McGillis J.:

Giles A.S.P.:

Teskey T.C.J.:

1 The Appellant in his Notice of Appeal, wherein he appeals his 1990, 1991 and 1992 assessment of income tax, elected the informal procedure.

Issue

2 The sole issue herein is whether F.D.I. Financial Development Inc. (“F.D.I.”), was the beneficial owner of certain rental properties or does it hold a one-half interest in the title to these properties in trust for, or as agent for, the Appellant herein.

Watson D.J.T.C.:

1 This appeal was heard in Belleville, Ontario, on June 6, 1997 under the Informal Procedure.

Desjardins J.A.:

1 This application for judicial review raises the issue of whether the mortgage interest charges on the respondent's old residence constitute moving expenses within the meaning of section 62 of the Income Tax Act (“the Act”).

Richard J.:

Nature of the Proceedings

1 The moving party, the respondent Minister of National Revenue, seeks an order striking out the originating notice of motion and dismissing the within proceeding for want of jurisdiction, lack of standing, prematurity and abuse of the process of this Court.

O'Connor T.C.J.:

1 The issue is whether the Appellant in 1991 and 1992 is entitled to deductions of the entire amounts of certain business losses from his involvement in a business of buying and selling Arabian horses or must his losses be restricted to the limited amounts provided for in subsection 31(1) of the Income Tax Act (Act), as contended by the Minister of National Revenue (Minister).

Tardif T.C.J.:

1 The appellant opted for the informal procedure for his appeal from assessments for the 1986, 1987, 1988 and 1989 taxation years. The Reply to the Notice of Appeal states the points at issue as follows:

[TRANSLATION]

• (a) whether the appellant declared all her income for the 1986, 1987, 1988 and 1989 taxation years;

• (b) whether the Minister was justified in assessing the appellant as he did for the 1986, 1987, 1988 and 1989 taxation years;

Per Curiam:

Rowe T.C.J.:

1 The Appellant appealed with respect to his 1995 taxation year. The Appellant filed his return of income for the 1995 taxation year, reporting income from employment and registered retirement savings plan income, then calculated his non-refundable tax credit and a carrying charge and interest expense of $58.85, and calculated thereafter his net federal tax owing in the sum of $6,534.06.