Archambault T.C.J.:

Bowman T.C.J.:

1 These appeals were heard together and concern assessments for the 1991, 1992 and 1993 taxation years. The issue is the deductibility of losses sustained by the appellants from the rental of property.

2 Marvin Saunders is an engineer with INCO Limited, Judith Saunders, his wife, teaches school. Their combined annual incomes in the years in question were over $100,000.

Tremblay-Lamer J.:

1 The Applicant seeks an Order of mandamus compelling the Respondent to issue to her, pursuant to subsection 152(1.1) of the Income Tax Act (Canada),[FN1: <p>R.S.C. 1952, c. 148, as amended.</p>] a Notice of Determination of Loss for her 1987 taxation year in an amount not less than $260,460.

Tremblay T.C.J.:

Linden J.A.:

Introduction

1 The question to be decided on this appeal is whether a sophisticated financing plan to obtain for Shell Canada Ltd. (Shell) 100 million U.S. dollars, (US$) utilizing a “Kiwi” loan and certain hedging transactions, has succeeded in reducing the tax that otherwise would be payable.

Stone J.A.:

1 The appellant, a corporation without share capital, was incorporated under the laws of Ontario by Letters Patent dated September 11, 1985, for the following purposes:

(a) To educate the public and encourage an awareness and understanding of social justice conditions;

(b) To interact with local development and justice organizations as well as churches and missions to further such educational programs.

Rip T.C.J.:

1 Alexander Stahl has applied for an order extending the time within which he may file with the Tax Court of Canada a Notice of Appeal in respect of a reassessment dated April 15, 1996 for the 1992 taxation year under subsection 227(10) of the Income Tax Act (“Act”).

Guenette Reg.:

1 This taxation came on for hearing by means of a telephone conference call on November 28, 1997. It follows a judgment of the Honourable Judge O'Connor, dated June 13, 1997, who allowed the appeal with costs. The Appellant represented himself, and the Respondent was represented by Mrs. Sanjana Bhatia.

• D. Other disbursements: $6,955 (supporting invoice attached).

McGillis J.:

Giles A.S.P.: