Administrative Policy
21 April 2015 Internal T.I. 2014-0560811I7 - FACL carryback Surplus & PAS election
A Reg. 5901(2)(b) election, to have a dividend treated as paid out of pre-acquisition surplus, must be made by the filing-due date for the taxation year in question, even where CRA subsequently assesses the year in question so as to change the relevant surplus balances.
See summary under Reg. 5901(2)(b).
Locations of other summaries | Wordcount | |
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Tax Topics - Income Tax Act - Section 220 - Subsection 220(3.2) | no relief for late-filed Reg. 5901(2)(b) election | 54 |
Tax Topics - Income Tax Regulations - Regulation 5901 - Subsection 5901(2) - Paragraph 5901(2)(b) | no relief for late-filed Reg. 5901(2)(b) election | 172 |
Tax Topics - Income Tax Regulations - Regulation 5903.1 - Subsection 5903.1(1) | FACL carryback from transitional year | 154 |
Tax Topics - Income Tax Regulations - Regulation 5907 - Subsection 5907(1) - Net Earnings | surplus pools are not to be retroactively adjusted for a FACL carryback | 171 |
14 May 2015 CLHIA Roundtable, 2015-0573861C6 - 2015 CLHIA Roundtable-Regulation 2411(3)(a)election
Can an insurer elect under Reg. 2411(3)(a) subsequently to filing its income tax return? CRA responded:
There is no specific provision for the acceptance of a late filed election under paragraph 2411(3)(a)… .
The court cases and the Rulings opinions…[respecting] late filed designations under paragraph 55(5)(f) or subsection 104(13.1)… can be distinguished from an election under the Act. … Administratively, there is no requirement that the CRA extend the taxpayer relief provisions to elections other than those listed in section 600 of the Regulations.
Locations of other summaries | Wordcount | |
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Tax Topics - Income Tax Regulations - Regulation 2411 - Subsection 2411(3) - Paragraph 2411(3)(a) | 89 |