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7 November 2021- 11:43pm CIBC – Tax Court of Canada finds that s. 39(2) historically applied only to FX gains or losses on liabilities and foreign currency dispositions Email this Content CIBC realized an FX loss of C$126.4 million in 2007 when shares of a US subsidiary for which it had subscribed US$1 billion were redeemed for US$1 billion. ... Furthermore, Owen J disagreed with the CIBC position, stating: [S]ubsection 39(2) was not required to address foreign currency fluctuations associated with acquisitions and dispositions of property other than foreign currency because subsection 40(1) read with due regard to the need to convert the amounts identified in that subsection into Canadian dollars already addressed such fluctuations and integrated them into the gain or loss computed under subsection 40(1). … [T]his fact and the fact … that extending subsection 39(2) to dispositions of property other than foreign currency raises difficult issues together strongly suggest that Parliament did not intend that subsection 39(2) apply to dispositions of property other than foreign currency. … In conclusion … subsection 39(2) as it read in 2007 was a stand-alone provision but Parliament did not intend that the subsection apply to dispositions of property other than foreign currency. ... The Queen, 2021 TCC 71 under s. 40(3.6), General Concepts – Stare Decisis and Statutory Interpretation – Prior Cases. ...

Guimond JCQ found that, as this settling-out process (without oenophilic pretention, described in French as “décantation”) was part and parcel of the process for purifying the oils and was more significant than the use of the trucks in transporting the oil, the trucks qualified as processing equipment under the Quebec equivalent of ITA s. 127(9) – qualified property – (c)(i). The same concepts also are relevant for distinguishing CCA classes referencing manufacturing and processing – and, in fact, Guimond JCQ quoted the Démolition A.M. case extensively. ... ARQ, 2016 QCCQ 9461 under s. 127(9) – qualified property – (c)(i). ...

Bocock J found: Non est factum is available where a person is not capable of both reading and sufficiently understanding a document. … … Anna from and after her diagnosis date, lacked mental capacity to execute or did not execute and file the 2003 filings…. Therefore, the notices of reassessments responsive to the 2003 filings … were void. … [T]he reassessments were consequential to invalid or unlawful filings and issued by the Minister under innocent mistake of fact. Accordingly, no objection was required to the void reassessments. … Bocock J went on to vacate those reassessments. ...

CIBC perhaps should have succeeded on the first argument – but did not, because two things went against it. ... Based on his finding that CIBC received a taxable service, it was unnecessary for Visser J to consider the second argument – but he did anyway, and found that the Aeroplan Miles did not qualify as gift certificates, stating: Parliament intended a gift certificate to be an equivalent to money, and to have attributes similar to money. … Aeroplan Miles … fatally... do not have a stated monetary value. ... The Queen, 2019 TCC 79 under ETA s. 123(1) – supply, s. 123(1) – service, s. 181.2. ...

Masse DJ nonetheless found that the taxpayer was carrying on business, stating: … He certainly could demonstrate better business practices and I note that his record keeping leaves much to be desired but I still conclude that he conducted his activities with a level of commerciality sufficient to constitute a business. …. His ventures have seen prior successes and he … is continuing to pursue similar opportunities in hopes of repeating his prior success. ... The Queen, 2020 TCC 98 under s. 3 – business source/reasonable expectation of profit. ...

Duhamel did not employ any system or strategy to manage or mitigate the risks associated with his poker business. … Mr. ... Duhamel does not employ any method of gathering information about his gambling opponents. … … Mr. ... The Queen, 2022 CCI 66 under s. 3(a) – business source. ...

Rivoalen JA stated: [S]ection 2 of the Charter protects the rights of the appellant’s members to practise their beliefs in Atheism and the Minister cannot interfere with the practice of these beliefs …. ... The appellant can continue to carry out its purpose and its activities without charitable registration …. ... Canada (National Revenue), 2019 FCA 296 under Charter. s. 2 and ITA s. 149.1(1) – charitable organization – (a). ...

He concluded that such single supply was a taxable supply, stating: … I find that [the cardholders] … paid the surcharge fee to Access for arranging for the transfer of money, not to the Appellant for transferring the money. … Access benefited from having the Appellant transfer the money. ... This was the predominant element of the supply it received …. … [T]he predominant element of the single compound supply made in the Subsequent Periods was the exclusive right to place and operate ATMs at the Resort and to process all transactions arising therefrom. ... The Queen, 2022 TCC 45 under ETA s. 123(1) – financial service – (a). ...

24 June 2019- 12:57am Black – Tax Court of Canada finds that an ancillary income-earning purpose for making a loan whose terms were never finalized was sufficient to satisfy s. 20(1)(c)(i) Email this Content Conrad Black controlled both Hollinger Inc. ... Rossiter CJ accepted Black’s position that the borrowed money had been used by Black to make a loan to Inc., so that Black was entitled to an interest deduction on his borrowed funds, stating: … Black and Inc. reached an agreement on the essential terms of the loan and left the details to be worked out at a later date. The fact that a formal document outlining those essential terms was to be prepared later on and signed … does not alter the validity of the earlier contract. … Since Black had an obligation to pay interest expenses on the Quest Loan, Black had to earn interest income on the loan to Inc. in order for him to be made whole. … … While I find that this was an ancillary purpose compared to his primary purpose of helping Inc., that was a bona fide objective of his investment, which is capable of providing the requisite purpose for interest deductibility under paragraph 20(1)(c). ...

Furthermore, the research agreement was similar to the development agreement in Aeronautics, which was found in that case to “constitute … a legally-enforceable arrangement capable of establishing de facto control under subsection 256(5.1)” – and the facts here were similar to Lyrtech and Solutions Mindready. Respecting the argument, in the alternative, of the Crown, that the declaration of trust constituted an agreement referred to s. 251(5)(b)(i) and, having regard to there being a discretionary trust, s. 248(25) deemed CO2 Public to be beneficially interested in CO2 Trust, Smith J stated that although it was unnecessary for him to address this argument: It appears to me however that this Court is bound by the decision … in … Propep. ... The Queen, 2019 CCI 286 under s. 127(1)- Canadian-controlled private corporation – (a). ...