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Commissioner of Taxation, [2015] FCAFC 154, aff'd [2016] HCA 42-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt payments under phantom units not received when they vested In 1994, a non-resident executive was granted units which entitled him, on retirement, to receive payments calculated by reference to the consolidated profits of Glencore International AG, a Swiss corporation ("GI"). ... There was therefore no derivation of income in the 2007 income year when the first two instalments, though due, were merely withheld from payment to the appellant. … The applicant derived the first two instalments as income when, in January 2008, they were paid, with his agreement, to the FTA by GI on his behalf. ...

Baytex Energy Ltd v Canada (Attorney General), 2015 DTC 5057 [at 5807], 2015 ABQB 278 (CanLII)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification allowed retroactive to 1 January 2007 despite inconsistency with 2008 amendments The applicant (“BEL”) owned and operated oil and gas properties. ... CRA determined that the trust had additional income of $528 million for the 2007 – 2010 period. ...

Canada (Attorney General), 2017 BCSC 209-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission no rectification of considered decision not to distribute trust income The petitioner was a personal trust, with another trust (“Alta Trust”) as its sole income and capital beneficiary. ... In finding that the rectification doctrine did not assist the petitioner, Weatherill J stated (at paras 29 and 30): Fairmont Hotel …made clear that rectification is limited to cases where a written instrument has incorrectly recorded the parties’ antecedent agreement. … There is no written agreement or other document, including the petitioner’s 2012 T3 tax return, which incorrectly records the petitioner’s intentions at the time that the document was prepared. ...

Crean v Canada (Attorney General), 2019 BCSC 146-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission a sale agreement rectified to turn it into a 2-step sale that no longer generated a s. 84.1 dividend Two of the petitioners were two brothers (Thomas and Michael) who each owned 50 of the 100 issued and outstanding common shares of a holding company (Crean Holdings). ... I disagree. … Thomas Crean and Michael Crean had a prior definite and ascertainable 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. ...

Attorney General of Canada, 2013 DTC 5058 [at 5824], 2013 ONSC 781-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission no evidence of instructions to ensure s. 107(2) rollout from trust The taxpayer settled a family trust in 1992 with $5000, which was used to purchase shares in a business corporation. ...

The Queen, 78 DTC 6267, [1978] CTC 404 (FCTD)-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt payment by mutual book entry The taxpayer was partner with another dentist in the partnership for their professional practice and tey also jointly owned a corporation (the "Company"), which initially only leased laboratory and dental equipment to the partnership. ...

., 2015 QCCA 838, aff'd 2016 SCC 55-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission transactions achieved purpose of neutralizing FX fluctuations and were not intended to avoid FAPI The professional advisors of the respondent ("PJC Canada") recommended two alternatives ("Scenarios 1 and 2") for it to neutralize the effect of foreign exchange fluctuations on the value of its investment in its wholly-owned U.S. subsidiary ("PJC USA"). ...

The Queen, 2016 TCC 43, rev'd 2017 FCA 39-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission foreign rectification orders are not binding on the Tax Court (but can be given weight) The taxpayer’s Barbado and Cyprus subsidiaries paid amounts to the taxpayer in 2004, 2005 and 2006 as dividends and then, following CRA proposals to assess the dividends, obtained rectification orders from the applicable Barbados and Cyprus courts declaring that the amounts instead were loans to it (or otherwise gave rise to indebtedness). ...

AGC, 2023 ONSC 6193-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission family trust deeds rectified to reflect the drafting contemplated in the original tax plan The two applicant trusts were formed in order to acquire the common shares of a corporation (“Signature”) in an estate freezing transaction. ...