Desjardins J.A.:
1 We are all of the view that this application for judicial review must fail.
2 The applicant became indebted to a company of which he was the sole shareholder on February 2, 1990, when the bank called in a guarantee undertaken by the company for a loan that had been made by the bank to the applicant personally. Pursuant to paragraph 15(2)(b) of the Income Tax Act, the amount of the indebtedness was to be included in computing the income of the applicant for the year 1990, unless the indebtedness was repaid within the year after the end of the taxation year of the company.
3 But this did not happen. As found by the Tax Court Judge, the applicant was not able to make repayment at all and the debt was written off by the company as uncollectible.
4 We are of the view that a write-off is not equivalent to a repayment, as claimed by the applicant, and that the Tax Court Judge properly directed himself in the law.
5 This application for judicial review will therefore be dismissed.
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