Introduction to Tax Attributes Canadian Bar Association ...Introduction to Tax Attributes Canadian...
Transcript of Introduction to Tax Attributes Canadian Bar Association ...Introduction to Tax Attributes Canadian...
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Introduction to Tax Attributes Canadian Bar Association
Tax Law for Lawyers
By Michael D. Templeton
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Basic Accounting Concepts
– Shareholders Equity Consists of:– Retained Earnings– Contributed Surplus– Share Capital
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– Retained Earnings– Undistributed Income
Basic Accounting Concepts (cont’d)
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– Contributed Surplus– Amounts Paid for Shares in Excess of Par Value– Surplus Contributed by Shareholders– Proceeds paid for No - Par Value Shares
Allocated to Surplus
Basic Accounting Concepts (cont’d)
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Basic Accounting Concepts (cont’d)
– Share Capital– Generally Stated Capital of Corporation
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Stated Capital
– Par Value – The amount stated as par value for all issued
shares
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Stated Capital (cont’d)
– No Par Value Jurisdictions – Consideration received for issue of shares– CBCA & OBCA allow lesser amount if non arm’s
length – Redemption of share results in reduction to
Stated Capital
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Stated Capital (cont’d)
– May increase Stated Capital by Resolution or Special Resolution
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Paid-Up Capital
– ITA Concept of Capital– Can be returned to Shareholders free of Tax
(On Dividends - Still subject to Capital Gains Regime)– private corps can distribute funds as a return of
capital– Ordinary course return of capital distribution by
Public Corp. deemed dividend - 84(4.1)
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Paid-Up Capital (cont’d)
– PUC of class = Stated Capital + (-) Adjustments
– PUC per Share = PUC of Class# of Shares
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Example
Shares Price PUC perShare
Purchaser 1 100 $ 100 $ 1Purchaser 2 200 $20,000 $67
Total PUC Purchaser 1 100 x 67 = $ 6,700Total PUC Purchaser 2 200 x 67 = $13,400
Use separate Share Classes to Avoid
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Deemed Dividends
– Increases in PUC without capital contribution causes deemed dividend 84(1)
– Distribution to shareholders on wind-up in excess of PUC causes deemed dividend -84(2)
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Deemed Dividends (cont’d)
– Payment or redemption in excess of PUC causes deemed dividend - 84(3)
– Payment on reduction of capital in excess of PUC results in a deemed dividend - 84(4)
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Deemed Dividends (cont’d)
– Ordinary course payment on reduction of capital by a public corporation results in a deemed dividend - 84(4.1)
– Exception for reduction of capital payment by Public corporation of proceeds arising from a transaction conducted outside the ordinary course of business within the previous 24 months
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Permitted PUC Increases
– Stock Dividends– Capitalizing Surplus arising from:
– share issues of that class - other than rollover transactions
– property contributed by shareholder of that class– prior PUC reductions of that class
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PUC — Stated Capital Differences
– 4 Major Categories– Rollover transactions– Anti-Surplus Stripping– Tax Benefit Adjustments– Historical
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Rollover Transactions
– Permit Share Exchanges or Property transfers at historical tax values
– Designed to permit deferral of tax
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Rollover Transactions (cont’d)
– 51 - Convertible Property– allows exchange of capital property that is
shares or exchangeable bonds/debentures for shares of the same corporation
– no other consideration can be received
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Rollover Transactions (cont’d)
– 85.1 - Arm’s Length Share Exchange– allows exchange of shares of one Canadian
corporation for another Canadian corporation– no other consideration
(modified by allocation rule)
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Rollover Transactions (cont’d)
– 86 - Capital Reorganization– allows exchange of all the shares of a class of
a corporation for shares of the same corporation
– must be in the course of a reorganization– shareholder may receive other consideration in
addition to shares– Amalgamations
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Rollover Transactions (cont’d)
– 85 - Property Transfer– allows transfer of eligible property (includes
shares) in exchange for at least one share of transferee and other property
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– PUC of New Shares cannot exceed PUC of Old Shares (less any non-share consideration received)
PUC Reductions Sections 51, 85.1, 86and 87 Rollovers
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PUC Reductions
– Section 85 Rollover– PUC of shares received on transfer of property
cannot exceed “elected amount” less the amount of any non-share consideration
– If shares transferred under section 85 PUC of new shares can exceed PUC of old shares
– subject to 84.1 and 212.1
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Anti-Surplus Strip Rules
– 84.1 Domestic– 212.1 Cross Border
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– 84.1 - Application– Non arms length transfer of Cdn Corp Shares to
another Corp– 2 Corps Connected after transfer– 84.1 Rule designed to prevent:
• V day Value Strips• Capital Gain Exemption Strips
Anti-Surplus Strip Rules (cont’d)
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Anti-Surplus Strip Rules (cont’d)
– 84.1 - Impact– PUC of New Shares cannot exceed greater of:
• PUC of Old Shares• Arms length ACB of Old Shares• less in both cases any non-share consideration
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– Deemed Dividend if non share consideration exceeds greater of:
• PUC of Old Shares• Arm’s length ACB of Old Shares
Anti-Surplus Strip Rules (cont’d)
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Shareholder
OPCO
PUC $10ACB1 $1,000ACB2 $10,000FMV $100,000
Shareholder
Holdco
PUC $1,000ACB $100,000FMV $100,000
Opco
PUC $10ACB $100,000FMV $100,000
Control or> 10%
ACB1 arm’s length ACBACB2 non arm’s length ACB
84.1 Example
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– 212.1 - Application– Non arm’s length transfer of Cdn Corp Shares
by a Non Resident to another Cdn Corp.– After transfer - 2 corps connected– Rule designed to prevent strip of value using
Treaty Exemption
Anti-Surplus Strip Rules (cont’d)
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Anti-Surplus Strip Rules (cont’d)
– 212.1 - Impact– PUC of New Shares cannot exceed PUC of Old
Shares less non-share consideration– Deemed Dividend if non share consideration
exceeds PUC of Old Shares
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Non Resident
Canco
PUC $10ACB $1,000FMV $100,000
Non Resident
CanadianHoldco
PUC $10ACB $100,000FMV $100,000
Canco
PUC $10ACB $100,000FMV $100,000
212.1 Example
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Tax Benefit Adjustments
– Flow through shares, SRED tax credits, ITC Tax Credits
– Reduce PUC of Shares by value of tax benefit
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Historical Adjustments
– Pre April 1977 Shares - reduce PUC by “Paid Up Capital Deficiency”
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Adjusted Cost Base
– Starting Point is Historical Cost– V-Day Value Adjustments
– non-depreciable property - median rule– depreciable property - proceeds adjustment
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Section 52 Amounts
– Income Amounts– Dividends– Prizes
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Section 53 Adjustments
– Avoids Double Counting– Specific Examples
– Deemed Dividends – Capital Contributions– PUC Reduction Payments– Deductible Amounts
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Identical Properties Rule
– ACB of Identical Properties is average cost– Identical Properties
– Shares– Bonds– Fungibles
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Identical Properties Example
First Second CombinedLot Lot
# of Shares Purchased 50 10 60Purchase Price Per Share $2 $8 --Total Cost 100 80 $180Total ACB 100 -- $180ACB Per Share $2 -- $3
•Sale of 2nd Lot at Original Purchase Price Triggers Gain
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Negative ACB
– ACB Deductions - [ACB & Additions] = Capital Gain
– Exception for Participating Partners
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Allocating ACB
– Allocation amongst Multiple Share Classes– 51, 86, 87 allocation based on FMV of shares
received– Available ACB x fmv of Shares of Class
fmv of all Shares
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Section 85 Mechanism
– First to Non Share Consideration– Next to Preferred Shares– Next to Common Shares– Can use section 85 to create high ACB -
high value shares
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Example - 85 ACB Allocation
Before RolloverCommon Shares
number 100ACB $250,000value $600,000
After RolloverRedeemable ConvertibleCommon Shares Preferred Shares
number 1 50ACB $0 $250,000value $300,000 $300,000
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Disposition & Proceeds of Disposition
– Disposition defined by Reference to Inclusions & Exclusions
– Excludes- Security Transfers- No Beneficial Ownership Change- Issue of Shares or Bonds
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Proceeds Definition
– Proceeds defined by reference to inclusions & exclusions
– Excludes deemed dividends
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Example - Share Redemption
PUC 10ACB 20FMV 100Deemed Dividend 100-10 = 90Proceeds 100-90 = 10Capital Gain (Loss) 10-20 = (10)
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Stop Loss Rules
– Cannot trigger loss on transfer to Affiliate– Add Disallowed Loss to Remaining Shares
ACB (40(3.6))
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Questions & Answers
Michael D. TempletonPartner, McMillan LLPTel: 416-865-7837E-mail: [email protected]