Ian Gamble has been selected for inclusion in Best Lawyers in Canada in the practice area of Tax Law. Ian has also been listed in the Guide to the World’s Leading Tax Advisers and has previously been noted as among the Top 10 tax advisors in Canada by the International Tax Review. Read complete profile »
The so-called “foreign affiliate dumping” rules are now a reality, notwithstanding the heavy criticism they received from many quarters. A Quick Update Report provides both a high level discussion and detailed look at these comprehensive new rules.
In 2013-0507881E5, the CRA usefully confirmed its view that a payment made pursuant to a valid price adjustment clause – in respect of preferred shares that were redeemed before the payment – is taxed as a dividend in the…
In 2013-0491571E5, the CRA confirmed its view that a “partnership interest” is one property notwithstanding that a partner may hold separate “units” in the partnership. Accordingly, where a partner sells only some of its units in the partnership during…
In Auto Parts Inc. Lecavalier v. The Queen, 2013 CCI 310 (English version not yet available), the Tax Court of Canada (TCC) applied the general anti-avoidance rule (GAAR) to effectively re-characterize a cash share subscription followed by cash debt repayment…
In the Canadian domestic tax context, an accrued gain on shares held by one Canadian company in another Canadian company may be safely reduced by the payment of an inter-corporate dividend provided the gain so reduced is attributable to underlying…
In 2013-0475261E5, the CRA confirmed that a late eligible dividend designation generally should be possible where an excess capital dividend is (later) treated as a taxable dividend. An eligible dividend paid by a Canadian-controlled private corporation (CCPC) is generally…
In 2012-0439741I7 (released October 23, 2013), the CRA’s Sudbury office considered treating a Canadian company’s preferred share investment in a first-tier foreign affiliate as a loan, with the result that tax-free dividends on the preferred shares were proposed to…
In 2012-0467721R3 (released October 16, 2013), the CRA ruled that a deemed dividend paid by a Canadian unlimited liability company (ULC) to a US parent company qualified for the 5% withholding tax rate under the Canada-US tax treaty (Treaty).…
On October 15, 2013, the Joint Committee made useful submissions to Finance on draft legislation released September 13, 2013 (see http://thor.ca/blog/2013/10/department-of-finance-tax-related-quick-update-report/ for a quick summary of the latter). Among the Joint Committee’s submissions were the following items.
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In 2013-0480321C6, the CRA confirmed its view that US tax levied directly on a Canadian corporate parent (Canco) of a transparent US limited liability company (LLC) would not be deductible or creditable to Canco until such time as the…