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On February 3, 1934, assessment notices for the years 1927 to 1932 inclusive were sent by the Commissioner of Income Tax to Capital Trust Corporation Ltd. including in the income, in addition to the amounts mentioned in the returns, the monthly payments of $500 received by Joseph Merry Mackenzie during the said years, to wit: for the year 1927 $24,416.67 plus interest ‘ ‘ ‘ ‘ ‘ ‘ 1928 6,000.00 " (66 1929 6,000.00 “ 66 6 1930 6,000.00 " " 1931 6,000.00 6 6 1932 3,290.00 On or about February 21, 1934, within one month after the date of mailing of the notice of assessment, the Estate of Joseph Merry Mackenzie, through its solicitors, served a notice of appeal upon the Minister, in accordance with the requirements of sec. 58 of the Income War Tax Act. ... The decision in fact appears to have been addressed to Capital Trust Corporation Ltd. and to Coffey & McDermott, its solicitors. ... Relief may be obtained in England in regard to surtax in certain circumstances under sec. 34 of the Finance Act, 1927 (17 & 18 Geo. ...

(b) There shall be imposed, levied and collected upon all goods enumerated in schedule II to this Part, * * * when any such goods are manufactured or produced in Canada and sold * * *, the rate of excise tax set opposite to each item in said schedule II.” The said schedule mentions ‘‘ale, beer, porter and stout, per gallon * * * twelve and one-half cents,” and also cigars and carbonic acid gas. ... In the case of the sales tax, which is imposed by s. 19BBB, subsee. 1, of the same statute as amended, the relevant provision is as follows: “In addition to any duty or tax that may be payable under this Part, * * * there shall be imposed, levied and collected a consumption or sales tax of five per cent on the sale price of all goods produced or manufactured in Canada *** which tax shall be payable by the producer or manufacturer at the time of the sale by him; * * *. ...

See. 9B, ss. 2 (a) of the Act is as follows: In addition to any other tax imposed by this Act an income tax of five per centum is hereby imposed on all persons who are non-residents of Canada in respect of (a) All dividends received from Canadian debtors irrespective of the currency in which the payment is made * * * Subsec. 4 of s. 9B provides that: In the case of interest or dividends in respect of fully registered shares, bonds, debentures, mortgages or any other obligations, the taxes imposed by this section shall be collected by the debtor who shall withhold five per centum of the interest or dividend on the obligation and remit the same to the Receiver-General of Canada. By s. 2 (b) of the Act ‘ dividends ‘ ‘ include ‘‘stock dividends. ’’ The defendant is a company incorporated under the laws of the Dominion of. ... The defendant company did not collect or withhold, or pay, the tax in respect of the said 4,907 shares of its capital stock allotted to Johnson Matthey & Company Limited. ...

And in the second column you have items under " Taxable income ‘; what are those figures? ... The effect was that when he became liquidator there was that much less available for distribution to the shareholders because they had already received that. ‘ ‘ Q. ... In this case the capital recovery would amount to $143,369.21, as follows: Amount distributed in 1930_. $ 17,946.64 " " ‘ ‘ 1931 18,000.00 "" ‘ ‘ " 1932 12,000.00 Amounts distributed by the liquidator ($75,000 and $1,500) 76,500.00 Accounts receivable and money assigned to Royal Trust Co. 18,922.57 $143,369.21 If we deduct the amount assigned to the Royal Trust Co., namely, $18,922.57, for accounts receivable and cash on hand, we are left with a balance of $124,446.64. ...

(hereafter referred to as " the Malkin Company”) which carries on the business of wholesale grocers in the same city. ... If justification to tax the appellant is sought in the word " " emoluments ‘ ‘ in the general definition of ‘ ‘ income, ‘ ‘ it cannot be said that such " " emolument, ‘ ‘ namely, the occupation of Southlands, is one "‘directly or indirectly received by any person from any office or employment, or from any profession or calling, or from any trade, manufacture or business.’’ ...

Le procureur de l’appelant se dit alors désireux de fournir des chiffres plus exacts et produisit l’exhibit A-2, qui se lit comme suit: 2,226,359 pieds carrés à 12^^ $278,294.87 2,226,359 ‘' 6 “ 15 $333,953.85 2,226,359 “ ‘6. “20^ $445,271.80 Le procureur de l’intimé continue: “Q. ... Pour établir une valeur moyenne nous avons additionné le prix par pied carré de toutes les ventes en excluant celles en bas de $0.09 cents du pied carré, que nous croyons ne représentent pas la valeur réelle du terrain au pied carré à cette époque, nous obtenons une moyenne de $0.1114 cents du pied carré, voir détails ci-après:— Vente No. 2 $0.12 “ ‘ ‘ 3 0.12 ‘ ‘ ‘ ‘ 5 0.126 cc ‘ ‘ 10 0.1085 “ ‘ ‘ 1.3 0.108 ‘ ‘ ‘ ‘ 14 0.125 ‘ ‘ ‘ ‘ 16 0.123 ‘ ‘ “ 17 0.0948 Total: $0.925 ~ 8 $0.115 p.c. ... I think we arrived to a price close to $400,000 ‘to be paid ¢ o a period of 6 or 8 years’, I don’t remember again. ...

This may be illustrated by reference to a life insurance endowment contract where, for example, the face of the policy was $5,000, but at the end of a stated term the payments to be made or credited to the insured under the policy, or to a beneficiary, might, by reason of the accumulation of profits, reach the sum of say $7,000; in that case the payment or credit of the accumulation of profits, $2,000, is not to be treated as " " income, ‘ ‘ at least that is my view in such a case. That illustration would be applicable to life insurance annuity contracts if similar payments or credits were made, or earned, and the words of the section read " " life insurance endowment or annuity contracts.’’ ... We are here concerned only with the true nature of the insurance contract in question and particularly the nature of the payments made thereunder to the appellant; the contract required the insuring company to pay to the appellant a fixed monthly sum if she survived her husband, virtually for the balance of her life, and the question is whether or not that is " " income ‘ from a life insurance annuity contract. ...

Paragraphs 4 and 5 of the Notice of Appeal go on to say that: ‘ ‘4. During the year ended June 30th, 1958, but prior to this date, the assets of the Appellant were sold by the Appellant to Freehold Gas & Oil Ltd. ... An abbreviated version of this paragraph, stripped of its non-essentials for the purposes of this case could read as follows: ‘An oil company may deduct from its income for the year exploration and drilling and other expenses in an amount not exceeding its income for the year. ’ ’ ’ On page 2, in paragraphs (c) and (d), the comments hereunder appear: “(c) The deductibility of the expenses is limited to the income of the company for the year. ... Nil ” Assuredly these statements have, at the very least, the merit of clarity. ...

The claim for the tax is made under Section 86 of the Excise Tax Act, formerly the Special War Revenue Act, R.S.C. 1927, ¢. 179. ... Planters Nut & Chocolate Co. Ltd., [1952] Ex. C.R. 91 at 92; [1951] C.T.C. 366. ... Webster’s New International Dictionary, Second Edition, defines ‘ ‘ implement ’ ’ as follows: “1. ...

:—This is an appeal from a judgment of the Income Tax Appeal Board (23 Tax A.B.C. 233) which affirmed a reassessment with respect to the appellant’s income tax assessment for the year 1955 by which an amount of profits in the sum of $16,864.62 for the year 1955 realized on the sale of a number of oil and gas leases and rights was added to the taxpayer’s income for the above year as follows: For 1955 Interest received New Superior Oils re- ported in error $ 50.00 Interest received Western Tungsten & Copper Mines not reported in error 90.00 $ 140.00 Net gains Crown Petroleum & Natural Gas Reser- vations 513 & 514 $ 1,264.34 Crown Petroleum & Natural Gas Reser- vation 1268 2,976.40 Crown Petroleum & Natural Gas Reser- vation 1326 plus interspersed leases. 14,102.50 $18,343.24 Deduct lease rentals 1,618.62 $16,724.62 $16,864.62 The taxpayer, a professional consulting geologist, had, in the last twenty years, acquired rights to oil lands on twelve occasions for the purpose of having them explored, developed and then obtaining a royalty or a payment out of the oil or gas found. ... Judgment has today been handed down in case bearing number 160973 of this Court holding that the profit of the taxpayer from his oil and gas right transactions was profit from a business within the meaning of Sections 3 and 4 of the Act as extended by Section 127(1) (e), later replaced by Section 139(1) (e) of the same Act; that the taxpayer was entitled under Section 14(2) of the Income Tax Act and Section 1800 of the Income Tax Regulations, passed pursuant thereto, to produce an inventory of his properties on a fair market value basis which as of December 31, 1951, had the following fair market values: #730 $ 8,544.00 #513 2,177.00 #514 941.00 #1317 6,050.60 #1318 15,392.22 41,811.00 #1326 Shell Freehold 1,491.00 Imperial Freehold 7,091.00 #1268 45,922.40 C.P.R. 8,360.80 $137,721.02 and finally allowing the appeals with costs and referring the assessments back to the Minister to be revised accordingly. ...