Words and Phrases - "novation"

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21 July 2009 Internal T.I. 2009-0322591I7 F - Déduction des intérêts

replacement of note and capitalized interest by new note with increased amount did not constitute payment by novation of the old debt

The taxpayer purchased assets from the vendor (apparently, a non-resident) in consideration for shares of the taxpayer and interest-bearing debt,...

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Words and Phrases
novation
Locations of other summaries Wordcount
Tax Topics - General Concepts - Payment & Receipt replacement of note with capitalized note with note for full amount did not constitute payment by novation 119
Tax Topics - Income Tax Act - Section 212 - Subsection 212(1) - Paragraph 212(1)(b) issuance of replacement promissory note for amount of previous principal plus capitalized interest was not a crediting of such interest 151

13 July 2018 Internal T.I. 2017-0713301I7 - Assumption of accrued interest

the covenant of the assuming debtor to pay accrued interest on a debt assumption was a payment in kind subject to Part XIII tax

The Partnership, a general partnership governed by the laws of a U.S. state that was a Canadian partnership under s. 102 as its partners were...

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Words and Phrases
novation
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 212 - Subsection 212(13.1) - Paragraph 212(13.1)(a) withholding when debt of Canadian partnership assumed by sub 171

Blank v Commissioner of Taxation, [2016] HCA 42

payments under profit-linked phantom units in affiliate were ordinary income when received

The taxpayer was employed by Glencore International AG (“GI”), an international commodity trading business incorporated in Switzerland, or a...

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Words and Phrases
novation

General Electric Capital Equipment Finance Inc. v. Canada, 2002 DTC 6734, 2001 FCA 392

changes to 3 of the 4 fundamental attributes of debt produced new debt

Following assessments of withholding tax on interest on notes owing by the taxpayer, the notes were amended to decrease the principal owing (by...

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Words and Phrases
novation
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 212 - Subsection 212(1) - Subparagraph 212(1)(b)(vii) material changes produced new obligation 183

National Trust Co. v. Mead, [1990] 5 WWR 455, [1990] 2 S.C.R. 410

assumption of loan did not entail its novation

The execution by an individual ("Mead") of an assumption of liability agreement in favour of a mortgage lender ("National Trust"), with Mead...

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Words and Phrases
novation
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) tests for novation 151