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1 , CPA, CA, Armco Capital, Halifax, Canadian Tax Foundation, Ottawa Halifax Current Issues Recent Technical Interpretations of Note Income Tax Folios 2
2 Changes to Section 55 Focus on changes to 55(3)(a) Changes to charitable donations Private company shares Real estate 3 Changes to Section 55 A response from Finance to D&D Livestock case and similar planning 55(3)(a) amended to remove safe harbour for intercorporate dividends where no unrelated parties Exemption remains for deemed dividends on redemption Old 55(3)(a) exemption precluded having to address safe income on hand (SIOH) and purpose test stages of 55(2) 4
3 Changes to Section 55 Types transactions no longer exempted by 55(3)(a): Intercorporate cash transfers Creditor protection Loss utilization Internal reorganizations 5 Changes to Section 55 Where do the amendments leave us with regards to the above types of transactions: Additional reliance on redemptions Additional reliance on SIOH Additional reliance on purpose test 6
4 Changes to Charitable Donations Proportional capital gain exemption for donation of money after sale of private company shares or real estate Applicable for dispositions after 2016 Donation must occur within 30 days of disposition Property must be sold to party arms length to both taxpayer and qualified donee Anti-avoidance where property reacquired within 5 years 7 Changes to Charitable Donations Where disposition and donation made by graduated rate estate, capital gain exemption can be applied to terminal return Private company shares and real estate must be capital property 8
5 Recent Technical Interpretations of Note Fishing Vessels and Atlantic ITCs Allocation of Capital Gains to Beneficiaries Eligible Dividend Designation 9 Recent Technical Interpretations of Note Fishing Vessels and Atlantic ITCs Requirement that vessels be used in Canada primarily for the purpose of fishing Do vessels that operate in the prescribed offshore region meet the in Canada requirement E5 10
6 Recent Technical Interpretations of Note Allocation of Capital Gains to Beneficiaries QSBC tests are at the Trust level, not beneficiaries (24 month hold period) Where there is an earn-out beneficiaries that become beneficiaries after the year of initial disposition can be allocated gains from earn-out E5 (F) 11 Recent Technical Interpretations of Note Eligible Dividend Designation Reassessments Retroactively increased GRIP Ability to make late eligible dividend designations Pre March 29, 2012 dividends Post March 29, 2012 dividends beyond 3 year limit under 89(14.1) Designations held in abayence 12
7 Income Tax Folios Interest Deductibility Residence of a Trust Listing of other new Folios 13 Interest Deductibility Income Tax Folios Replaces IT-533 Additional commentary on: Contingent amounts Interest on funds borrowed to buy common shares Loss consolidations 14
8 Residency of a Trust Income Tax Folios Reflects Fundy Settlement SCC decision Mind & management vs residency of trustees Applies for Federal & Provincial residency Provincial courts have been deciding provincial residency (Discovery Trust [AB/NL], Boettger as Trustee of Nancy Smith Spousal Trust [AB/QC]) 15 Other New Folios Income Tax Folios S2-F1-C1, Health and Welfare Trusts S4-F2-C1, Deductibility of Fines and Penalties S4-F5-C1, Share for Share Exchange S4-F16-C1, What is a Partnership? S2-F3-C1, Payments from Employer to Employee S3-F8-C1, Principal-business Corporations in the Resource Industries S3-F9-C1, Lottery Winnings, Miscellaneous Receipts, and Income (and Losses) from Crime S4-F7-C1, Amalgamations of Canadian Corporations 16
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