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In this connection Defendant refers to the judgment of the Court of Appeal in the as yet unreported case of The Clarkson Company Limited, the Receiver and Manager of the property and undertaking of Rapid Data Systems & Equipment Limited v Her Majesty The Queen, No A884-77 a judgment dated April 18, 1978, [1979] CTC 96. ...

The case therefore turns, as Addy, J put it in D P McLaws v The Queen, [1976] CTC 15 at 16: 76 DTC 6005 at 6006, “... entirely on the interpretation to be given to those facts and on the conclusions of fact to be drawn therefrom.. ...

On this see L Berman & Co Ltd v MNR, [1961] CTC 237; 61 DTC 1150, per Thorson, P at page 247 [1156]: There is no doubt in my mind that the appellant made the payments in question as a business person intending to continue in business would reasonably do and that consequently, they were made in accordance with the ordinary principles of commercial trading or well accepted principles of business practice and I am unable to find any ground in Section 12(1)(a) for their exclusion. ...

(pages 206 & 207) Subparagraph 53(1)(a)(i) of the Personal Property Security Act of Ontario provides that registration of the financing statement under the Act constitutes notice to all persons claiming any interest in the collateral and is set out below: 53.—(1) Where the collateral is other than instruments, securities, letters of credit, advices of credit or negotiable documents of title, registration under this Act, (a) a financing statement constitutes, (i) notice of the security interest to which it relates to all persons claiming any interest in such collateral, and (ii) subject to section 21, perfection of the security interest, during the period of three years following such registration. ...

It does not require the converse—that other amounts not falling within the meaning of ” receivable" be excluded from income. ...

The Queen, [1984] C.T.C. 294 at 318; 84 D.T.C. 6305 at 6325: ”... a sham transaction as applied in Canadian tax cases is one that does not have the legal consequences that it purports on its face to have. ...

Phillips put it in his argument “Seven [1] for — Twelve [2] against” his position. ...

The transfer of the shares of Mount Royal Paving & Supplies Limited to the trustee was, in my opinion, a colourable gift and not a bona fide disposition of the type which s.5(1) is intended to exempt. ...

Thereafter interest would be an even $5,000 per annum at 10% [1] *. The amount of $7,207.98 written off in 1968 had been set up as an asset and income tax paid on same in 1967 as it was not until 1968 that it was considered to be a bad debt. ...

In cross-examination, he said that to him this site represented “... a possible opportunity for a modest-sized site”. ...