Section 61.3

Table of Contents

Section 61.3 - Reserve for debt forgiveness for resident individuals
Subsection 61.3(1)
Administrative Policy(2)
Paragraph 61.3(1)(b)
Administrative Policy(1)
Subsection 61.3(3) - Anti-avoidance
Administrative Policy(1)

Subsection 61.3(1)

Administrative Policy

2 December 2025 CTF Roundtable, Q.1

In Year 1, a corporation resident in Canada ("Parentco") made a $1,000 interest-free loan to its wholly owned Canadian subsidiary ("Subco") and,...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) abuse to generate two losses out of the same investment 298

19 March 2003 External T.I. 2002-0171825 F - DEDUCTION POUR INSOLVABILITE LIQUIDATION

A corporation with no assets and a debt owing to its sole shareholder as its only liability has that debt forgiven (resulting in an income...

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Paragraph 61.3(1)(b)

Administrative Policy

7 November 2001 External T.I. 2001-0103805 F - SENS D'ACTIFS

A corporation in financial difficulty that no longer has any tangible property but has a balance of non-capital losses and undeducted scientific...

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Words and Phrases
asset

Subsection 61.3(3) - Anti-avoidance

Administrative Policy

19 December 2013 External T.I. 2012-0468851E5 F - Deduction for Insolvency

Mco has a wholly-owned subsidiary (Aco) which is in financial difficulty, is not an insurance corporation, bank or credit union, does not have any...

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