CRA states that MacDonald is “irreconcilable” with George Weston

We have prepared brief summaries of the questions posed at the 6 October 2017 APFF Financial Strategies and Instruments Roundtable, and are providing translations of the CRA preliminary written answers and of the Finance answers, as the cae may be, on a piecemeal basis. We will also provide complete translations of the questions posed to CRA when they are officially released, towards or about year end. (We have also completed translating the answers at the (regular) 6 October 2017 APFF Roundtable.)

Turning to Q.16, in commenting on MacDonald, CRA stated:

The approach taken by the TCC in this case respecting, inter alia, the linkage principle appears to be irreconcilable with previous jurisprudence, including George Weston … .

Nevertheless, the CRA is currently considering whether to change its approach pending the Federal Court of Appeal decision in James S. A. MacDonald.

Neal Armstrong. Summary of 6 October 2017 APFF Financial Strategies and Instruments Roundtable, Q.16 under s. 9 - capital vs. profit – futures/forwards/hedges.