Series 3: Property, Investments and Savings Plans Folio 3: Capital Transactions Chapter 1: Replacement Property Summary Subsections 13(4) and 44(1) permit a taxpayer to elect to defer the recognition of recapture (income) of capital cost allowance (CCA) or capital gains where a property was involuntarily disposed of, or a former business property was voluntarily disposed […]
Series 3: Property, Investments and Savings Plans Folio 4: Capital Cost Allowance Chapter 1: General Discussion of Capital Cost Allowance Summary Capital cost allowance (CCA) replaces accounting depreciation for income tax purposes. A taxpayer who acquires and uses depreciable property to earn income from a business or property is generally entitled to claim a portion of the capital
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NO: IT-102R2 DATE : July 22, 1985 SUBJECT : INCOME TAX ACT Conversion of Property, Other than Real Property, from or to Inventory Section 9 (also section 45, subsections 13(7) and 248(1), and paragraphs 13(21)(c) and 54(a), (b) and (c)) The comments in this bulletin apply for taxation years commencing after its issue date. IT-102R will
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Income Tax Folio S7-F1-C1, Split-receipting and Deemed Fair Market Value Series 7: Charities and Non-profit Organizations Folio 1: Charitable Gifts and Deductions Chapter 1: Split-receipting and Deemed Fair Market Value Summary The purpose of this Chapter is to provide the CRA’s views on the application of subsections 248(30) to (41), which include the rules commonly referred to
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NO: IT-481 (Consolidated) DATE: See Bulletin Revisions section SUBJECT: INCOME TAX ACT Timber Resource Property and Timber Limits REFERENCE: The definition of “timber resource property” in subsection 13(21) of the Income Tax Act (the “Act”); and subsection 1101(3), paragraph 1100(1)(e), Class 33 of Schedule II and Schedule VI of the Income Tax Regulations (the “Regulations”) (also the definition of “undepreciated capital cost”
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NO: IT-259R4 DATE: September 23, 2003 SUBJECT: INCOME TAX ACT Exchange of Property REFERENCE: Section 44 and subsections 13(4), 13(4.1), 14(6) and 14(7) of the Income Tax Act (the Act) (also sections 70 and 128.1, paragraphs 87(2)(l.3), 88(1)(a) and 96(1)(a) and subparagraph 40(1)(a)(iii) and the definition of “proceeds of disposition” in section 54 and subsection 13(21) of the
NO: IT-460 DATE: October 6, 1980 SUBJECT: INCOME TAX ACT Dispositions – Absence of Consideration REFERENCE: Paragraphs 13(21)(c) and 54(c) (also paragraphs 13(21)(d) and 54(h)) 1. A disposition can generally be regarded as an event or transaction where possession, control and all other aspects of property ownership are relinquished. Although there is usually a corresponding acquisition
NO.: IT-267R2 DATE: February 28, 1995 SUBJECT: INCOME TAX ACT Capital Cost Allowance — Vessels REFERENCE: Paragraph 20(1)(a) (also subsections 13(1), 13(4), 13(14), 13(16) and 13(17) and the definitions of “conversion,” “conversion cost” and “vessel” in subsection 13(21)) of the Income Tax Act and subsections 1100(16), 1101(2a), 1101(2b), 1102(14), 1102(14.1) and 1102(20), paragraphs 1100(1)(v) and 1100(1)(va), and classes 7
NO: IT-273R2 DATE: September 13, 2000 SUBJECT: INCOME TAX ACT Government Assistance — General Comments REFERENCE: Section 9, subsection 13(7.1), paragraphs 12(1)(x) and 53(2)(k) (also sections 66, 66.1, 66.2, 66.4 and 126; subsections 12(2.1), 12(2.2), 13(7.4), 13(21), 14(10), 14(11), 53(2.1), 127(9) and 248(16); paragraphs 12(1)(t), 20(1)(hh), 20(1)(hh.1), 40(2)(i), 53(2)(s) and 56(1)(s) of the Income Tax Act; and sections 6700,
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NO: IT-170R DATE: August 25, 1980 SUBJECT: INCOME TAX ACT Sale of Property — When Included in Income Computation REFERENCE: Paragraphs 12(1)(b), 13(21)(c) and subparagraph 54(c)(i) (also section 79 and subparagraphs 13(21)(d)(i), 54(c)(v) and 54(h)(i)) General ¶ 1. The comments contained in this bulletin are specifically directed to transactions that are sales of property and do not necessarily have application in other situations. The comments are inapplicable
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