Isaac C.J.:
1 This is an application for judicial review of a judgment of the Tax Court of Canada dated 17 May, 1996 dismissing the appellant's appeal from assessments made by the Minister of National Revenue under the Income Tax Act (“the Act”) for the years 1989 and 1990.
2 For the reasons that follow we are all of the view that the application cannot succeed.
3 The applicant had appealed to the Tax Court of Canada from a decision of the Minister of National Revenue that a loan which the applicant had made to a corporation of which he was the sole shareholder and which the applicant had forgiven as part of the sale of his business, was not a capital loss as defined in paragraph 39(1)(c) of the Act and was therefore not deductible as such under subparagraph 40(2)(g)(ii) of the Act, on the basis that the loan was not a bad debt and that in forgiving the loan to the corporation of which he was the sole shareholder, the applicant was not dealing with the corporation at arms length.
4 In reaching his conclusion, the Deputy Tax Court Judge made findings of fact which were supported by the evidence and we are quite unable to say that he made any error in fact or in law which warrants our interference.
5 The section 28 application will therefore be dismissed.
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