Double Taxation/Deduction (Presumption Against)

Cases

Canadian Imperial Bank of Commerce v. Canada, 2023 FCA 91

Regarding s. 39(2) deeming an FX capital loss to be from the disposition of foreign currency, Webb JA stated (at para. 34):

It could not have been...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 40 - Subsection 40(3.6) s. 40(3.6) applied to deny an FX loss arising on shares 352
Tax Topics - Income Tax Act - Section 39 - Subsection 39(2) s. 40(3.6) applied to capital loss on shares before it was deemed to be an FX loss by s. 39(2) 323
Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions deeming provision altered reality 131

Fiducie financière Satoma v. Canada, 2018 FCA 74

A tax plan turned upon dividends that in fact were paid to a family trust (Satoma Trust) being attributed under s. 75(2) to a corporation...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 245 - Subsection 245(1) - Tax Benefit tax benefit to trust from tax-free dividend even though not distributed to a beneficiary 277
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) using ss. 75(2) and 112(1) for tax-free dividends to trust thwarted s. 112(1) object to tax earnings when ultimately distributed 319
Tax Topics - Income Tax Act - Section 3 pervasive rule that the same income is not to be taxed in 2 persons’ hands 148
Tax Topics - Income Tax Act - Section 112 - Subsection 112(1) abusive to use s. 112(1) so as to avoid ultimate taxation of individuals 180
Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) use of s. 75(2) to access s. 112(1) deduction for dividend in fact received by family trust, was abusive 286
Tax Topics - Income Tax Act - Section 82 - Subsection 82(2) s. 82(2) supports the primacy of s. 75(2) over the actual dividend recipient 60

The King v. Henry K. Wampole & Co. Ltd., [1931] S.C.R. 494

S. 87(d) of the Special War Revenue Act, imposed tax on goods which were “for use by the manufacturer or producer and not for sale,” was found...

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Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 141.01 - Subsection 141.01(2) “use” includes providing free samples 150