CGU Holdings Canada Ltd. v. Canada, 2009 DTC 5685, 2009 FCA 20 -- summary under Paragraph 87(2)(a)

By services, 28 November, 2015

Noël, J.A. rejected a submission of the taxpayer that s. 87(2)(a) deemed an amalgamation of three corporations (one of which was an NRO) to be a new corporation only for purposes of the computation of its income (Division B) and taxable income (Division C). He stated (at para. 40):

The observation [in Pan Ocean] that an amalgamated corporation is "only" a new corporation for the purposes of computing income under Division B and where necessary as a consequence thereof, to Division C and E is obiter.

Accordingly, the amalgamated corporation also was a new corporation for purposes of the NRO rules contained in Division F.

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Income Tax Act - s. 87(2)(a)
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amalgamated corporation was new corporation for purposes other than income computation
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