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23 July 2018- 12:09am ST Productions – Court of Quebec finds that a USD contract price that was paid for in instalments as the work was performed was to be translated with each payment Email this Content In May 2008, the Quebec taxpayer (ST Productions) agreed to pay another company with which it was affiliated in some manner (Hybride) approximately U.S.$6 million in eight monthly instalments for producing special effects for a film production. ... After noting that, although the contract provided for adjustments to the contract price in the event of specified changes to the costs of performing the work, no such adjustments occurred, Massol JCQ stated that “the percentage-of-completion method [which] takes into account the work effected as it occurs … should be considered … the method to be adopted,” and that “the foreign currency conversion arose at the time of each due date.” ...

25 July 2018- 12:29am Straessle – Tax Court of Canada finds that the beneficiary of an estate that had been wound up could appeal an assessment of the estate Email this Content The definition of a “person” indicates that such word “includes … the heirs, executors … or other legal representatives of such a person.” ...

20 January 2019- 11:24pm GE Energy Parts – High Court of Delhi finds that GE U.S. companies had a PE in India based on the intensive involvement of their employees in India in contact negotiations Email this Content Various non-resident General Electric companies employed non-resident employees (the “expatriates”) in an office in India to secure customers and negotiate contracts with them. ... Commissioner of Income Tax (International Taxation), ITA 621/2017, 21 December 2018 (High Court of Delhi) under Treaties – Income Tax Conventions – Article 4. ...

Treaty does not exempt shares deriving their value from Canadian oil and gas licences – even where the Canadian business is carried on “in” them Email this Content Para. 5(a) of the Canada-U.K. ... Summary of 7 June 2017 Canadian Petroleum Tax Society Roundtable, Q.3 under Treaties – Income Tax Conventions – Art. 13. ...

3 June 2020- 12:09am Ferme Lunick – Court of Quebec finds that a farm with a substantial potato-bagging operation carried on a single farming business Email this Content The taxpayer operated a four-employee 1500-acre farm that produced potatoes, grains, market garden and dairy products, as well as a 10+-employee processing operation housed in four buildings on the farm, that purchased, sorted, washed and bagged potatoes before their sale. ... Agence du revenu du Québec, 2020 QCCQ 1703 under s. 125.1(3) – manufacturing or processing – (a). ...

20 February 2023- 11:58pm Ahamed TFSA – Tax Court of Canada finds that a TFSA is not exempted on profits of a business of trading in qualified investments Email this Content The self-directed TFSA of a professional investment advisor, which actively traded qualified investments (mostly, penny stocks listed on the TSX Venture Exchange), was assessed under s. 146.2(6) for its 2009 to 2012 taxation years (during which $15,000 in contributions grew to $564,483) on the basis that its net gains were income from carrying on a business. ... In dismissing the TFSA’s appeal, Spiro J stated: So long as the business is one that may be “carried on” (i.e., not an “adventure in the nature of trade”) all businesses — without statutory exception — fall within the scope of subsection 146.2(6) of the Act, including a business of trading qualified investments. ...

26 June 2024- 11:11pm PepsiCo – Full Federal Court of Australia finds that concentrate purchases by an Australian soft drink bottler could not be recharacterized as trademark royalties for withholding tax purposes Email this Content A U.S. company (PepsiCo) entered into an “exclusive bottling appointment” (“EBA”) with an independent Australian bottling company (the “Bottler”). ... Summaries of PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86 under Treaties – Income Tax Conventions – Art. 12. ...

This occurred – the offer of another public company (Inco – the 25% minority shareholder) was accepted by the Diamond Fields shareholders, thereby triggering the payment by Diamond Fields of the break fee. ... The break fee did not qualify as proceeds of disposition of a Falconbridge right to merge, as she did not consider there to be such a right: Diamond Fields could not promise the acceptance by its shareholders of the Falconbridge offer nor could it fetter the fiduciary obligations of its board – there was no capital gain. ... Canada, 2024 FCA 3 under s. 9 – compensation payments, s. 248(1) – property and s. 12(1)(x). ...

“Purpose is ascertained objectively …. [T]he primary source of ascertaining a derivative contract’s purpose is the linkage between the derivative contract and any underlying asset, liability or transaction purportedly hedged.” ... MacDonald did not sell his … shares immediately to offset his losses under the forward contract does not sever this connection”. ... Canada, 2020 SCC 6 under s. 9 – Capital gain v. profit – Futures/Forwards/Hedges and General Concepts – Purpose/Intention. ...

12 December 2016- 12:24am Fairmont/Jean Coutu – Supreme Court of Canada appears to find that rectification to fix tax problems is limited to fixing badly implemented tax plans rather than fixing bad plans Email this Content In reversing Juliar, Brown J indicated in Fairmont that rectification only “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,” whereas in Juliar, the substance of the agreement was for the exchange of shares for a promissory note rather than shares, so that the purported rectification there was of the agreement itself rather than in the instrument recording the parties’ agreement. ... Fairmont Hotels Inc., 2016 SCC 56 under General Concepts – Rectification and Statutory Interpretation – Interpretation Act, s. 8.1; summaries of Jean Coutu Group (PJC) Inc. v. Canada (A.G.), 2016 SCC 55 under General Concepts – Rectification and Statutory Interpretation – Interpretation Act, s. 8.1. ...