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Income Tax Folio S4-F2-C1, Deductibility of Fines and Penalties

Income Tax Folio S4-F2-C1, Deductibility of Fines and Penalties Series 4: Businesses Folio 2: Deducting Business Expenses Chapter 1: Deductibility of Fines and Penalties Summary This Chapter discusses the deductibility of fines and penalties for income tax purposes. Several provisions of the Act deny the deduction of a fine or penalty. The key provision is section […]

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Income Tax Folio S4-F8-C1, Business Investment Losses

Series 4: Businesses Folio 8: Losses Chapter 1: Business Investment Losses Summary A taxpayer’s business investment loss is basically a capital loss from a disposition of shares in, or a debt owing to the taxpayer by, a small business corporation (SBC) where the disposition is: to an arm’s-length person; or one to which subsection 50(1) applies. One-half of this loss

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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-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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International Financial Reporting Standards

International Financial Reporting Standards The purpose of this article is to provide guidance on how the requirement for publicly accountable enterprises (PAEs) to adopt International Financial Reporting Standards (IFRS), effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, will affect those enterprises’ tax reporting. IFRS will

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IT259R4 – Exchange of Property

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

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IT99R5- Legal and Accounting Fees

NO.: IT-99R5 (Consolidated)  DATE: See Bulletin Revisions section SUBJECT: INCOME TAX ACT  Legal and Accounting Fees REFERENCE: Paragraph 18(1)(a) (also sections 9 and 239; subsections 13(12), 20(9), and 40(1); paragraphs 6(1)(f), 6(1)(j), 8(1)(b) and (c), 20(1)(b), (e) and (cc), 56(1)(b), (l) and ( l.1), 60(o) and (o.1) and the definitions of “cumulative eligible capital” and “eligible capital expenditure” in subsection

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IT278R2- Death of a Partner or of a Retired Partner

NO: IT-278R2 DATE: September 26, 1994 SUBJECT: INCOME TAX ACT Death of a Partner or of a Retired Partner REFERENCE: Section 98.1 (also sections 34, 43, 98.2, 110.6, subsections 40(3), 53(1), 53(2), 70(2), 70(3), 70(5), 70(6), 96(1), 96(1.1), 96(1.3), 96(1.5), 96(3), 100(2), 100(3, 150(4), 159(5), 159(5.1) and paragraph 12(1)(l) of the Income Tax Act, and subsections

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IT273R2- Government Assistance – General Comments

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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