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Lynch & Co. v. U.S. Fidelity & Guaranty Co., [1971] 1 O.R. 28, 14 D.L.R. (3d) 294 4. ... Richard Ouellet, an accountant with the firm Mallette, Benoit & Assoc. during the period in issue, suggested that Mr. ...

Counsel argues that the Minister of National Revenue by his assessment is “ attempting to tax on an income basis recaptured capital cost allowance in the hands of Continental Bank Leasing Corporation”. ... Furthermore, while there are exceptions to the solicitor-client rule, that rule is not lightly to be set aside (per Osler, J. in Breivik Scorgie & Wasylko v. Great Atlantic & Pacific Co. of Canada (1987), 58 O.R. (2d) 794,17 C.P.C. (2d) 81 (H.C.), at page 797 [O.R.]). ...

Analysis The applicable section of the Act reads as follows: 125.1(3)(a) " Canadian manufacturing and processing profits” of a corporation for a taxation year means such portion of the aggregate of all amounts each of which is the income of the corporation for the year from an active business carried on in Canada as is determined under rules prescribed for that purpose by regulation made on the recommendation of the Minister of Finance to be applicable to the manufacturing or processing in Canada of goods for sale or lease; and... ... In order to qualify for the deduction, a corporation must come within the meaning of the words “ manufacturing or processing in Canada of goods for sale or lease", jurisprudence has dealt extensively with these last words of the section, and I thus propose to detail what was said about each. ... " In Webster Third New International Dictionary published in 1964 the word "process" is defined as follows, “to subject to a particular method, system or technique of preparation, handling or other treatment designed to effect a particular result: put through a special process as (1) to prepare for market, manufacture or other commercial use by subjecting to some process (-ing cattle by slaughtering them) (-ed milk by pasteurizing it) (-ing grain by milling) (-ing cotton by spinning): In Webster's Second New International Dictionary published in 1959 the following definition of the word ” process" appears, "To subject (especially raw material) to a process of manufacturing, development, preparation for market, etc.; to convert into marketable form as live stock by slaughtering, grain by milling, cotton by spinning, milk by pasteurizing fruits and vegetables by sorting and repacking. ...

In support of this, counsel for the appellants refer to Front & Simcoe Ltd. v. ... In Front & Simcoe, the appellant was trying to characterize as something else, payment of an amount which was previously made to it and which under certain circumstances could be liquidated damages. ... The Queen, [1985] 2 C.T.C. 79; 85 D.T.C. 5310 (F.C.A) and Versatile Machine & Tool Manufacturing Co. v. ...

& A. Ranching Co. Ltd. v. M.N.R., 25 Tax A.B.C. 423; 61 D.T.C. 43 (T.A.B.). ... (g) Payments based on production or use. — any amount received by the taxpayer in the year that was dependent upon the use of or production from property whether or not that amount was an instalment of the sale price of the property (except that an instalment of the sale price of agricultural land is not included by virtue of this paragraph); The forerunner to this paragraph was paragraph 6(1)(j) of the 1952 Income Tax Act from which much of the jurisprudence in this area springs. ... The Queen, [1978] C.T.C. 157; 78 D.T.C. 6128, Dubé, J. of the Federal Court — Trial Division summarized the case law on the issue. ...

He now has: 5 brood mares; 1 — 5-year old ready for racing; 4 — 3-year olds ready for training; 6 yearlings; 1 stud; 1 racing mare in Eastern Canada; and 3 horses in British Columbia. ... Justice Ryan of the Federal Court of Appeal considered the possibility that a source may be a source of income in a particular year although it did not yield a profit in that year and therefore to determine the chief source for a year it appears pertinent: '... to look at each of the taxpayer's sources from the point of view of capacity for present or future profit or for both when one is seeking to determine his chief source of income in that year. ...

Marsh & McLennan, Ltd., [1983] C.T.C. 231; 83 D.T.C. 5180, saying: The issue was whether the money invested was "property used or held in the course of carrying on a business” within the meaning of the exclusion in subparagraph 129(4)(a)(ii) of the Income Tax Act. ... Thompson & Company, Limited (1927), 13 T.C. 83, on the facts of this case there was between the broker’s business and the investment an interconnection, an interlacing, an interdependence, a unity embracing the investments and the business.” ... The Company engaged in reviewing alternate uses for its funds — loans, real estate, mortgages or company shares; reviewing applications for funds and inspecting properties involved where either mortgages or percentage purchases of rental commercial real estate was involved; liquidating certain types of investments from time to time and reinvesting in other forms of security; dealing with, consulting and being consulted by brokers seeking to find investment capital; and held a seat with other percentage investors on a “management committee" which, however distant from the day-to-day operations of the rental properties, nevertheless took a continuing interest in the security and good administration of the total investment. ...

His calculation is as follows: City Acquisition Price (Dec. 1973) $775,000 Less: Dominion Riverdale site — time adjusted from August 1972 to December 1973 is: $100,000 x()* $136,710 34,094 Balance Attributable to Subject Lands $638,290 Time Adjusted to December 1971: 638,290 x 0.6960 = $444,250 The indicated value, using this analysis, was rounded off by Mr Strung to $444,000, an amount corresponding to that determined using comparable sales in the previous determination of value. ... The indicated land value excluding any bonus (and improvements included in the bonus) was calculated by Mr Strung, using the $444,000 as the value of the subject property including a bonus, as follows: Preliminary Estimates $444,000 Less: Bonus @ 40 per cent $177,600 Amount Attributable to Land Excluding Bonus $266,400 $6.30 per square foot 42,330 The $266,400 should be compared to the $253,000 value estimated for the subject property as residential property as at December 31, 1971 by Mr M S McGee, who testified as the respondent’s expert witness as to value. ...

The current interest rate on the mortgage is 10 1/2 % per annum and they pay only 5 1/2 % on money borrowed- approximately $40,000- from his wife’s mother. ... In 1994, they made a decision to take out a mortgage at 10 1/2 % interest for five years. ...

Emphasis added With respect to each of the foregoing examples, it was the position of Revenue Canada that sufficient connection would exist to a reserve to locate the income there and grant the tax exemption. [8] On March 7, 1994, the Assistant Deputy Minister, Legislative & Intergovernmental Affairs Branch, Revenue Canada, wrote to the Awasis agency confirming that its employees were not exempt from income tax on their employment income because: As you know, draft guideline # 4 requires an organization to meet various criteria in order for its employees to be tax exempt. ... To paraphrase the comments of Linden J. in Clarke — to attribute great significance to the fact that the employees were physically situated off the reserve, obscures the true nature of the employment income in this case. ...