Words and Phrases - "settle"

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7 October 2022 APFF Roundtable Q. 9, 2022-0942281C6 F - Section 80 - proposals under BIA

forgiveness under a Bankruptcy proposal occurred when it was court-approved

Pursuant to a proposal under the Bankruptcy and Insolvency Act, Opco and its creditor agreed to write off $600,000 of its $1 million debt and to...

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Words and Phrases
settle
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 80 - Subsection 80(13) s. 80(13) tax liability does not arise until the forgiveness 234

12 October 2016 Internal T.I. 2016-0637781I7 - Employee loan or debt extinguished or settled

writing-off a statute-barred debt of an employee or remitting for financial hardship triggers benefit

An organization (apparently, a federal Crown corporation or agency) may “write off or remit” an employee debt based on employee financial...

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Words and Phrases
settle
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 80 - Subsection 80(2) - Paragraph 80(2)(a) writing-off debt was its settlement 36

Canada v. Diversified Holdings Ltd., 97 DTC 5203, [1997] 2 CTC 263 (FCA)

The predecessor of the taxpayer ("Diversified Holdings") purchased, in an arm's length transaction, all the shares of another BC company ("860")....

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Words and Phrases
settle

Carma Developers Ltd. v. The Queen, 96 DTC 1798, [1996] 3 CTC 2029 (TCC), briefly aff'd 96 DTC 6569 (FCA)

Under a plan that was approved by the requisite majority of creditors in accordance with the companies' Creditors Arrangement Act, various classes...

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Words and Phrases
extinguish settle novation