Words and Phrases - "income"
Cheung v Commissioner of Taxation, [2024] FCA 1370
Before accepting the applicant’s evidence that the receipts at issue were capital transfers in the nature of family gifts from Vanuatu and did...
Potash Corporation of Saskatchewan Inc. v. Canada, 2024 FCA 35
The taxpayer (PCS), which produced and sold potash from mines in Saskatchewan, was subject to both a profit tax and to the making of “base...
10 October 2003 Roundtable, 2003-0035645 F - DEDUCTIBILITE DES INTERETS
CCRA accepted that, under Ludco, the income-earning test referenced amounts added in computing income rather than net income, and indicated that,...
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| Tax Topics - Income Tax Act - Section 16 - Subsection 16(1) | interest imputed on a non-interest-bearing note issued at a discount consists of simple interest (annually deductible) and compound interest (deductible only at maturity) | 127 |
Burton v Commissioner of Taxation, [2019] FCAFC 141
An Australian-resident individual was taxed at the 15% long-term U.S. capital gains rate on his gains on the disposal of U.S. oil and gas drilling...
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| Tax Topics - Income Tax Act - Section 91 - Subsection 91(4) | credit “in respect of” income only included the taxable ½ of capital gain | 212 |
29 May 2018 STEP Roundtable Q. 5, 2018-0743961C6 - Tax on Split Income
In the definition of excluded shares, subpara. (a)(i) refers to 90% of the corporation’s "business income" whereas para. (c) uses "all or...
26 April 2017 IFA Roundtable Q. 7, 2017-0691221C6 - Clause 95(2)(a)(ii)(D)
S. 95(2)(a)(ii)(D)(IV)2 requires that, for each disregarded 2nd or 3rd affiliate and for each of their relevant taxation years that end in the...
13 January 2014 External T.I. 2013-0512581E5 - Sale of shares of Brazilian corporation
The capital gain realized by a resident of Canada ("Canco") on disposing of shares of a Brazilian company was taxed by Brazil in accordance with...
The Queen v. McLaren, 90 DTC 6566, [1990] 2 CTC 429 (FCTD)
The word "income" in s. 63(2) require the existence of a positive sum. Consequently, where the supporting person had no income, s. 63(2) did not...
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| Tax Topics - Income Tax Act - Section 3 | "income" must be positive | 98 |
| Tax Topics - Statutory Interpretation - Resolving Ambiguity | 41 |
454538 Ontario Ltd. v. MNR, 93 DTC 427, [1993] 1 CTC 2746 (TCC)
Two brothers (the "Mazzoccas"), who constituted two of the three equal shareholders of a corporation ("Tri-M"), transferred their shares of Tri-M...
The Queen v. McLaren, 90 DTC 6566, [1990] 2 CTC 429 (FCTD)
Before dealing specifically with the interpretation of s. 63(2), MacKay J. found (p. 6572) "that the word 'income', both in its ordinary usage and...
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| Tax Topics - Income Tax Act - Section 63 - Subsection 63(2) | "income" imports positive income | 26 |
| Tax Topics - Statutory Interpretation - Resolving Ambiguity | 41 |
Ludco Enterprises Ltd. v. Canada, 2001 DTC 5505, [2001] 2 S.C.R. 1082, 2001 SCC 62
A group of Canadian investors, including the taxpayers, invested in the shares of two Panamanian corporations (collectively, "Justinian") whose...
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| Tax Topics - General Concepts - Purpose/Intention | objective and subjective manifestations of purpose | 104 |
| Tax Topics - General Concepts - Tax Avoidance | right to structure for tax avoidance | 129 |
| Tax Topics - Statutory Interpretation - Certainty | inferring of subjective test is contrary to the objective of certainty | 103 |
Mark Resources Inc. v. The Queen, 93 DTC 1004, [1993] 2 CTC 2259 (TCC)
In order to utilize the losses of its U.S. subsidiary, the taxpayer borrowed funds in Canada from an arm's length bank and made a capital...
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| Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) | 106 |