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MNR, 90 DTC 1375, [1990] 1 CTC 2539 (TCC), aff'd 92 DTC 6223 (FCTD), briefly aff'd in turn at 94 DTC 6261 (FCA)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission must give effect to agreement In refusing to recognize a price rectification agreement, Sarchuk, J. stated (p. 1378): "Rectification is an 'equitable remedy' whereby one party to a contract seeks the court's intervention to rectify a written instrument which does not accurately reflect the terms agreed to orally by the parties prior to putting their agreement down in writing... the remedy of rectification is not available to correct a mistaken assumption of fact. ...

.)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt issuance of debt certificates not payment An American corporation passed a resolution providing "'that a distribution of seven per cent on the capital stock of this corporation, amounting to $52,500 dollars, be and the same is hereby declared, payable on the 15th December, 1936'" and went on to provide that the distribution should not be payable in cash, but in the form of certificates of indebtedness bearing interest at 4%, and payable approximately four years later. ...

The Queen, 2011 DTC 1065 [at at 346], 2011 TCC 41, 2012 TCC 65-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt bonus booked as loan back/constructive receipt The individual taxpayer was found to have received a bonus from a closely-held corporation in the year that the corporation declared the bonus rather than in the subsequent year of payment in light of the withholding and remittance of source deductions on the full amount of the bonus in the first year, the booking by by the corporation in that year of a loan back to it of the net bonus proceeds and the absence of any evidence that this was done without his knowledge or consent. ...

.)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission The taxpayers were incorporating shareholders of a corporation. ...

.)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission A Newfoundland corporation was amalgamated with what was thought to be a wholly-owned subsidiary in a short-form amalgamation. ...

The Queen, 2002 DTC 1749 (TCC)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt funds to support cheques Miller T.C.J. noted that with respect to the situation where the taxpayer, which owed approximately $60 million in accrued interest, paid $60 million to the creditor at the same time that the creditor paid $60 million to the taxpayer as an addition to the advances owing by the taxpayer, that he had difficulty identifying any moment in time at which the taxpayer did not owe $60 million to the creditor. ...

., 2012 DTC 5118 [at at 7149], 2012 QCCS 2745 (Queb Sup Ct), aff'd supra-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission The taxpayer paid a $136 million dividend to the non-resident corporate defendant when it was indebted to the defendant. ...

The Queen, 89 DTC 5333, [1989] 2 CTC 75 (FCA)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt receipt by unauthorized agent not payment On November 24, 1980 the Department of Supply and Services issued a refund cheque to "Cumberland Properties Ltd. c/o John Church", which was the manner in which Cumberland's 1978 return had been completed. ...

., 2006 DTC 6124, 2005 NSSC 212 (NSSC)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission On two occasions, a Nova Scotia company ("Columbia") made cash distributions to its non-resident shareholder, purportedly as distributions of paid-up capital. ...

The Queen, 95 DTC 194, [1994] 2 CTC 2416 (TCC)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt book entry did not give rise to receipt In finding that the redesignation of a 'bonus payable' to 'due to shareholder' did not constitute the receipt of an amount giving rise to income in the taxpayer's hands, Bowman TCJ. stated (at p.196): "Nor can I accept that the mere bookkeeping entry of moving the amount of bonus owing to Mr. ...