Date: 20010425
Docket: A-210-00
Neutral citation: 2001 FCA 122
CORAM: ISAAC J.A.
SEXTON J.A.
MALONE J.A.
BETWEEN:
HER MAJESTY THE QUEEN
Appellant
(Respondent on Cross-Appeal)
- and -
WILLIAM H. JOHNSTON
Respondent
(Appellant on Cross-Appeal)
Heard at Toronto, Ontario, Wednesday, April 25, 2001
Judgment delivered at Toronto, Ontario,
on Wednesday, April 25, 2001
REASONS FOR JUDGMENT OF THE COURT BY: SEXTON J.A.
Date: 20010425
Docket: A-210-00
Neutral citation: 2001 FCA 122
CORAM: ISAAC J.A.
SEXTON J.A.
MALONE J.A.
BETWEEN:
HER MAJESTY THE QUEEN
Appellant
(Respondent on Cross-Appeal)
- and -
WILLIAM H. JOHNSTON
Respondent
(Appellant on Cross-Appeal)
REASONS FOR JUDGMENT OF THE COURT
(Delivered from the Bench at Toronto, Ontario
on Wednesday, April 25, 2001)
SEXTON J.A.
This is an appeal from a judgment of the Tax Court of Canada pronounced on the 1st day of March 2000 which considered whether the respondent was entitled to claim losses incurred as a result of an investment in a fraudulent "pyramid scheme". The Tax Court Judge dismissed the respondent's claim of a non-capital business loss. However, he did find that the respondent was entitled to claim an allowable business investment loss for his 1993 taxation year pursuant to the Income Tax Act.
We are unable to conclude that the Tax Court Judge erred.
The appeal and cross-appeal will both be dismissed with costs for the reasons enunciated by the learned Tax Court Judge with which we are in substantial agreement.
"J. E. Sexon"
J.A.
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