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(Solution) - John has owned all of the shares of Corporation A

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John has owned all of the shares of Corporation A and Corporation B since their inception. In the current year, John had Corporation A transfer, on a tax-deferred basis, property used in its business to Corporation B. The reason for the transfer is to enable Corporation B to apply the income earned on the transferred assets against its non-capital losses.
Will the GAAR in ITA 245(2) apply to disallow the tax benefit? Income tax reference: ITA 245(1),(2),(3),(4); IC 88-2.


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This question was answered on: Jul 11, 2017

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