loan

Matte v. The King, 2025 TCC 16 -- summary under Investment Contract

Full Title
Matte v. The King, 2025 TCC 16
Summary Under
Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract
forgivable advances to employee were loans

In finding that non-interest-bearing amounts advanced to the taxpayer by his predecessor employers, as evidenced by promissory notes (the...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 181.2 - Subsection 181.2(3) - Paragraph 181.2(3)(f)
characterization as “loans and advances” and “all other indebtedness” based on legal character

A factoring company advances sums to Corporation A at a discount to the face value of the discounted receivables, and then applies the amounts...

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Words and Phrases
loan advance indebtedness

CAE Inc. v. The Queen, 2021 TCC 57, aff'd 2022 CAF 178 -- summary under Investment Contract

Full Title
CAE Inc. v. The Queen, 2021 TCC 57, aff'd 2022 CAF 178
Summary Under
Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract
advance labelled by government as a "contribution" but unconditionally repayable was a loan

CAE, which was engaged in manufacturing flight simulator systems, incurred over $700 million in R&D expenditures on further developing such...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 5 - Subsection 5(1)
advances received were salary rather than loans and, when repaid, reduced employment income

An employee signed a deferred salary leave contract for the period from June 29, 2002, to December 29, 2006, with his leave being taken from May...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) - Subparagraph 20(1)(c)(i)
intragroup charges to reflect use of each other’s capital under cash pooling arrangement are non-deductible

A cash pooling agreement (the “first contract”) stipulates that no interest is payable to a financial institution when the combined bank...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 104 - Subsection 104(13)
capital gain distributed by family trust to children and purportedly lent by them to their parents (also beneficiaries) was instead included in the parents’ income under s. 104(13)

A family trust whose beneficiaries included Father, Mother, two sons (Son A and Son B) and the wife of Son A (Daughter-in-law A) but not the wife...

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Words and Phrases
loan

Meilleur v. The Queen, 2016 TCC 287 -- summary under Subparagraph 20(1)(p)(ii)

Full Title
Meilleur v. The Queen, 2016 TCC 287
Summary Under
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(ii)
retired individuals making 5 high-yield loans on a pooled basis lacked a money-lending business

Beginning in 2006, the two married taxpayers (Susan and Barry) used their retirement funds and borrowed money to make advances to two real estate...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 80.4 - Subsection 80.4(1)
employee advance not a “loan”

After stating that

A loan is generally defined as delivery by one party, and receipt by another party, of a sum of money upon agreement, express...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 80.4 - Subsection 80.4(1)
grant of extended period for employee to repay overpayment was not a s. 80.4 loan

An employee was on extended sick leave but nonetheless received remuneration from the payroll service, which was not informed of the leave. On the...

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Words and Phrases
loan
Summary Under
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(iii)

"[W]here and individual transfers property to a partnership under subsection 97(2) of the Act and receives, in addition to a partnership interest...

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Words and Phrases
loan

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