{"id":419,"date":"2013-02-12T16:02:54","date_gmt":"2013-02-12T16:02:54","guid":{"rendered":"https:\/\/thor.ca\/\/blog\/?p=419"},"modified":"2025-02-12T13:29:33","modified_gmt":"2025-02-12T21:29:33","slug":"cra-examines-a-creditors-seizure-of-an-interest-in-debtor-partnership","status":"publish","type":"post","link":"https:\/\/www.thor.ca\/blog\/2013\/02\/cra-examines-a-creditors-seizure-of-an-interest-in-debtor-partnership\/","title":{"rendered":"CRA examines a creditor\u2019s seizure of an interest in debtor-partnership"},"content":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2013\/02\/2011-0427101C6.pdf\">2011-0427101C6<\/a> (released this week), the CRA was asked whether a creditor\u2019s acquisition of an interest in a debtor-partnership could qualify as a \u201cseizure\u201d of the debtor-partnership\u2019s property for purposes of s. 79.1.    Section 79.1 contains rules (often favorable) for a creditor where the creditor has \u201cseized\u201d property of a debtor as a result of a foreclosure, conditional sale repossession, or similar transaction.  The statutory test provides that such a property is \u201cseized\u201d by a creditor where \u201cthe beneficial ownership of\u201d the property is acquired or reacquired by the creditor (s. 79(2)(a)).  Citing the Department of Finance\u2019s 1995 Technical Notes, the CRA said (in the case of a debtor-partnership) that this provision contemplates the creditor acquiring property held directly by the debtor-partnership.  In the CRA\u2019s view, the statutory test is not met when the property seized is an ownership interest in the debtor-partnership, notwithstanding that the creditor will have (thereby) acquired an indirect interest in the debtor-partnership\u2019s property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In <a href=\"http:\/\/thor.ca\/blog\/wp-content\/uploads\/2013\/02\/2011-0427101C6.pdf\">2011-0427101C6<\/a> (released this week), the CRA was asked whether a creditor\u2019s acquisition of an interest in a debtor-partnership could qualify as a \u201cseizure\u201d of the debtor-partnership\u2019s property for purposes of s. 79.1.    Section 79.1 contains rules (often favorable)&hellip;<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-419","post","type-post","status-publish","format-standard","hentry","category-corporate-tax"],"_links":{"self":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/comments?post=419"}],"version-history":[{"count":1,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/419\/revisions"}],"predecessor-version":[{"id":2810,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/419\/revisions\/2810"}],"wp:attachment":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/media?parent=419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/categories?post=419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/tags?post=419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}