Residency of a corporation What is a Canadian corporation? Section 89 of the ITA defines a Canadian corporation as one that is resident in Canada and was: incorporated in Canada; or resident in Canada from June 18, 1971, to the present A corporation formed by a corporate reorganization is a Canadian corporation due to incorporation in Canada […]
Income Tax Folio S1-F2-C3, Scholarships, Research Grants and Other Education Assistance Series 1: Individuals Folio 2: Students Chapter 3: Scholarships, Research Grants and Other Education Assistance Summary This Chapter discusses the taxation of scholarships, fellowships, bursaries, prizes, research grants, certain government financial assistance for education and training, forgivable loans and repayable awards. Paragraph 56(1)(n) generally includes
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Income Tax Folio S1-F3-C4, Moving Expenses Series 1: Individuals Folio 3: Family Unit Issues Chapter 4: Moving Expenses Summary This Chapter explains the moving expense deduction. In computing income, employees, self-employed individuals and students may deduct certain moving expenses they paid for an eligible relocation. The Chapter specifies the expenses that are eligible as moving
Series 5: International and Residency Folio 1: Residency Chapter 1: Determining an Individual’s Residence Status Summary The purpose of this Chapter is to explain the position of the Canada Revenue Agency (CRA) concerning the determination of an individual’s residence status for income tax purposes and the factors to be taken into account in making that determination.
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Income Tax Folio S5-F2-C1, Foreign Tax Credit Series 5: International and Residency Folio 2: Foreign Tax Credits and Deductions Chapter 1: Foreign Tax Credit Summary Section 126 of the Act makes a foreign tax credit available to a taxpayer who at any time in a year is a resident of Canada, or in certain limited circumstances is
NO: IT-434R DATE: April 30, 1982 SUBJECT: INCOME TAX ACT Rental of Real Property by Individual REFERENCE: Section 3 (also sections 9 and 216, and subsections 2(3), 74(1), 74(5), 75(1), 115(1), 120(1) and 120(2), and paragraphs 63(3)(b), 120(4)(a) and 146(1)(c), and Part XIII, and subsections 1100(3) and 2602(1) and Part XXVI of the Income Tax Regulations)
NO: IT-420R3 DATE: March 30, 1992 SUBJECT: INCOME TAX ACT Non-Residents – Income Earned in Canada REFERENCE: Sections 3 & 115 (also sections 4, 115.1 and 253, subsection 2(3) and the definition of “taxable Canadian property” in subsection 248(1) of the Act, and sections 805 and 7400 of the Regulations) Application This bulletin cancels and replaces
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NO: IT-262R2 DATE: November 28, 1996 SUBJECT: INCOME TAX ACT Losses of Non-Residents and Part-Year Residents REFERENCE: Section 114, subsection 111(9) and paragraphs 115(1)(c) and 115(1)(e) (also sections 3, 31 and 80 and subsections 2(3), 96(2.1), 111(1), 111(1.1), 111(3) and 111(8)) Application This bulletin cancels and replaces IT-262R dated August 30, 1985. Summary The Income Tax Act contains a system of rules
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NO: IT-168R3 DATE: May 13, 1991 SUBJECT: INCOME TAX ACT Athletes and Players Employed by Football, Hockey and Similar Clubs REFERENCE: Section 6 (subsection 2(3), sections 8, 115 and 212 and paragraphs 18(1)(p) and 125(7)(d) and the definitions of “retirement compensation arrangement” and “salary deferral arrangement” in subsection 248(1)) Application This bulletin cancels and replaces Interpretation
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NO: IT-113R4 DATE: August 7, 1996 SUBJECT: INCOME TAX ACT Benefits to Employees – Stock Options REFERENCE: Section 7 (also subsections 2(3), 5(1), 8(12), 110(1.5), 115(1) and the definition of “Canadian-controlled private corporation” in subsection 125(7), paragraphs 6(1)(a), 53(1)(j) and 110(1)(d) and (d.1), and subparagraph 128.1(4)(b)(vi) of the Income Tax Act; and section 6204 of the