Words and Phrases - "beneficial ownership"

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9 May 2022 Internal T.I. 2018-0790251I7 - 45(2) election and beneficial ownership

spouse could be a beneficial co-owner of the converted home (even though her husband funded its purchase) so that both must elect

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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Words and Phrases
beneficial ownership
Locations of other summaries Wordcount
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

property held in trust cannot be said to belong to the trustee

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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Words and Phrases
beneficial ownership
Locations of other summaries Wordcount
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

Crown deemed trust interest did not have the attributes of beneficial property ownership

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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Words and Phrases
beneficial ownership trust
Locations of other summaries Wordcount
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

acquisition of income fund units to be held for a few days before their redemption did not represent an acquisition of beneficial ownership

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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Words and Phrases
beneficial ownership
Locations of other summaries Wordcount
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

Gillen v. The Queen, 2017 TCC 163, aff'd 2019 FCA 62

test of beneficial ownership

A limited partnership was found to have immediately transferred the beneficial ownership of applications to the Saskatchewan government for potash...

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Words and Phrases
beneficial ownership
Locations of other summaries Wordcount
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

incidents of ownership

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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Words and Phrases
beneficial ownership

Williams v. The Queen, 2005 DTC 1228, 2005 TCC 558

beneficial owner of shares held in a trust

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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Words and Phrases
beneficial ownership
Locations of other summaries Wordcount
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

beneficial entitlement in property of a subsidiary

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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Locations of other summaries Wordcount
Tax Topics - Statutory Interpretation - Drafting Style 82

Williams v. The Queen, 2005 DTC 1228, 2005 TCC 558

sole beneficiary was beneficial owner

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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Words and Phrases
beneficial ownership owner
Locations of other summaries Wordcount
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...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Ownership 10