Cases
Thye RRSP of James T. Grenon (552-53721) by its Trustee CIBC Trust Corporation v. Canada, 2025 FCA 129
The appellant subscribed $310 million for units of various income funds, which were intended to qualify as mutual fund trusts on the basis that...
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|---|---|---|
| Tax Topics - Income Tax Act - Section 207.1 - Subsection 207.1(1) | since FMV of non-qualified investments was required to be included in the annuitant’s income (even though such inclusion was not reported or assessed) it was excluded from Pt. XI.1 tax | 360 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(3.1) | assessment of group RRSP return focused on Pt. XI.1 tax reporting did not start the Pt. I normal reassessment period running | 279 |
| Tax Topics - Other Legislation/Constitution - Federal - Federal Courts Act - Section 27 - Subsection 27(1.3) | FCA raised the correctness of (and reversed) a TCC finding that was not challenged by the parties | 420 |
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(10.1) | RRSP must recognize losses on non-qualified investments but such losses, if capital losses, cannot be deducted from property income from such investments | 153 |
| Tax Topics - Statutory Interpretation - Consistency | presumption that same word has same meaning, and different words have different meanings throughout the ITA | 233 |
| Tax Topics - Statutory Interpretation - Ordinary Meaning | meaning of “distribution” informed by provincial securities law | 161 |
| Tax Topics - Statutory Interpretation - French and English Version | 2-step approach to reconciling 2 versions | 298 |
Paragraph 4801(a)
Administrative Policy
11 September 2001 External T.I. 2001-0072575 - Units of Trust - Distribution to Public
In response to a query as to "whether a mutual fund trust's status under the...ITA...would be adversely affected if the Ontario Securities...
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| Tax Topics - Income Tax Regulations - Regulation 4803 - Subsection 4803(2) - Paragraph 4803(2)(a) | preliminary prospectus | 151 |
29 March 2012 External T.I. 2011-0403161E5 - Meaning of "shareholder" in 130.1(6)(d)
For the purposes of the 20-shareholder test in s. 130.1(6)(d), an individual and the individual's RRSP and TFSA trusts would each count as a...
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|---|---|---|
| Tax Topics - Income Tax Act - Section 130.1 - Subsection 130.1(6) | individual and RRSP counted separately | 32 |
Subparagraph 4801(a)(i)
Administrative Policy
12 February 2003 External T.I. 2002-0167545 - MFT - Units Issued in Series
Units of a unit trust consist of one class issued in two series, with those of the first series having a fair market value (FMV) of less than $25...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4803 - Subsection 4803(1) - Block of Units | block size for multiple series based on FMV of least valuable unit | 102 |
| Tax Topics - Income Tax Regulations - Regulation 4801 - Paragraph 4801(b) | if 2 or more series, 150-unitholder test applied by requiring the block size to be based on the unit value of the lower-value series’ units | 171 |
Clause 4801(a)(i)(A)
See Also
Grenon v. The Queen, 2021 TCC 30, aff'd in part 2025 FCA 129
In order that the taxpayer’s RRSP could indirectly invest in operating businesses in which he and/or two business colleagues had a management...
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|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | purported establishment of “alter ego” MFTs through which an RRSP could invest in operating businesses was an abuse engaging GAAR | 605 |
| Tax Topics - Income Tax Act - Section 204.2 - Subsection 204.2(1.1) | alleged distribution from non-qualified investment was not an over-contribution | 277 |
| Tax Topics - General Concepts - Window Dressing | window-dressing is a deception about intention | 312 |
| Tax Topics - Income Tax Act - Section 207.1 - Subsection 207.1(1) | non-qualified investments not “included” in annuitant’s income because it was never assessed | 346 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | CRA’s assessing listed taxable RRSPs in a T3GR global return was not of the taxpayer’s (also listed) RRSP /inappropriate reliance in legal opinion on certificate of fact was carelessness | 441 |
| Tax Topics - Income Tax Act - Section 207.2 - Subsection 207.2(3) | CRA’s assessment of Pt. XI.1 shown on the T3GR for all RRSPs of one type did not start the normal reassessment period for the taxpayer’s RRSP since no tax shown for it | 370 |
| Tax Topics - Income Tax Regulations - Regulation 4900 - Subsection 4900(1) - Paragraph 4900(1)(d.2) | distribution was not lawful because the issuer had not complied with the OM exemption, which was the exemption that it had chosen to rely on | 290 |
Paragraph 4801(b)
Administrative Policy
12 August 2020 External T.I. 2019-0833841E5 - MIC Shareholder Count - Joint holders
S. 130.1(6)(d) requires inter alia that a mortgage investment corporation have at least 20 shareholders. How is this test applied where a husband...
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| Tax Topics - Income Tax Act - Section 130.1 - Subsection 130.1(6) - Paragraph 130.1(6)(d) | joint tenants holding a share may be one shareholder, not two | 199 |
8 June 2020 External T.I. 2019-0822901E5 - Mutual Fund Trusts
An individual has a non-registered account and is a holder of a TFSA and an annuitant of a RRSP. The individual is also a contributor to a spousal...
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|---|---|---|
| Tax Topics - Income Tax Act - Section 132 - Subsection 132(6) - Paragraph 132(6)(c) | individual's RRSP or TFSA counts as a separate beneficiary for 150-beneficiaries test purposes | 56 |
12 February 2003 External T.I. 2002-0167545 - MFT - Units Issued in Series
Units of a unit trust consist of one class issued in two series, with those of the first series having a fair market value (FMV) of less than $25...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4803 - Subsection 4803(1) - Block of Units | block size for multiple series based on FMV of least valuable unit | 102 |
| Tax Topics - Income Tax Regulations - Regulation 4801 - Paragraph 4801(a) - Subparagraph 4801(a)(i) | distribution requirement can be satisfied by only one of the series within a class | 104 |