Words and Phrases - "repayment"
debt forgiveness not a repayment
When an upstream loan to Canco from its wholly owned CFA is forgiven following a sale of the CFA, this will not qualify as a repayment of the loan...
Words and Phrasesrepayment
|Locations of other summaries||Wordcount|
|Tax Topics - Income Tax Act - Section 90 - Subsection 90(9)||potential indefinite application of surplus where upstream loan forgiven after FA sale||203|
|Tax Topics - Income Tax Act - Section 80 - Subsection 80(1) - Excluded Obligation - Paragraph (a)||s. 80 non-application where s. 90(6) applies to forgiven loan even if offsetting surplus deduction||156|