Section 34
Subsection 34(1)
Administrative Policy
16 June 2014 Internal T.I. 2014-0525961I7 - ON Tax and Brazilian Tax Sparing
Was tax deemed to have been paid (a "tax spared amounts") under Art. 22, para. 3 of the Canada-Brazil Treaty eligible for a foreign tax credit...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Treaties - Income Tax Conventions - Article 24 | Brazilian tax-sparing rules operate independently of s. 126 | 140 |
Subsection 34(2)
Administrative Policy
17 August 2021 External T.I. 2020-0842981E5 - Ontario foreign tax credit
Canco earns $100 of investment income in each of foreign Country A and Country B, and incurs a Canadian source loss of $100, so that its net...
Section 46
Subsection 46(1)
Eligible pre-2009 Winding-up
Administrative Policy
14 April 2010 External T.I. 2008-0293981E5 F - Loi de 2007 sur les impôts de l'Ontario
In the course of a general discussion, CRA provided the following example:
[A] winding-up would be an eligible pre-2009 winding-up as defined in...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Ontario - Taxation Act 2007 - Section 46 - Subsection 46(1) - Transition Time | amalgamation in 2008 results in a transition time corresponding to the amalgamation time | 243 |
Transition Time
Administrative Policy
14 April 2010 External T.I. 2008-0293981E5 F - Loi de 2007 sur les impôts de l'Ontario
What is the "transition time" of a corporation resulting from an amalgamation where both predecessor corporations had a transition time? CRA...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Ontario - Taxation Act 2007 - Section 46 - Subsection 46(1) - Eligible pre-2009 Winding-up | completion time does not occur until formal dissolution | 107 |
Subclause 46(2)(h)(v)
Administrative Policy
19 August 2013 Internal T.I. 2013-0474031I7 - Ontario Transitional Tax Debit/Credit
A requested increase by a taxpayer whose control had been acquired to the federal CCA and CEC claimed and an increase to the federal non-capital...
Section 54
Subsection 54(1)
Subsection 54(2)
Clause 54(2)(a)
Administrative Policy
14 November 2016 Internal T.I. 2015-0600281I7 - Ontario Corporate Minimum Tax - net income
Does net income or net loss for Ontario Corporate Minimum Tax (“CMT”) purposes mean “Total comprehensive income” reported on the...
Clause 54(2)(b)
Administrative Policy
Inter-Leasing, Inc. v. Ontario (Revenue), 2014 ONCA 575
In connection with a plan to minimize Alberta corporate tax, the Precision group of companies reorganized to implement a structure which, among...
7 July 2016 External T.I. 2015-0595481E5 - Ontario Corporate Minimum Tax – Forgiven Debt
A corporation has a forgiven amount which it applies federally under the s. 80 rules but results in net income for financial statement purposes,...
Section 58
Subsection 58(2)
Administrative Policy
15 November 2016 Internal T.I. 2016-0656351I7 - Corporate Minimum Tax Eligible Loss Calculation
Does a corporation’s CMT payable for a taxation year takes into account adjusted net losses arising in a previous taxation year in which the...
Subsection 58(4.1)
Administrative Policy
26 October 2016 Internal T.I. 2016-0625041I7 - Eligible losses following vertical amalgamation
Does s. 58(4.1) deny the carryover of eligible losses for Corporate Minimum Tax (“CMT”) purposes on a vertical amalgamation occurring after...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Ontario - Taxation Act 2007 - Section 58 - Subsection 58(5) | losses of sub disappear on its winding-up | 65 |
Subsection 58(5)
Administrative Policy
26 October 2016 Internal T.I. 2016-0625041I7 - Eligible losses following vertical amalgamation
Does s. 58(5) deny the carryover of eligible losses for Corporate Minimum Tax (“CMT”) purposes on a winding-up completed, after March 21,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Ontario - Taxation Act 2007 - Section 58 - Subsection 58(4.1) | amalgamation of sub eliminates its losses | 96 |
Section 60
Subsecion 60(1)
Administrative Policy
Ontario corporate minimum tax 25 April 2020
Canadian GAAP or IFRS
Corporate minimum tax is based on the adjusted net income of a corporation. The adjusted net income is a corporation's net...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Other Legislation/Constitution - Ontario - Corporations Tax Act - Section 57.9 - Subsection 57.9(1) | 236 |
Forms
Schedule 510 Ontario Corporate Minimum Tax (2009 and later tax years)
Filing required if CMT credit carryforward
• A corporation not subject to CMT in the tax year is still required to file this schedule if it is...
Section 92
Subsection 92(5.6)
Administrative Policy
3 February 2015 External T.I. 2014-0531601E5 - OPSTC - "tangible property that is leased"
In finding that a "lease cost" did not include amounts payable under a licence of property (i.e., exclusive possession of the property was not...
Section 125
Subsection 125(3)
See Also
Weinberg Family Trust v. The Queen, 2016 TCC 37
The taxpayer, which had taken the position that it was a trust resident in Alberta, was assessed by CRA for its 2007 to 2010 taxation years on the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 163 - Subsection 163(2) | no TCC jurisdiction to reverse a provincial gross negligence penalty | 108 |
Section 158
Cases
Aubrey Dan Family Trust v. Ontario (Finance), 2017 ONCA 875
In 2011, and shortly before the third anniversary of the original assessment in 2008 of the taxpayer’s 2007 federal and Alberta return, the...
Aubrey Dan Family Trust v. Minister of Finance, 2016 ONSC 3801, aff'd 2017 ONCA 875
In 2011, and shortly before the third anniversary of the original assessment in 2008 of the taxpayer’s 2007 federal and Alberta return, the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | original assessment not dealing with Ontario tax starts the normal Ontario reassessment period | 300 |
| Tax Topics - Income Tax Act - Section 244 - Subsection 244(16) | form bearing CRA insignia purported to be prescribed form | 78 |
Regulation 37/09
Subsection 8(1)
Administrative Policy
10 November 2014 External T.I. 2013-0513271E5 - Ontario CMT mark-to-market accounting adjustments
Is an accounting write-down of a owing by a corporation's foreign subsidiary not required to be added back to adjusted net income ("ANI") for...