principally

Summary Under
Tax Topics - Income Tax Regulations - Regulation 1100 - Subsection 1100(14)
rental property restriction rule applies to business properties as well/ "principally" references over 50% of the time

After concluding that “the operator of a bed and breakfast, who has a personal residence in which bed and breakfast rooms are rented out on a...

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Words and Phrases
principally

Gestions Calce Ltée v. Agence du revenu du Québec, 2019 QCCQ 7377 -- summary under Subsection 13(4)

Full Title
Gestions Calce Ltée v. Agence du revenu du Québec, 2019 QCCQ 7377
Summary Under
Tax Topics - Income Tax Act - Section 13 - Subsection 13(4)
departure from written terms of lease to find that a rental property was used principally in the active business of a related person

One of the exceptions from the rule that a rental property cannot qualify as a “former business property” for purposes of the replacement...

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Words and Phrases
principally
Summary Under
Tax Topics - Income Tax Act - Section 70 - Subsection 70(10) - Share of the Capital Stock of a Family Farm or Fishing Corporation - Paragraph (b)
"principally" refers to the majority of years, so that active farming by deceased father could qualify shares, transferred years' thereafter, by passive child

In year 1 Father purchased Opco, in year 5 he transferred his shares equally to Child 1 who actively explanted the farming business of Opco along...

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Words and Phrases
principally
Summary Under
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Small Business Corporation

If more than 50% of an asset is used in an active business, the asset will be considered to be used principally in an active business.

Words and Phrases
principally
Summary Under
Tax Topics - Income Tax Act - Section 110.6 - Subsection 110.6(1) - Non-Qualifying Real Property

The use of the word "principally" requires that the property as a whole be considered rather than a percentage or a portion of the property....

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Words and Phrases
principally
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