248(1)

Income Tax Folio S3-F8-C1, Principal-business Corporations in the Resource Industries

Income Tax Folio S3-F8-C1, Principal-business Corporations in the Resource Industries Series 3: Property, Investments and Savings Plans Folio 8: Resource Properties Chapter 1: Principal-business Corporations in the Resource Industries Summary The Act provides various incentives for principal-business corporations operating in resource industries. This Chapter discusses the criteria for determining whether a corporation qualifies as a principal-business corporation (PBC) as that […]

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Income Tax Folio S3-F2-C1, Capital Dividends

Income Tax Folio S3-F2-C1, Capital Dividends Series 3: Property, Investments and Savings Plans Folio 2: Dividends Chapter 1: Capital Dividends Summary This Chapter discusses capital dividends and the capital dividend account (CDA). The CDA keeps track of various tax-freesurpluses accumulated by a private corporation. These surpluses may be distributed tax-free in the form of capital dividends to the

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Income Tax Folio S3-F6-C1, Interest Deductibility

Income Tax Folio S3-F6-C1, Interest Deductibility Series 3: Property, Investments, and Savings Plans Folio 6: Interest Chapter 1: Interest Deductibility Summary The purpose of this Chapter is to explain the Canada Revenue Agency’s (CRA) position on the deductibility of interest expense under paragraph 20(1)(c). The Chapter also discusses various other provisions of the Act relating to interest deductibility. An amount

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Income Tax Folio S6-F2-C1, Disposition of an Income Interest in a Trust

Income Tax Folio S6-F2-C1, Disposition of an Income Interest in a Trust Series 6: Trusts Folio 2: Beneficiaries Chapter 1: Disposition of an Income Interest in a Trust Summary This Chapter discusses the disposition of an income interest in a trust and the circumstances under which the proceeds are required to be included in the

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Income Tax Folio S3-F9-C1, Lottery Winnings, Miscellaneous Receipts, and Income (and Losses) from Crime

Income Tax Folio S3-F9-C1, Lottery Winnings, Miscellaneous Receipts, and Income (and Losses) from Crime Series 3: Property, Investments and Savings Plans Folio 9: Miscellaneous Payments/Receipts Chapter  1:  Lottery Winnings, Miscellaneous Receipts, and Income (and Losses) from Crime Summary This Chapter discusses the tax treatment of various receipts, such as strike pay, gambling winnings, and forfeited

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IT67R3- Taxable dividends from corporations resident in Canada

IT SUBJECT: INCOME TAX ACT Taxable Dividends from Corporations Resident in Canada No: IT-67R3 DATE: May 15, 1992 REFERENCE: Paragraph 12(1)(j) (also sections 82, 83, 84, 84.1 and 121; subsections 153(4), 260(5); the definition of “dividend”, “stock dividend” and “dividend rental arrangement” in subsection 248(1); and paragraph 89(1)(j)) Application This bulletin replaces and cancels Interpretation

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IT473R- Inventory Valuation

NO: IT-473R DATE: December 21, 1998 SUBJECT: INCOME TAX ACT Inventory Valuation REFERENCE: Section 10 (also the definition of “inventory” in subsection 248(1) of the Income Tax Act and section 1801 of the Income Tax Regulations) Application This bulletin cancels and replaces Interpretation Bulletin IT-473 dated March 17, 1981, and the related Special Release dated April 30, 1993. Summary In computing a taxpayer’s income from a

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IT433R- Farming or Fishing – Use of Cash Method

NO: IT-433R DATE: June 4, 1993 SUBJECT: INCOME TAX ACT Farming or Fishing – Use of Cash Method REFERENCE: Section 28 (also section 119 and subsections 22(1), 69(1), 76(4), 85(1), 248(7) and the definitions of “farming” and “fishing” in 248(1)) Application This bulletin replaces and cancels Interpretation Bulletin IT-433 dated June 25, 1979. Current revisions are

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IT529- Flexible Employee Benefit Programs

NO.: IT-529 DATE: February 20, 1998 SUBJECT: INCOME TAX ACT Flexible Employee Benefit Programs REFERENCE: Paragraph 6(1)(a) (also subsections 6(3), 6(4), 15(1); the definitions of “salary deferral arrangement,” “retirement compensation arrangement,” “group term life insurance policy” and “private health services plan” in subsection 248(1); paragraphs 6(1)(f), 6(1)(g), 6(1)(h), 6(1)(i), subparagraphs 56(1)(a)(i) and (iii)) Application This bulletin discusses various tax consequences that may

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