Words and Phrases - "debt"
17 October 2002 Internal T.I. 2002-0159107 F - SALAIRE PAYE D'AVANCE
The pay system would be changed so that the employees, who currently are paid at the end of each two-week period of work, would instead be paid...
Canada (Attorney General) v 18335898 Alberta Ltd (Whitecap Energy Inc), 2023 ABKB 357
The defendant (“Whitecap Energy”) was an Alberta corporation which had been wound up into its sole shareholder (“Whitecap Resources”) and...
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| Tax Topics - Income Tax Act - Section 160 - Subsection 160(1) | CRA could revive a corporation for the purpose of assessing it in order to make a s. 160 assessment of the shareholder | 141 |
Barejo Holdings ULC v. Canada, 2020 FCA 47
An offshore fund ("SLT"), in which the taxpayer had an interest, invested in instruments (labelled as "Notes") of non-resident subsidiaries of...
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| Tax Topics - Statutory Interpretation - Consistency | presumption of consistent expression is not absolute | 252 |
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract | 3 tests for what constituted debt under s. 94.1(1)(a) | 300 |
Moose Factory Restaurant Properties Ltd. v. The Queen, 2019 TCC 156
After quoting (at para.55) the statement in Sattva that “While the surrounding circumstances are relied upon in the interpretive process, courts...
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| Tax Topics - Income Tax Act - Section 39 - Subsection 39(1) - Paragraph 39(1)(c) | arrangements were not structured to give rise to a debt | 358 |
Hokhold v. Canada, 2018 FCA 163
Partly as a delayed consequence of CRA’s seizure of computers and dental equipment of a dental practice and the misplacing of records when his...
Colin Campbell, "Liability for the Tax on SIFT Partnerships: A Rejoinder", 2011 Canadian Tax Journal, Vol 59, p. 709:
"Liability" v. "debt" (pp. 716-717)
The distinction so clearly made by Jackett P in Terra Nova Properties [67 DTC 5064] between liability for tax...
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| Tax Topics - Income Tax Act - Section 152 - Subsection 152(1) | 39 |
28 January 2016 External T.I. 2015-0617771E5 F - Bump calculation
Is the balance of the “future income tax liabilities” (being an accounting provision which was not deducted in computing income) presented in...
6 April 1993 T.I. (Tax Window, No. 30, p. 5, ¶2493)
Anderson v. MNR, 92 DTC 2296 (TCC) (in which a letter of the taxpayer's accountant requesting the application of an allowable business investment...
5 November 2013 External T.I. 2013-0501241E5 F - Application of subsection 39(2)
Respecting whether s. 39(2) applied on the payment of a previously declared dividend, CRA stated (TaxInterpretations translation):
A dividend, at...
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| Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract | dividend becomes debt when declared | 24 |
4 February 2015 External T.I. 2015-0565741E5 - Canadian-controlled private corporation
As a condition to distributing shares of Aco to the beneficiaries of a testamentary trust of which it was sole trustee, the trustee ("Pubco"),...
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| Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract | indemnity agreement was not "indebtedness" | 47 |
| Tax Topics - Income Tax Act - Section 251 - Subsection 251(5) - Paragraph 251(5)(b) | s. 256(5)(b) applied to acquisition right upon default under indemnity | 167 |
24 March 2005 Internal T.I. 2005-0115921I7 - Specified debt obligations & loan originating cost
Conditional sales contracts purchased by a corporation likely would qualify as "debt obligations," so that the corporation would qualify as a...
Gibraltar Mines Ltd. v. The Queen, 83 DTC 5294, [1983] CTC 261 (FCA)
The "debt" need not be for the price of merchandise sold or services rendered in the course of business, but may also represent business expenses...
Tonolli Canada Ltd. v. Minister of National Revenue, 91 DTC 520, [1991] 1 CTC 2607 (TCC)
After a venture carried on through a U.S. subsidiary which was owned by the taxpayer and its Netherlands parent proved to be unsuccessful, the...
Barejo Holdings ULC v. The Queen, 2015 DTC 1216 [at 1405], 2015 TCC 274, aff'd on other grounds 2016 FCA 304
The question referred by the parties pursuant to Rule 58 was whether two contracts, entitled Notes and issued for US $998 million by affiliates of...
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| Tax Topics - Income Tax Act - Section 94.1 - Subsection 94.1(1) | "notes" which tracked actively-managed reference pool of assets were "debt" and "indebtedness" | 184 |
| Tax Topics - Income Tax Act - Section 95 - Subsection 95(1) - Investment Property | "notes" which tracked actively-managed reference pool of assets were "debt" and "indebtedness" | 184 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Section 8.1 | quaere whether there is a federal law of "debt" or "charity" | 334 |
Guay v. R., 75 DTC 5090, [1975] C.T.C. 150 (FCTD)
At the time of death of the deceased, a director of his family business corporation, he was under investigation by the Department of National...
Walsh Estate v. Minister of Finance (B.C.), [1979] CTC 251, at 257 (BCSC)
The deceased had gone through the form of a marriage in Las Vegas while he had not yet completed his divorce with his first wife, and he soon had...
Fingold v. MNR, 92 DTC 2011, [1992] 2 CTC 2393 (TCC)
Before finding that payments made by a corporation to its shareholder-employees constituted debts of the employees rather than representing...
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| Tax Topics - Income Tax Act - Section 80.4 - Subsection 80.4(1) | 69 |
Noble v. Lashbrook, 40 DLR 93, [1918] 1 WWR 918 (Sask CA)
After the plaintiff discovered that his sale of a threshing machine to the defendant was legally ineffective, he received an award at trial for...
Lyall & Sons Construction Co. v. Baker, [1933] 2 DLR 264 (Ont CA)
The appellant demolition company had a contractual obligation to pay the respondent construction company for a demolitions project (in exchange...
Cloutier-Hunt v. The Queen, 2007 DTC 947, 2007 TCC 345 (Informal Procedure)
Interest awarded on a retroactive award of back pay by the Canadian Human Rights Tribunal did not represent interest on a "debt obligation" as...
Delle Donne v. The Queen, 2015 TCC 150
In rejecting a submission that the taxpayer was not entitled to deduct a doubtful debt reserve for unpaid interest because no written demand to...
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| Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) | reserve could be claimed on appeal | 90 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(l) | doubtful debt reserve claimed implicitly as at the year end in light of subsequently revealed information | 542 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(i) | bad debt deduction taken as at Dec. 31 in light of information available at April 30, and could be claimed implicitly or on appeal | 478 |