Bifalgorithm post · Un actionnaire vend un immeuble à sa société · CRA restricts taxpayer requests to revise permissive deductions

Permissive Deductions

Permissive Deductions (Un actionnaire vend un immeuble à sa société · CRA restricts taxpayer requests to revise permissive deductions) — "CRA has issued a new…

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  • CRA's new Circular replaces two July 9, 1984 information circulars and clarifies permissive deductions.
  • It replaces Information Circular IC75-7R3, Reassessment of a Return of Income.
  • It replaces Information Circular IC84-1, Revision of CCA Claims and Other Permissive Deductions.
  • Both replaced circulars were dated July 9, 1984.
  • CRA identifies examples of permissive deductions.
  • Examples include CCA, SR&ED deductions, and CEE, CDE and COGPE deductions.
  • CRA distinguishes deductions that are not considered permissive.
  • Charitable donations and other amounts that reduce taxable income rather than net income are not permissive deductions.
  • Tax credits and reserves are also not permissive deductions.
  • The capital gains reserve under s. 40(1)(a)(iii) is an example of such a reserve.
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Permissive Deductions

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Un actionnaire vend un immeuble à sa société

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"CRA has issued a new Circular to replace Information Circular IC75-7R3 Reassessment of a Return of Income and Information Circular IC84-1 Revision of CCA Claims and Other Permissive Deductions, both dated July 9, 1984.\n\nCRA refers to examples of permissive deductions as including CCA, SR&ED deductions and CEE, CDE and COGPE deductions; whereas deductions that are not considered permissive include charitable donations or other amounts that reduce taxable income rather than net income, tax credits and reserves, such as the capital gains reserve under s. 40(1)(a)(iii)."

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