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The Queen, 2019 TCC 6-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission a rectification judgment was “justifiably obtained” and, therefore, followed for tax purposes On April 15, 2002, the taxpayer signed an agreement for the purchase of shares of a real estate corporation (“Quatre Saisons”) that stated that the purchase price was to be satisfied by the payment to the vendor (“Placeval,” a corporation owned by a Mr. ... Before granting the taxpayer’s appeal from the assessment, Favreau J stated (at paras. 55, 59-60, 62): [T]he judgment of the Superior Court is not binding on the respondent as neither the Attorney General of Canada nor the Minister was involved in the application. … Although the judgment of the Superior Court is not binding on the respondent and is not res judicata, the conduct of the parties, both before and after the concluding of the transaction, clearly demonstrates their true intention to purchase and sell the shares of Quatre Saisons for nominal consideration and not for consideration based on the future sales of lots. ... The financial statements of Quatre Saisons for its fiscal years ending on March 31 of 2003, 2004 and 2005, also reflected the commissions paid in the cost of the sales of the lots. … [I]t is evident that the agreement, as reduced to writing, contained drafting errors of material importance …. ...

Clark v HM Revenue and Customs, [2020] EWCA Civ 204-- summary under Payment & Receipt Summary Under Tax Topics- General Concepts- Payment & Receipt there can be a payment even where there is a resulting trust in favour of the payor The taxpayer, a retired UK businessman, implemented a scheme to transfer funds (the “Suffolk Life Transfer") from his self-invested personal pension plan ("SIPP") to a second pension scheme (the “LML Pension,” of which the taxpayer was the sole member and whose named employer was a Cyprus company that entered into an employment contract with the taxpayer) in order to free up those funds for investment by him in the London residential property market. ... Unbeknownst to the participants, the LML Pension was void for uncertainty, as to which Henderson LJ stated (at para. 37): It is agreed … that the effect of the failure of the trusts of the LML Pension is that the transfer conveyed only bare legal title to the money, because an immediate resulting trust arose by operation of law. ... The money was intended to pass from the control and supervision of one registered pension scheme to another …. ...

Canada, 2015 ONCA 441, aff'g 2014 ONSC 7302, leave granted, SCC docket 36606-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission continuing non-specific intention to maintain a tax neutral structure In order to facilitate the acquisition in 2002 of a hotel in Washington by a REIT ("Legacy") of which it was the manager, Fairmont Hotels Inc. ... " In dismissing the crown's appeal, Simmons JA stated (at paras. 10, 12): Juliar … does not require that the party seeking rectification must have determined the precise mechanics or means by which the party's settled intention to achieve a specific tax outcome would be realized. ...

Canada (Attorney General), 2018 ONCA 562-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission a transaction resulting from a tax mistake should not be remedied under the Court’s general equitable jurisdiction A Canada Life subsidiary (CLICC) clearly intended to realize an accrued loss on its LP interest in a subsidiary partnership by winding it up. ... CLICC … does not ask the court to rescind the entire Transaction, and to restore it and its affiliates to their original rights, because to do so would not achieve its objective of triggering a loss to set off against its foreign exchange gains. ...

(Re), 2014 BCSC 1791-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission failure to file timely tax returns did not invoke the dirty hands bar to equitable rescission In 2011, the petitioners conveyed undeveloped B.C. lands to a limited partnership with an affiliated general partner. ...

Re: Pallen Trust, 2014 DTC 5039 [at at 6726], 2014 BCSC 305, aff'd 2015 BCCA 222-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rescission due to unexpected caselaw development An individual ("Pallen") or his spouse ("Tonn") settled the taxpayer, a family discretionary trust, and transferred his shares of "New Integrated" to a personal holding company ("Pallen Holdings") in exchange for shares under s. 85(1). ...

Arora, [2010] CTC 139, 2009 ABQB 656 (Alta QB)-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission A corporation ("Stone's") had entered into an agreement in 1996 to purchase lands for $500,000. ...

MNR, 2014 ONSC 4983-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission clarification that directions to a trustee shareholder were to be made by the mooted CCPC's board rather than a non-resident executive The applicant ("K-Can") was intended to qualify as a Canadian-controlled private corporation. ...

A.G of Canada, 2015 DTC 5128 [at at 6378], 2015 ONSC 281, rev'd 2018 ONCA 562-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission rectification transactions to avoid s. 98(5) rollover contained 2 more transactions than in original plan In order that the applicant ("CLICC") could realize an accrued capital loss on its 99% limited partner interest in a subsidiary limited partnership ("MAM LP") (and following preliminary dividends): On December 7, 2007, MAM LP distributed an asset to CLICC and a wholly-owned subsidiary of CLICC ("CLICC GP") based on their respective 99% and 1% interests. ...