Meaning of "gift"

1.2 Under the common law, “a gift is a voluntary transfer of property owned by a donor to a donee, in return for which no...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Non-advantage gift elements must still obtain

1.5 ... If the amount of the advantage exceeds 80% of the fair market value of the transferred...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Advantage need not be direct and contemporaneous

1.9 ... An advantage might exist even though it is not received at the time of the gift. For...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Scope of deemed FMV rule in s. 248(35)

1.27 This deemed fair market value rule applies where the taxpayer acquired the property under a gifting...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Scope of s. 248(37)(e)

1.30 A taxpayer might transfer a property (transferred property) to a corporation controlled by the taxpayer (or by a...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Scope of s. 248(37)(f)

1.31 Another exception to the deemed fair market value rule exists for certain property gifted by a corporation to a...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Scope of s. 248(36)

1.33 Under subsection 248(36), where a taxpayer gifts a property that was acquired from a non-arm’s-length person or...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Purpose and scope of s. 248(38)

1.34 Subsection 248(38) is intended to prevent a taxpayer from artificially increasing the cost of a property by...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Scope of s. 248(39)

1.35 Subsection 248(39) prevents a taxpayer from avoiding the application of the deemed fair market value rule by disposing of...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Example re insurance policy

1.39 ... [T]he term limited-recourse amount is defined in subsection 143.2(1) as the unpaid principal amount of any...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Effect of repayment

1.40 A taxpayer might repay an amount on account of the principal of an indebtedness that was a limited-recourse debt in...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Examples of relevant information

1.41 Subsection 248(41) provides that the eligible amount of a gift made by a taxpayer is nil if the taxpayer...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.