See Also
DAC Investment Holdings Inc. v. The King, 2024 TCC 63
With a view to its imminent disposition of the shares of a subsidiary, the taxpayer continued to the British Virgin Islands, with the result that...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | no abuse in avoiding CCPC status by continuing to BVI | 406 |
| Tax Topics - Income Tax Act - Section 123.4 - Subsection 123.4(1) - Full Rate Taxable Income - Paragraph (b) - Subparagraph (b)(iii) | rate reduction for investment income was intended to apply to non-CCPCs since they did not enjoy refundable tax | 253 |
| Tax Topics - Income Tax Act - Section 250 - Subsection 250(5.1) | rationale of s. 250(5.1) is to equate the place of continuance of a corporation with its place of incorporation | 205 |
Gladwin Realty Corporation v. The Queen, 2019 TCC 62, aff'd 2020 FCA 142
Hogan J found that transactions - in which the taxpayer recognized two capital gains in connection with the sale of a property to a third party...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | using the CDA and negative ACB rules to generate “over-integration” was abusive | 594 |
| Tax Topics - Income Tax Act - Section 89 - Subsection 89(1) - Capital Dividend Account - Paragraph (a) | contrary to purpose of the capital dividend rules to fully exempt a capital gains distribution | 300 |
| Tax Topics - Income Tax Act - Section 40 - Subsection 40(3.1) | purpose of s. 40(3.1) is to trigger gain on extraction of excess funds by passive partners | 330 |
Administrative Policy
Income Tax Mandatory Disclosure Rules Consultation: Sample Notifiable Transactions (Finance Release Webpage), 4 February 2022
The notifiable transactions designated by CRA pursuant to draft s. 237.4(3) with the concurrence of Finance include:
Foreign continuance
- A...
7 October 2021 APFF Roundtable Q. 4, 2021-0900921C6 F - Mind and management et statut de SPCC
A corporation which will generate investment income is incorporated outside Canada (and, thus, is not a Canadian corporation, as per s. 89(1) and,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | using a foreign corporation with Canadian CMC to produce a lower tax rate on investment income could be GAARable | 149 |
Articles
Allan Lanthier, "The latest Canadian tax scam has a Caribbean flavour", Canadian Accountant, January 21, 2022
Additional 23.67% tax rate on CCPCs’ taxable capital gains
- With the additional refundable tax under s. 123.3 (introduced in 1995 at a rate of...
Anthony Strawson, Timothy P. Kirby, "Vendor Planning for Private Corporations: Select Issues", 2017 Conference Report, (Canadian Tax Foundation), 11:1-28
Continuance of a CCPC to a foreign jurisdiction may create better protection for assets (p. 11:16)
[A] corporation that is incorporated outside...