,canada ,cu/oms #a & ,rev5ue ,ag5cy ,9t]pret,n ,bullet9 ,numb]3 ,,it-#chg;,r#b 7,3solidat$7 ,date3 ,see ,bullet9 ,revi.ns sec;n ,subject3 ,9come ,tax ,act--,m1n+ ( 8,id5tical ,prop]ties0 ,ref];e3 ,sec;n #dg 7al sec;n #dg.a1 subsec;ns #ach7#aa.a7 & #bdh7#ab72 &! def9i;n ( 8sup]ficial loss0 9 sec;n #ed (! ,9come ,tax ,act 7! ,act72 & subsec;ns #bf7#h71 7#h.a7 & 7#h.b7 (! ,9come ,tax ,applic,n ,rules1 #aiga 7,,itar77 ,late/ ,revi.n--,p>agraph #g ,at ! ,canada ,cu/oms & ,rev5ue ,ag5cy 7,,ccra71 we issue 9come tax 9t]pret,n bullet9s 7,,it's7 9 ord] 6provide te*nical 9t]pret,ns & posi;ns reg>d+ c]ta9 provi.ns 3ta9$ 9 9come tax law4 ,due 6_! te*nical nature1 ,,it's >e us$ prim>ily 0\r /aff1 tax speciali/s1 #a  ,,it-#chg;,r#b7,c7 a#a & o!r 9dividuals :o h an 9t]e/ 9 tax matt]s4 ,= ^? r1d]s :o pref] a less te*nical explan,n (! law1 we (f] o!r public,ns1 s* z tax guides & pamphlets4 ,:ile ! -;ts 9 a "picul> p>agraph 9 an ,,it may relate 6provi.ns (! law 9 =ce at ! "t !y 7 made1 s* -;ts >e n a sub/itute =! law4 ,! r1d] %d1 "!=e1 3sid] s* -;ts 9 li tax,n ye> 2+ 3sid]$1 tak+ 96a3.t ! e6ect ( any relevant am5d;ts 6^? provi.ns or relevant c\rt deci.ns o3urr+ af ! date on : ! -;ts 7 made4 ,subject 6! abv1 an 9t]pret,n or posi;n 3ta9$ 9 an ,,it g5],y applies z (! date on : x 0 publi%$1 un.s o!rwise specifi$4 ,if "! is a subsequ5t *ange 9 t 9t]pret,n or posi;n &! *ange is b5eficial 6taxpay]s1 x is usu,y e6ective = future assess;ts & reassess;ts4 ,if1 on ! o!r h&1 ! *ange is n fav\ra# 6taxpay]s1 x w norm,y 2 e6ective =! curr5t & subsequ5t tax,n ye>s or = #b  ,,it-#chg;,r#b7,c7 b#a transac;ns 5t]$ 96af ! date on : ! *ange is publi%$4 ,if y h any -;ts reg>d+ matt]s 4cuss$ 9 an ,,it1 pl1se s5d !m to3 ,manag]1 ,te*nical ,public,ns & ,projects ,sec;n ,9come ,tax ,rul+s ,directorate ,policy & ,legisl,n ,bran* ,canada ,cu/oms & ,rev5ue ,ag5cy ,ottawa ,,on ,k#a;,a #j;,l#e ,mo/ ( \r public,ns >e availa# on \r ,web site at3 _+www.ccra.gc.ca_: ,? v].n is only availa# electronic,y4 #c  ,3t5ts c#a ,applic,n ,summ>y ,4cus.n & ,9t]pret,n ,g5]al 7p>agraphs #a-c7 ,gold ,bullion & ,gold ,c]tificates 7p>agraph #d7 ,bonds1 ,deb5tures1 ,notes1 etc4 7p>agraph #e7 ,escr[$ ,%>es 7p>agraph #f7 ,3v]ti# ,%>es 7p>agraph #g7 ,-mod;y ,futures ,3tracts 7p>agraph #h7 ,9dex$ ,securities 7p>agraph #i7 ,life ,9sur.e ,corpor,ns 7p>agraphs #aj-aa7 ,o!r ,public,ns 7p>agraph #ab7 ,bullet9 ,revi.ns ,applic,n ,? bullet9 is a 3solid,n (! foll[+3 --,,it-#chg;,r#b dat$ ,july #ad1 #aihi2 & #d  ,,it-#chg;,r#b7,c7 d#a --subsequ5t am5d;ts "!to4 ,= fur!r "picul>s1 see ! 8,bullet9 ,revi.ns0 sec;n ne> ! 5d ( ? bullet94 ,summ>y ,special rules >e applica# 6det]m9e ! adju/$ co/ base ( id5tical prop]ties = purposes ( det]m9+ any capital ga9 or loss on _! 4posi;n4 ,? bullet9 4cusses ! m1n+ ( id5tical prop]ties z well z a numb] ( k9ds ( s* prop]ties4 ,4cus.n & ,9t]pret,n ,g5]al 7p>agraphs #a-c7 #a4 8,id5tical prop]ties01 =! purposes ( subsec;n #dg7#a71 ! def9i;n ( 8sup]ficial loss0 9 sec;n #ed (! ,act & subsec;n #bf7#h7 (! ,,itar 7& subject 6! provi.ns ref]r$ 6in p>agraph #e & p>agraphs #i 6#aa71 >e prop]ties : >e ! same 9 all #e  ,,it-#chg;,r#b7,c7 e#a mat]ial respects1 s t a prospective buy] wd n h a pref];e = "o z oppos$ 6ano!r4 ,6det]m9e :e!r prop]ties >e id5tical1 x is nec 6-p>e ! 9h]5t qualities or ele;ts --------------------------------------#b : give ea* prop]ty xs id5t;y4 ,s* a det]m9,n is a "q ( fact : m/ 2 decid$ on ! basis (! relevant details 9 ea* situ,n4 #b4 ,! id5tical nature ( prop]ties is n a6ect$ 0! fact t [n]%ip is evid;ed 0m1ns ( c]tificates : may repres5t di6]5t quantities (! prop]ties1 z 9 ! case ( %>e c]tificates or gold c]tificates4 #c4 ,two prop]ties : >e o!rwise id5tical d n c1se 6be s m]ely 2c "o is subject 6a *>ge or o!r ext]nal 3di;n : may a6ect xs price &! o!r is n1 provid$ ! ext]nal 3di;n does n *ange any (! 3/itu5t ele;ts (! "picul> prop]ty 7e4g41 prov9cial retail sales tax1 -mis.n fees74 #f  ,gold ,bullion & ,gold a#b ,c]tificates 7p>agraph #d7 #d4 ,gold bullion & gold c]tificates 7or bullion & c]tificates (! same preci\s metal7 >e 3sid]$ 0! ,canadian ,cu/oms & ,rev5ue ,ag5cy 7,,ccra7 7#a7 6be id5tical prop]ties4 ,fur!rmore1 x is ! ,,ccra's 7#b7 view t a "picul> c]tificate &! bullion 6: x relates >e ! same prop]ty1 )! result t an ex*ange (a c]tificate = bullion or bullion =a c]tificate w n 2 3sid]$ a 4posi;n4 7#a7 & 7#b7 ,correc;n ,7,septemb] #ab1 #bjjb7' ,bonds1 ,deb5tures1 ,notes1 etc4 7p>agraph #e7 #e4 ,pursuant to 7a7 subsec;n #bdh7#ab7 (! ,act = tax,n ye>s & fiscal p]iods -m5c+ af ,june #ag1 #aihg t 5d af #aihg1 #g  ,,it-#chg;,r#b7,c7 b#b 7b7 subsec;n #dg7#c7 (! ,act = o!r tax,n ye>s & fiscal p]iods1 & 7c7 subsec;n #bf7#h.b7 (! ,,itar1 "o bond1 deb5ture1 bill1 note or o!r simil> oblig,n issu$ 0a debtor is deem$ 6be id5tical 6ano!r s* oblig,n issu$ 0! same debtor1 provid$ t bo? >e id5tical 9 respect ( all "rs atta*+ "!to1 b )\t ref];e 6! pr9cipal am.t ( s* oblig,n4 ,/ripp$ bonds >e id5tical 6o!r /ripp$ bonds (! same issue b !y >e n 3sid]$ 6be id5tical 6bonds (! same issue f : ! 9t]e/ c\pons h n be5 deta*$4 ,escr[$ ,%>es 7p>agraph #f7 #f4 ,%>es (! capital /ock (a corpor,n : >e subject 6an escr[ agree;t s z 6prev5t ! [n] "!( f d1l+ 9 !m 7escr[$ %>es7 & %>es (! same class & k9d (! capital /ock (! same corpor,n : >e n s re/rict$ 7free %>es7 >e 3sid]$ #h  ,,it-#chg;,r#b7,c7 c#b 6be id5tical prop]ties1 not)/&+ t ! value (! escr[$ %>es may 2 less ?an ! value (! free %>es1 provid$ t 7a7 ! escr[$ %>es h be5 issu$ 0! corpor,n1 & 7b7 ! escr[ agree;t re/ricts only ! "r ( sale (! escr[$ %>es4 ,%>es : >e m]ely allott$ 3di;n,y wd n 2 id5tical 6free or escr[$ %>es : h be5 issu$4 ,3v]ti# ,%>es 7p>agraph #g7 #g4 ,%>es ( two di6]5t classes (! capital /ock (a corpor,n >e n id5tical if !y d n h ! same 9t]e/s1 "rs & privileges4 ,= example1 ,class ;,a -mon %>es (a corpor,n & ,class ;,b -mon %>es (! same corpor,n : >e ! same 9 all respects1 except t ! ,class ;,a %>es >e vot+ &! ,class ;,b %>es >e non-vot+1 >e n 3sid]$ 6be id5tical s9ce !y provide = di6]5t "rs4 #i  ,,it-#chg;,r#b7,c7 d#b ,9 "s cases1 ! hold]s ( %>es ( "o class >e 5titl$ 6ex*ange !m = %>es (! o!r class4 ,= example1 ,class ;,x -mon %>es (a corpor,n & ,class ;,y -mon %>es (! same corpor,n >e ! same 9 all respects1 except t ! ,class ;,x %>es >e vot+ &! ,class ;,y %>es >e non- vot+1 & t ! hold]s (! ,class ;,x %>es >e 5titl$ 6ex*ange !m = ,class ;,y %>es4 ,( c\rse1 ": a taxpay] ex*anges ,class ;,x %>es = ,class ;,y %>es1 ! ,class ;,y %>es acquir$ on ! 3v].n >e id5tical 6any ,class ;,y %>es alr held or subsequ5tly acquir$ 0! taxpay]4 ,fur!rmore1 x %d 2 not$ t ! "r or privilege ( 3v].n or ex*ange atta*$ 6! ,class ;,x %>es 3/itutes a "r 6acquire a prop]ty & t s* a "r is deem$ 6be a prop]ty t is id5tical 6! ,class ;,y %>es =! purpose (! def9i;n ( 8sup]ficial loss0 9 sec;n #ed (! #aj  ,,it-#chg;,r#b7,c7 e#b ,act4 ,"!=e1 ! exi/;e (a "r or privilege ( 3v].n or ex*ange atta*$ 6%>es (! capital /ock (a corpor,n may1 9 "s circum/.es1 result 9 a taxpay]'s loss f a 4posi;n (a %>e 2+ 3sid]$ a 8sup]ficial loss0 )9 ! m1n+ ( sec;n #ed (! ,act4 ,= example1 assume t an 9dividual 7o!r ?an a tru/7 [ns ,class ;,y %>es4 ,! 9dividual 4poses ( 8 or h] ,class ;,y %>es4 ,a loss >ises on s* 4posi;n4 ,)9 ! p]iod describ$ 9 p>agraph 7a7 (! def9i;n ( 8sup]ficial loss0 9 sec;n #ed (! ,act1 ! 9dividual acquires ,class ;,x %>es4 ,9 s* a case1 ! 9dividual's loss f ! 4posi;n (! ,class ;,y %>es wd 2 a 8sup]ficial loss0 )9 ! m1n+ ( sec;n #ed (! ,act4 ,-mod;y ,futures ,3tracts 7p>agraph #h7 #h4 ,-mod;y futures 3tracts : grant 6! hold] "!( ! same "rs >e 3sid]$ 6be id5tical4 ,t is1 futures 3tracts #aa  ,,it-#chg;,r#b7,c7 f#b =! same /&>d am.t (! same -mod;y = deliv]y 9 ! same mon? >e 3sid]$ 6be id5tical4 --------------------------------------#c ,9dex$ ,securities 7p>agraph #i7 #i4 ,dur+ ! p]iod af ,septemb] #cj1 #aihc & 2f ,janu>y #a1 #aihf1 subsec;n #dg7#d7 provid$ t prop]ties : 7 def9$ 0p>agraph #dg.a7#a77e7 z 9dex$ securities 7 n subject 6! id5tical prop]ties rules4 ,9dex$ securities no l;g] exi/ z ! law 3c]n+ ,9dex$ ,secur;y ,9ve/;t ,plans 0 rep1l$1 applica# af ,janu>y #a1 #aihf4 ,life ,9sur.e ,corpor,ns 7p>agraphs #aj-aa7 #aj4 ,=! purposes ( sec;n #dg1 prop]ties (a life 9sur.e corpor,n : wd o!rwise 2 #ab  ,,it-#chg;,r#b7,c7 a#c id5tical >e deem$ 0subsec;n #ach7#aa.a7 n 6be id5tical un.s !y >e 7a7 non-segregat$ prop]ty us$ 0x 9 ! ye> in1 or held 0x 9 ! ye> 9 ! c\rse (1 c>ry+ on a life 9sur.e busi;s 9 ,canada1 or 7b7 non-segregat$ prop]ty us$ 0x 9 ! ye> in1 or held 0x 9 ! ye> 9 ! c\rse (1 c>ry+ on an 9sur.e busi;s 9 ,canada o!r ?an a life 9sur.e busi;s4 #aa4 ,=! purpose ( subsec;n #bf7#h7 (! ,,itar1 prop]ties [n$ 0a life 9sur.e corpor,n : wd o!rwise 2 id5tical >e deem$ 0subsec;n #bf7#h.a7 (! ,,itar n 6be id5tical un.s !y >e 7a7 9clud$ 9 ! same segregat$ fund 7z def9$ 9 subsec;n #ach.a7#a771 7b7 non-segregat$ prop]ty describ$ 9 p>agraph #aj7a7 abv1 or 7c7 non-segregat$ prop]ty describ$ 9 p>agraph #aj7b7 abv4 #ac  ,o!r ,public,ns b#c 7p>agraph #ab7 #ab4 ,! late/ revi.ns (! foll[+ ,9t]pret,n ,bullet9s may 2 ref]r$ 6= a4i;nal 9=m,n on ! subject ( id5tical prop]ties3 ,,it-#gh ,capital ,prop]ty ,[n$ on ,decemb] #ca1 #aiga--,id5tical ,prop]ties ,,it-#hh ,/ock ,divid5ds ,,it-#aae ,frac;nal ,9t]e/s 9 ,%>es ,,it-#adf ,%>es ,5titl+ ,%>ehold]s 6,*oose ,taxa# or ,capital ,divid5ds ,,it-#aii ,id5tical ,prop]ties ,acquir$ 9 ,non-,>m's ,l5g? ,transac;ns #ad  ,bullet9 ,revi.ns #d ,p>agraphs #b 6#f & #h 6#ab h n be5 revis$ s9ce ! issu.e ( ,,it-#chg;,r#b dat$ ,july #ad1 #aihi4 ,a ,3t5ts sec;n has be5 a4$ at ! 2g9n+ (! bullet94 ,7,septemb] #ab1 #bjjb7' ,p>agraph #a has be5 revis$ 6take 963sid],n ! alphabetical reord]+ ( v>i\s def9i;ns 9 sec;n #ed (! ,act1 &! subtitle 8,g5]al0 has be5 a4$4 ,7,septemb] #ab1 #bjjb7' ,p>agraph #g has be5 revis$ 69dicate t a 3v].n "r atta*$ 6a class ( %>es (! capital /ock (a corpor,n 3/itutes a 8"r 6acquire a prop]ty0 & t s* a "r is deem$ 6be a prop]ty t is id5tical 6! prop]ty 96: x is 3v]ti# =! purpose (! def9i;n ( 8sup]ficial loss0 9 sec;n #ed (! ,act4 ,7,septemb] #ab1 #bjjb7' ,! subtitle 8,o!r ,public,ns0 has be5 a4$ 2f p>agraph #ab4 ,7,septemb] #ab1 #bjjb7' #ae