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As I appreciate the principle with respect to a finding of sham enunciated by Mr Justice Heald speaking for the Court of Appeal in the Leon case (supra) it was that while a company may be incorporated for the purposes which it was intended to be incorporated and pursued those purposes and therefore would not be a sham within the meaning of that word as laid down by Lord Diplock in Snook v London & West Riding Investments Ltd ([1967] 1 All ER 518 at 528) nevertheless such a management company may become a sham company if the agreement or transaction with that company lacks a bona fide purpose therefor. ...

This accounting approach resulted in the plaintiff deducting from its income the following amounts in respect of its discount mortgage portfolio: 1977 $ 99,905 1978 $342,679 1979 $833,081 The Minister of National Revenue reassessed the plaintiff for the 1977 to 1979 taxation years. ...

.: — This action arises out of a reassessment made by the Minister of National Revenue (the “Minister”) on 20 March, 1985 in respect of the plaintiff’s 1982 taxation year. ...

Even a land speculator can occasionally buy an investment property (S & S Properties Ltd. v. ...

The Queen, [1980] C.T.C. 57, 80 D.T.C. 6009, dealing with exchange rates, Addy, J. stated at pages 59-60 (D.T.C. 6011): The word “ payable” does not normally mean “paid”. ...

I have searched several dictionaries including The Shorter Oxford English Dictionary, 3rd edition revised, Britannica World Language Dictionary, Funk & Wagnall’s New Standard Dictionary of the English Language, The Random House Dictionary of the English Language, The Living Webster Dictionary and Thorndike-Barnhard (American dictionary). ...

Reference was also made in this judgment to the judgment of Lord Cooper in Lawrie v Muir, [1950] SC (J) 19 at 26 (which was quoted with approval by Cartwright, CJC in his dissent in Wray) which passage reads as follows: The law must strive to reconcile two highly important interests which are liable to come into conflict — (a) the interest of the citizen to be protected from illegal or irregular invasions of his liberties by the authorities, and (b) the interest of the state to secure that evidence bearing upon the commission of a crime and necessary to enable justice to be done shall not be withheld from courts of law on any mere formal or technical ground. ...

But subsection 248(1) provides that for the purpose of the Income Tax Act '. office ‘means’’ the position of an individual entitling him to a fixed or ascertainable stipend or remuneration and includes a judicial office, the office of a Minister of the Crown, the office of a member of the Senate or House of Commons of Canada, a member of the legislative assembly or a member of a legislative or executive council and any other office, the incumbent of which is elected by popular vote or is elected or appointed in a representative capacity and also includes the position of a corporation director;... ...

The costs of goods sold by the plaintiff for the 1968 year were computed, for purposes of determining the profit as reported in its financial statement, as follows: Depreciation and Total Cost Depletion Content Opening Inventory— $22,858,389 $ 955,186 January 1, 1968 Cost of Goods 39,218,737 4,006,524 Manufactured $62,077,126 $4,961,710 Deduct Closing Inventory— $25,879,966 $1,299,281 December 31, 1968 $36,197,160 $3,662,429 It bears repeating that the amount in issue in the instant appeal becomes the depreciation and depletion content ($955,186) in the opening inventory of January 1st, 1968. ...

The following excerpt from the judgment of Cattanach, J in Admiral Investments Limited v MNR (supra) at page 319 [175, 5121] succinctly states my views in the case at bar: What must be looked at is what was done by the appellant with a view to asking the question in Lord President Clyde’s words in CIR v Livingston, 11 TC 538, at p 542: “... whether the operations involved (in the transactions of the company) are of the same kind, and carried on in the same way, as those which are characteristic of ordinary trading in the line of business in which the venture was made.” ...