roll can result in recapture -but disposition bump available to NAL transferee 111

2017 Ruling 2016-0675881R3 - Paragraph 55(3)(a) Internal Reorganization

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Tax Topics - Income Tax Act - Section 55 - Subsection 55(3) - Paragraph 55(3)(a) division of rental real estate company between holdcos for 2 children but with parents' holdco retaining voting control 579
Tax Topics - Income Tax Act - Section 55 - Subsection 55(4) s. 55(3)(a) split-up between Newcos for two siblings which were related due to multiple-voting shares held by the father’s and mother’s Holdco 170
Tax Topics - Income Tax Act - Section 186 - Subsection 186(1) - Paragraph 186(1)(b) where circular RDTOH calculation arises on spin-off transaction, it is for the TSOs to sort out which corporations should bear Part IV tax 249

27 November 2014 External T.I. 2013-0503861E5 F - Application du paragraphe 248(16)

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(16) ETA s. 193 ITC claim does not reduce UCC under s. 85(1)(e)(i) 82

2006 Ruling 2006-0181061R3 - Butterfly Distribution - XXXXXXXXXX

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October 1989 Revenue Canada Round Table - Q.6 (Jan. 90 Access Letter, ¶1075)

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Paragraph 85(1)(e.2)

Administrative Policy

2014 Ruling 2011-0415811R3 - Internal reorganization

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Tax Topics - Income Tax Act - Section 84 - Subsection 84(2) cash distribution to parent of indirect proceeds of internal reorg 506

17 May 2012 Internal T.I. 2012-0437001I7 F - Price Adjustment Clause

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Tax Topics - General Concepts - Effective Date per Gurberg, a PAC has retroactive effect 169

9 June 2003 External T.I. 2003-0004835 - WHETHER A PARTNERSHIP IS A PERSON

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1996 Tax Executives Round Table, Q. IV (No. 9639160)

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15 November 1990 T.I. (Tax Window, Prelim. No. 2, p. 14, ¶1078)

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Tax Topics - General Concepts - Fair Market Value - Shares 60

90 C.R. - Q34

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89 C.R. - Q.23

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October 1989 Revenue Canada Round Table - Q.10 (Jan. 90 Access Letter, ¶1075)

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88 C.R. - "Demise of the Wingless Butterfly"

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81 C.R. - Q.6

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IT-489R: "Non-Arm's Length Sale of Shares to a Corporation"

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) 0

Articles

Tung, "Application of the Gifting Provisions of Section 85", Tax Profile, October 1990, p. 42

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Paragraph 85(1)(e.4)

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Tax Topics - Income Tax Act - Section 6 - Subsection 6(2) transfer to related corp stepped down cost for standby charge purposes to FMV 135

IT-521R: "Motor Vehicle Expenses Claimed by Self-Employed Individuals"

IT-522R: "Vehicle, Travel and Sales Expenses of Employees"

Paragraph 85(1)(h)

Finance

5 October 2018 Financial Strategies and Instruments Roundtable, Finance Response to Q.6

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Tax Topics - Income Tax Act - Section 13 - Subsection 13(38) Finance is reviewing the deemed cost of shares received on s. 85 drop-down of transitioned Class 14.1 property 213

Subsection 85(1.1)

See Also

Commissioner of State Revenue v Rojoda Pty Ltd , [2020] HCA 7

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Tax Topics - Income Tax Act - Section 96 partnership property is held in trust for the partners 145

Boland v. Boland (1980), 14 Alta. L.R. (2d) 154 (Alta. Q.B.)

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Seven Mile Dam Contractors v. The Queen in Right of British Columbia (1980), 116 DLR (3d) 398, 1980 CanLII 451 (BCCA)

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Lavin v. Geffen (1920), 61 SCR 356, aff'g (1920), 51 DLR 203 (Alta. C.A.)

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Winsby v. Tait, [1941] 2 DLR 81 (SCC), rev'd [1943] 1 DLR 81 (PC)

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In re Fuller's Contract, [1933] 1 Ch. 652

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Tax Topics - Income Tax Act - Section 96 126

Boyd v. Attorney General for BC (1917), 54 SCR 532

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Driver v. Broad, [1893] 1 Q.B. 744 (C.A.)

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29 January 2015 Internal T.I. 2014-0544651I7 - Section 85 transfer of Swap Contracts

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Inventory swap contract treated as inventory 55
Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) swap contract recorded on securities rather than inventory line of T2057 251
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Foreign Exchange swap contract treated as inventory 55

6 October 2014 External T.I. 2014-0543751E5 F - Rollover of a part of an interest in a partnership

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Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Property partnership interest is one property - but fraction thereof also is property if transferred 98

16 June 2014 STEP Roundtable, 2014-0526561C6 - Capital interest as eligible property for s 85

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5 March 2014 Internal T.I. 2013-0500891I7 - Hedging

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1 May 2013 External T.I. 2012-0459541E5 - Capital interest in a trust

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1998 A.P.F.F. Round Table, Q. 14, 9824750

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23 September 1996 External T.I. 5-962304 -

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14 April 2009 External T.I. 2007-0238221E5 F - Rights of musician-Transfer

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Tax Topics - Income Tax Act - Section 56 - Subsection 56(4) s. 56(4) generally will apply where royalty is transferred without assignment of copyright, with exception of SOCAN royalty 165
Tax Topics - Income Tax Act - Section 56 - Subsection 56(2) s. 56(2) not applicable where copyright or royalty interests transferred at FMV 75
Tax Topics - Income Tax Act - Section 125 - Subsection 125(7) - Specified Investment Business royalty income generated from an active business is itself active business income 122

22 June 1995 External T.I. 9224155 - R&D POOL, ROLLOVER

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28 March 1995 Internal T.I. 9502507 - RIGHT TO ROYALTY ELIGIBLE PROPERTY

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94 C.P.T.J. - Q.20

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1 September 1994 External T.I. 9413775 - ELIGIBLE PROPERTY & CUM DIVIDENDS

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3 February 1994 External T.I. 5-923647 -

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Tax Topics - Income Tax Act - Section 56 - Subsection 56(4) 44

9 September 1991 Memorandum (Tax Window, No. 10, p. 16, ¶1476)

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15 August 1991 T.I. (Tax Window, No. 7, p. 19, ¶1393)

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2 January 1991 T.I. (Tax Window, Prelim. No. 3, p. 11, ¶1083)

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Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) 48

3 December 1990 T.I. (Tax Window, Prelim. No. 2, p. 11, ¶1062)

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90 C.R. - Q.35

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30 April 1990 T.I. (September 1990 Access Letter, ¶1423)

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89 C.M.TC - Q.10

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88 C.R. - Q.24

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86 C.R. - Q.50

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86 C.R. - Q.54

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84 C.R. - Q.48

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12 December 1980 TI RCT 85-013

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(1) 29

Articles

Donn, "Exchanges of Property for Shares: Section 85 - Part 1", 1995 Canadian Tax Journal, Vol. 43, No. 1, p. 203.

Vesely, "Takeover Bids: Selected Tax, Corporate and Securities Law Considerations", 1991 Conference Report, c. 11.

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Tax Topics - Income Tax Act - Section 87 - Subsection 87(1) 0

Wilson, "Shares in a Corporation that Primarily Holds Land Inventory May Not Qualify for a Rollover", Corporate Structures and Groups, Vol 1, No. 2, 1992, p. 27

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Paragraph 85(1.1)(a)

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8 July 2020 CALU Roundtable Q. 4, 2020-0842171C6 - Segregated Funds and 85(1)

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3 April 2020 External T.I. 2020-0836991E5 - Eligible property and stock options

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Subsection 85(1.11) - Exception

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29 November 2001 External T.I. 2001-0110985 - TEI, Question 21

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Subsection 85(1.3)

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22 January 1992 T.I. (Tax Window, No. 15, p. 3, ¶1708)

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Subsection 85(2) - Transfer of property to corporation from partnership

Cases

Gillen v. Canada, 2019 FCA 62

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Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(14) - Paragraph 110.6(14)(f) - Subparagraph 110.6(14)(f)(ii) property was not used in a business for s. 110.6(14)(f)(ii) purposes when it was transferred immediately following its acquisition 367

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2004 Ruling 2004-0084311R3 - Incorporating a Partnership

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IT-378R "Winding-up of a Partnership" 1 January 1995

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(3) 253

IT-457R "Election by Professionals to Exclude Work in Progress from Income"

Articles

Bernstein, "Partnership Versus Joint Company", Tax Profile, March 13, 1990

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Tax Topics - Income Tax Act - Section 97 - Subsection 97(2) 23

Forms

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Subsection 85(2.1) - Computing paid-up capital

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17 June 2013 Internal T.I. 2013-0475621I7 - PUC adjustment

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7 October 2011 Roundtable, 2011-0412121C6 F - Interaction between S. 84.1 and S. 85(2.1)

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Tax Topics - Income Tax Act - Section 84.1 - Subsection 84.1(1) s. 84.1 can "apply" and thereby prevail over s. 85(2.1) even where there is no s. 84.1 grind 78

7 July 1994 External T.I. 9413315 - INTERNAL CRYSTALLIZATION

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27 March 1994 Internal T.I. 9333227 - SHAREHOLDER BENEFIT

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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 84 - Subsection 84(1) 48

Articles

Ewens, "Forced Share Conversions", 1993 Canadian Tax Journal, No. 6, p. 1407.

Subsection 85(3) - Where partnership wound up

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14 January 2015 External T.I. 2014-0559731E5 - 85(3) rollover

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Tax Topics - Income Tax Act - Section 98 - Subsection 98(1) continuation of partnership with one partner 162

2012 Ruling 2011-0392041R3 - Incorporation of a Professional Partnership

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Tax Topics - Income Tax Act - Section 125 - Subsection 125(7) - Specified partnership income former partners providing services through separate corporations to a Newco replacement of their professional partnership 370

20 December 2013 External T.I. 2013-0501831E5 - Partnership - 85(2), (3) and 100(2)

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6 July 1995 External T.I. 9512165 - PARTNERSHIP BUTTERFLY

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IT-378R "Winding-up of a Partnership" 1 January 1995

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(2) 107

Paragraph 85(3)(f)

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17 September 2018 External T.I. 2018-0751571E5 F - Adjusted cost base of property

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Tax Topics - Income Tax Act - Section 66.3 - Subsection 66.3(3) s. 66.3(3) does not apply to the cost of shares received on a ss. 85(2) and (3) wind-up of a flow-through share partnership 263

Subsection 85(4)

See Also

Zinkhofer v. MNR, 91 DTC 643 (TCC)

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24 March 1995 External T.I. 9431545 - EXECUTOR'S YEAR, LOSS ON SALE OF SHARES

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28 July 1994 External T.I. 9416395 - DENIED LOSS ADDED TO ACB

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26 January 1994 External T.I. 9336015 - IMMEDIATELY AFTER DISPOSITION MEANING

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Words and Phrases
immediately after

8 February 1993 T.I. (Tax Window, No. 28, p. 2, ¶2416)

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12 January 1993 T.I. 922257 (November 1993 Access Letter, p. 495, ¶C38-178; (Tax Window, No. 28, p. 11, ¶2363)

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29 July 1992 Memorandum (Tax Window, No. 21, p. 1, ¶2038)

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Tax Topics - Income Tax Act - Section 256 - Subsection 256(5.1) 58

20 July 1992 External T.I. 5-901453 -

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16 April 1992 T.I. (Tax Window, No. 18, p. 12, ¶1861)

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92 C.R. - Q.19

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30 November 1991 Round Table (4M0462), Q. 10.2 - Application of Subsection: 85(4) to an Estate (C.T.O. September 1994)

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91 C.R. - Q.42

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Tax Topics - Income Tax Act - Section 164 - Subsection 164(6) 27

27 December 1990 Memorandum (Tax Window, Prelim. No. 2, p. 21, ¶1073)

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Subsection 85(5.1) - Acquisition of certain tools — capital cost and deemed depreciation

Administrative Policy

11 June 1990 T.I. (November 1990 Access Letter, ¶1524)

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Articles

Bernstein, "Restructuring Real Estate Syndications that are in Trouble", 1992 Conference Report, c.10

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Subsection 85(6) - Time for election

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90 C.R. - Q36

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Subsection 85(7) - Late filed election

See Also

Construction PCA Inc. v. Agence du revenu du Québec, 2019 QCCQ 8876

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Administrative Policy

1994 A.P.F.F. Round Table, Q. 15

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91 C.R. - Q.21

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Subsection 85(7.1) - Special cases

Cases

S. Cunard & Company Limited v. Canada (Attorney General), 2012 DTC 5122 [at 7192], 2012 FC 683

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Bugera v. MNR, 2003 DTC 5282 (FCTD)

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7 October 2011 APFF Roundtable Q. 23, 2011-0412111C6 F - Validity of Price Adjustment Clause

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Tax Topics - General Concepts - Effective Date price adjustment clause does not require filing amended election 41

Information Circular IC 76-19R3, 17 June 1996, para. 15-22; re late and amended elections.

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(8) 51

Halifax Round Table, February 1994, Q. 19, 4M00680 

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90 C.R. - Q37

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86 C.R. - Q33

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Subsection 85(8)

Administrative Policy

Information Circular IC 76-19R3, 17 June 1996, para. 15-22; re late and amended elections.

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Tax Topics - Income Tax Act - Section 85 - Subsection 85(7.1) 373

7 October 2016 APFF Roundtable Q. 1A, 2016-0652951C6 F - Penalty late filed election-subsection 85(8)

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