Were the tax-free dividends issued upon the Tyco International 2007 split taxable to Canadian Shareholders?
Although it is mid 2009, I would like to know if anyone can provide advice on this situation.
On June 29, 2007, Tyco International Ltd. spun off into three publicly traded companies (Tyco International, Covidien and Tyco Electronics) through a tax free dividend distribution to shareholders (in the US). The stock was issued through a reverse stock split.
On the T5 statement of investment income for tax purposes, it indicated foreign income derived from the spin-off of Covidien and Tyco Electronics. How can this income be excluded on the tax return? I found a list of foreign spin offs that are eligible for tax-free treatment for Canadian shareholders on the CRA website but how do I find out about Tyco? http://www.cra-arc.gc.ca/tx/bsnss/tpcs/s… Or is there another way to exclude this on the tax return?

