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IT359R2 – Premiums and Other Amounts with Respect to Leases

NO: IT-359R2 DATE: December 20, 1983 SUBJECT: INCOME TAX ACT Premiums and Other Amounts With Respect to Leases REFERENCE: Subsection 9(1) (also section 43, subsection 39(1), and paragraphs 18(1)(q), 20(1)(z) and z.1)) This bulletin replaces and cancels Interpretation Bulletin IT-359R dated July 30, 1982. Current revisions are designated by vertical lines. Amounts Received Landlord or Tenant […]

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Tax Court Rules Rental Losses Not a Source of Income in Hustak v. The Queen, 2018 TCC 199

Key Takeaway The Tax Court finds no source of income in a case involving a taxpayer claiming “rental losses” over a few years. Although the properties were clearly investment properties, the taxpayer did not act in a business-like manner to show that rental is a source of income. Tax practitioners must be wary of rental

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Tax Court Rules Rental Losses Not a Source of Income in Hustak v. The Queen, 2018 TCC 199

Key Takeaway The Tax Court finds no source of income in a case involving a taxpayer claiming “rental losses” over a few years. Although the properties were clearly investment properties, the taxpayer did not act in a business-like manner to show that rental is a source of income. Tax practitioners must be wary of rental

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Hustak v. The Queen (2018 TCC 199)

Hustak v. The Queen Court (s) Database Tax Court of Canada Judgments Date 2018-10-24 Neutral citation 2018 TCC 199 File numbers 2017-1119(IT)I Judges and Taxing Officers Réal Favreau Subjects Income Tax Act Docket: 2017-1119(IT)I BETWEEN: JOHN HUSTAK, Appellant, and HER MAJESTY THE QUEEN, Respondent.   Appeal heard on May 2, 2018, at Hamilton, Ontario. Before: The Honourable

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Income Tax Folio S4-F11-C1, Meaning of Farming and Farming Business

Income Tax Folio S4-F11-C1, Meaning of Farming and Farming Business Series 4: Businesses Folio 11: Farmers Chapter 1: Meaning of Farming and Farming Business Summary This Chapter discusses the definition of farming for income tax purposes. Farming has to be defined before the following can be determined: the existence of a farming business; the amount

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IT92R2 – Income of contractors

NO.: IT-92R2 DATE: December 29, 1983 SUBJECT: INCOME TAX ACT Income of Contractors REFERENCE: Subsection 9(1) (also section 125.1, subsections 127(5) and 248(1) and paragraphs 20(1)(gg) and 20(1)(m)) This bulletin replaces and cancels IT-92 dated March 3, 1975. Current revisions are designated by vertical lines. 1. This bulletin applies to any prime contractor or subcontractor who is

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IT-373R2-Woodlots

NO: IT-373R2  SUBJECT: INCOME TAX ACT Woodlots REFERENCE: Section 9 (also subparagraph 40(2)(g)(iii); paragraphs 12(1)(g), 18(1)(a) and 18(1)(h); subsections 18(2), 28(1), 70(9), 70(9.1), 70(9.2), 70(9.3), 73(3) and 248(1); and sections 31, 43, 46, 54, 67, 110.6 and 111) Application This bulletin is a consolidation of the following: IT-373R2 dated July 16, 1999; and subsequent amendments thereto.

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IT102R2 – Conversion of property, other than real property, from or to inventory

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 S1-F2-C3, Scholarships, Research Grants and Other Education Assistance

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 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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