Words and Phrases - "included"
Thye RRSP of James T. Grenon (552-53721) by its Trustee CIBC Trust Corporation v. Canada, 2025 FCA 129
since FMV of non-qualified investments was required to be included in the annuitant’s income (even though such inclusion was not reported or assessed) it was excluded from Pt. XI.1 tax
The Minister assessed Part XI.1 tax on the appellant RRSP (“Grenon RRSP”), which held non-qualified investments, computed at 1% of the...
Words and Phrases
included| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Regulations - Regulation 4801 | distribution of units to minors so as to fail to achieve the targeted minimum of qualified investors purchasing under an offering memorandum was not a lawful distribution | 670 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(3.1) | assessment of group RRSP return focused on Pt. XI.1 tax reporting did not start the Pt. I normal reassessment period running | 279 |
| Tax Topics - Other Legislation/Constitution - Federal - Federal Courts Act - Section 27 - Subsection 27(1.3) | FCA raised the correctness of (and reversed) a TCC finding that was not challenged by the parties | 420 |
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(10.1) | RRSP must recognize losses on non-qualified investments but such losses, if capital losses, cannot be deducted from property income from such investments | 153 |
| Tax Topics - Statutory Interpretation - Consistency | presumption that same word has same meaning, and different words have different meanings throughout the ITA | 233 |
| Tax Topics - Statutory Interpretation - Ordinary Meaning | meaning of “distribution” informed by provincial securities law | 161 |
| Tax Topics - Statutory Interpretation - French and English Version | 2-step approach to reconciling 2 versions | 298 |
13 August 2020 External T.I. 2019-0802891E5 F - Unclaimed RRSP Benefits
Summary Under
Tax Topics - Income Tax Act - Section 146 - Subsection 146(1) - Benefit - Paragraph (a)benefit includible in deceased annuitant’s return was not subject to "benefit"-(a) exclusion because it was not reported
The executor of the estate of the deceased annuitant of an RRSP trust was unaware of the RRSP, did not notify the issuer of the RRSP, and settled...
Words and Phrases
included| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(8) | s. 146(8) benefit paid to the taxpayer’s administrator was not includible in her income until the year she was identified and received the amount | 377 |
| Tax Topics - Income Tax Act - Section 146 - Subsection 146(4) - Paragraph 146(4)(c) | tax imposed on RRSP under s. 146(4)(c) where RRSP issuer unaware of annuitant’s death | 187 |
| Tax Topics - General Concepts - Payment & Receipt | constructive receipt of amount deducted on account of fees that were the recipient’s obligation | 280 |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Income-Producing Purpose | fees incurred as a consequence of receiving unclaimed property (which was taxable under s. 146(8)) were non-deductible | 205 |
| Tax Topics - Income Tax Act - Section 9 - Timing | receipt of income by an administrator was not income of the beneficial owner until the year she was identified | 350 |
Burton v Commissioner of Taxation, [2018] FCA 1857, aff'd [2019] FCAFC 141
a foreign tax credit was reduced by ½ when only ½ of a capital gain was brought into income
The taxpayer was an Australian resident who was taxed at the 15% long-term U.S. capital gains rate on his gains on disposal of U.S. oil and gas...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Treaties - Income Tax Conventions - Article 24 | foreign tax credit was not required to be accorded to all the US tax on the gain | 361 |
Quigley v. The Queen, 96 DTC 1057, [1996] 1 CTC 2378 (TCC)
"included" means reported/assessed
The taxpayer argued that no imputed interest was required to be included in his income under s. 80.4(2) respecting shareholder advances because,...
Words and Phrases
included4 November 2008 External T.I. 2008-0264181E5 - Income recognition and ACB - trust units
Summary Under
Tax Topics - Income Tax Act - Section 53 - Subsection 53(2) - Paragraph 53(2)(h) - Subparagraph 53(2)(h)(i.1)amount paid to beneficiary "was included" in its taxation year in which trust's taxation year ends/beneficiary return for previous year re-opened to avoid double taxation
Where a corporation with an October 31 year end receives income distributions from an income trust in February and March 2007 and sells its units...
Words and Phrases
included| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 39 - Subsection 39(1) - Paragraph 39(1)(a) | 154 |
Langdon v. Canada, 2000 DTC 6203 (FCA)
not included if not reported
The taxpayer was not entitled to claim a deduction under s. 20(1)(l) because the sale giving rise to the receivable had not been reported in his...
Words and Phrases
includedDelle Donne v. The Queen, 2015 TCC 150
doubtful debt reserve claimed implicitly as at the year end in light of subsequently revealed information
The taxpayer made a loan, bearing interest at 25%, to a corporation ("SA") owned by his brother-in-law, which in turn lent the funds, at the same...
Words and Phrases
included| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 12 - Subsection 12(11) - Investment Contract | "debt" exists irrespective of demand | 99 |
| 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)(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 |
Everett's Truck Stop Ltd. v. The Queen, 93 DTC 965, [1993] 2 CTC 2658 (TCC)
inducement to purchase product for more was includible under s. 12(1)(x), or perhaps s. 9
The assumption by another corporation ("Polar Oils") of the obligation of the taxpayer to pay $119,658 in consideration for the taxpayer's...
Words and Phrases
included| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 244 - Subsection 244(14) | 96 |
Allan Lanthier, "FAPI or Taxable Surplus Dividend", Canadian Tax Highlights, Vol. 23, No. 2, February 2015, p. 4.
Dispute as to whether FA earns ABI or FAPI (p. 4)
Assume that Canco owns CFA and that the relevant years are all before 2012. In year 1, CFA earns...