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Quebec Railway, Light & Power Co. / Quebec Railway, Light & Power Co. v. ...

Sylvan Lake Golf & Tennis Club Ltd., 2002 SCC 19, [2002] 1 S.C.R. 678-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification available notwithstanding lack of due diligence on part of plaintiff The plaintiff (“Sylvan”) and the defendant (“Performance”) entered into an agreement respecting a golf course that gave Sylvan the option on the 18 th fairway for a specific residential development to be undertaken by it. ... The plaintiff must establish that the terms agreed to orally were not written down properly. … What is essential is that at the time of execution of the written document the defendant knew or ought to have known of the error and the plaintiff did not. ...

Lavallee, Rackel & Heintz v. Canada (Attorney General); White, Ottenheimer & Baker v. ...

Lavallee, Rackel & Heintz v. Canada (Attorney General); White, Ottenheimer & Baker v. ...

Gascon and Brown JJ (speaking for the majority) found (at paras 3-4): [W]e agree that Deloitte … should not be liable for its corporate client Livent Inc.’s increase in liquidation deficit which followed Deloitte’s provision of negligent services in relation to the solicitation of investment. ... Further to the first finding, they stated (at paras 53, 55): From August to October of 1997, the services which Deloitte provided to Livent — particularly its ongoing assistance in relation to the Press Release and the provision of the Comfort Letter — were undertaken for the purpose of helping Livent to solicit investment. ... Deloitte’s undertaking did not entitle Livent to rely on Deloitte’s services and representations for all possible purposes. … … Simply put, Deloitte never undertook, in preparing the Comfort Letter, to assist Livent’s shareholders in overseeing management; it cannot therefore be held liable for failing to take reasonable care to assist such oversight. ...

Eli Lilly & Co. v. Novopharm Ltd. (1998), 161 DLR (4th) 1, [1998] 2 S.C.R. 129-- summary under Tax Avoidance Summary Under Tax Topics- General Concepts- Tax Avoidance In discussing E.I. De Pont De Nemours & Co. v. Shell Oil Co., 227 U.S.P.Q. 223 (1985), Iacobucci J. stated (at p. 34) that in that case: "the unlicensed party actually manufactured the licensed article allegedly as the agent of the licensee, only then to 'purchase' the article from the licensee immediately upon its manufacture. ...

Canada (Attorney General), 2016 SCC 55, [2016] 2 S.C.R. 670-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification must give effect to common intention at time The taxpayer (“PJC Canada”), a Quebec corporation, implemented a plan, to neutralize the effect of FX fluctuations on its investment in a U.S. subsidiary (“PJC USA”), that overlooked foreign accrual property income considerations – so that interest generated to PJC USA on a loan that it made back to PJC Canada was included in PJC Canada’s income. ... In the AES case, the mistake consisted of a miscalculation in the adjusted cost base (“ACB”) of the transferred shares ― the procedure agreed to by the parties required the issuance and delivery of a note for an amount precisely equal to the shares’ ACB. ... [T]here is a fundamental difference between a contract under which one of a party’s prestations ― necessary for obtaining the intended tax result ― is to issue and deliver a note in an objectively calculable amount equal to the ACB of transferred shares, and a contract under which there is no obligation addressing FAPI, and no prestations agreed on that would prevent its fiscal consequences. …. ...

., 2016 SCC 56, [2016] 2 S.C.R. 720-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification not available to correct planning errors With a goal of ensuring foreign exchange tax neutrality, Fairmont Hotels Inc. ... In finding that this rectification order should not have been given, Brown J stated (at paras 12, 19, 32 and 24): [R]ectification allows a court to achieve correspondence between the parties’ agreement and the substance of a legal instrument intended to record that agreement, when there is a discrepancy between the two. … The parties’ mistake in Juliar, however, was not in the recording of their intended agreement to transfer shares for a promissory note, but in selecting that mechanism instead of a shares-for-shares transfer. By granting the sought-after change of mechanism, the Court of Appeal in Juliar purported to “rectify” not merely the instrument recording the parties’ antecedent agreement, but that agreement itself where it failed to achieve the desired result or produced an unanticipated adverse consequence — that is, where it was the product of an error in judgment. … [T]he party seeking rectification must identify terms which were omitted or recorded incorrectly and which, correctly recorded, are sufficiently precise to constitute the terms of an enforceable agreement. ...

Collins Family Trust, 2022 SCC 26-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission courts cannot exercise their equitable jurisdiction to reverse or alter a completed transaction to avoid unintended tax consequences Two operating companies each implemented a plan, suggested by a tax advisor, to protect their assets from creditors. ... Before allowing the appeal and dismissing the trusts’ petition, and in finding that the principle in Fairmont Hotels and Jean Coutu, that a “court may not modify an instrument merely because a party discovered that its operation generates an adverse and unplanned tax liability” (para. 16(d)) was not limited to situations of requested rectification and applied as well to the equitable remedy of rescission, Brown J stated (at para. 22): I agree with the conclusion in Canada Life that Fairmont Hotels and Jean Coutu bar a taxpayer from resorting to equity in order to undo or alter or in any way modify a concluded transaction or its documentation to avoid a tax liability arising from the ordinary operation of a tax statute. … While a court may exercise its equitable jurisdiction to grant relief against mistakes in appropriate cases, it simply cannot do so to achieve the objective of avoiding an unintended tax liability. ...

Canada, 97 DTC 5363, [1997] 2 S.C.R. 336, [1998] 1 CTC 213-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt unrecorded revenues In connection with finding that the taxpayer had generated revenues, which were not reflected in its financial statements, from holding leasing assets for five days, L'Heureux-Dubé J. stated (at para. 87): The law is well established that accounting documents or accounting entries serve only to reflect transactions and that it is the reality of the facts that determines the true nature and substance of transactions: Vander Nurseries Inc. v. ...