Words and Phrases - "beneficial ownership"
Hargreaves Property Holdings Ltd v Revenue And Customs, [2024] EWCA Civ 365
Whether the UK taxpayer (“Hargreaves”) was liable for failure to withhold UK tax on interest paid by it to a non-arm’s length UK company...
18 July 2022 External T.I. 2021-0887121E5 - Feeder Cattle Loan Guarantee Program
As an economic matter, members of a feeder cattle finance cooperative established under the Co-operative Corporations Act used money borrowed on...
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| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Inventory | members of co-op were likely the beneficial owners of cattle purchased with co-op financing notwithstanding that the documents accorded legal and beneficial ownership to the co-op | 442 |
9 May 2022 Internal T.I. 2018-0790251I7 - 45(2) election and beneficial ownership
Spouses purchased a home in 2006 which they used as their primary residence until 2015, when they moved out and started renting it out. Although...
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| Tax Topics - General Concepts - Ownership | a spouse could be the beneficial owner even though she did not contribute to the property's purchase / owner means beneficial owner | 220 |
Canada (National Revenue) v. Shaker, 2022 FC 407, 2022 FC 408
CRA obtained an interim order to charge the interest of Mr. Shaker, as one of the trustees of a trust (the “VSI Trust”) for a Toronto property...
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| Tax Topics - Other Legislation/Constitution - Federal - Federal Courts Rules - Rule 458 - Subsection 458(1) - Paragraph 458(1)(a) - Subparagraph 458(1)(a)(i) | a trustee of a real estate trust does not hold any “interest in real property” that can be charged by CRA | 407 |
Canada v. Canada North Group Inc., 2021 SCC 30, [2021] 2 S.C.R. 571
The Crown challenged an order of the Alberta judge in CCAA proceedings regarding the Canada North group of companies that “priming charges”...
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| Tax Topics - Income Tax Act - Section 227 - Subsection 227(4.1) | a CCAA court can order a super-charge that has priority over the s. 227(4.1) deemed trust (which in fact does not create any Crown proprietary interest in the debtor’s assets) | 841 |
| Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions | detailed listing of items covered in the 2nd part of a means and includes definition had a limiting effect | 289 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Section 8.1 | Parliament chose to dissociate itself from provincial law in its drafting of a provision | 229 |
Magren Holdings Ltd. v. The Queen, 2021 TCC 42, aff'd on other grounds 2024 FCA 202
The appellants, were private companies controlled by a resident individual (Grenon), whose RRSP held 58% of the units of a publicly traded income...
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| Tax Topics - Income Tax Act - Section 185 - Subsection 185(3) | Part III tax assessments of distributions of gains that were denied outside the Part I tax normal reassessment period were not statute-barred | 314 |
| Tax Topics - Income Tax Act - Section 185 - Subsection 185(1) | no requirement to issue separate assessment for each election, and no remedy for inordinate time to issue assessments | 396 |
| Tax Topics - General Concepts - Sham | transactions did not result in real capital losses | 306 |
| Tax Topics - Income Tax Act - Section 184 - Subsection 184(3) | election was not available where a CDA sham | 365 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | no CDA addition where capital gains were not real | 373 |
Singh v. The Queen, 2019 TCC 265
Before finding that there had been a transfer to the taxpayer of ½ of the beneficial ownership of the family home for s. 160 purposes from her...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | beneficial ownership in light of control, financing burden and title/cascading application available | 512 |
| Tax Topics - General Concepts - Fair Market Value - Land | FMV of home potentially reduced by spouse continuing to live there | 74 |
Gillen v. The Queen, 2017 TCC 163, aff'd 2019 FCA 62
A limited partnership was found to have immediately transferred the beneficial ownership of applications to the Saskatchewan government for potash...
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| Tax Topics - Income Tax Act - 101-110 - Section 110.6 - Subsection 110.6(14) - Paragraph 110.6(14)(f) - Subparagraph 110.6(14)(f)(ii) | property was not used in a business for s. 110.6(14)(f)(ii) purposes when it was beneficially acquired and dropped-down on the same day | 364 |
| Tax Topics - General Concepts - Effective Date | relation-back theory applied: closing retroactively confirmed previous beneficial ownership transfer | 255 |
6 December 2011 TEI Roundtable, 2011-0427101C6 - Seizure of Property
When asked to comment on the requirement in s. 79.1(2)(a) that a creditor have acquired "beneficial ownership" of property, CRA quoted the...
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| Tax Topics - Income Tax Act - Section 79.1 - Subsection 79.1(2) | 148 |
S1-F3-C2 - Principal Residence
Meaning of beneficial ownership
2.80 ...The term beneficial ownership is used to describe the type of ownership of a person who is entitled to the...
Williams v. The Queen, 2005 DTC 1228, 2005 TCC 558
The taxpayer was found to continue to be the beneficial owner of shares that he transferred to a trust - of which he was one of the three trustees...
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| Tax Topics - General Concepts - Ownership | sole beneficiary was beneficial owner | 277 |
Covert et al. v. Minister of Finance of Nova Scotia, [1980] CTC 437, [1980] 2 S.C.R. 774
The testator left the residue of his estate to an Alberta corporation which was a wholly-owned subsidiary of another Alberta corporation. The...
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| Tax Topics - Statutory Interpretation - Drafting Style | 82 |
Williams v. The Queen, 2005 DTC 1228, 2005 TCC 558
The taxpayer was found to continue to be the beneficial owner of shares that he transferred to a protective trust of which he was the sole...
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| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition | beneficial owner of shares held in a trust | 141 |
IT-170R "Sale of Property - When Included in Income Computation"
Time that entitlement to proceeds arises
6. A "condition precedent" is an event (beyond the direct control of the vendor) that suspends completion...