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Marcel H Roy;■ F * v. Minister of National Revenue, [1978] CTC 2180, 78 DTC 1123 The Chairman [TRANSLATION]:—This is an appeal by Marcel H Roy against an income tax assessment for the 1974 taxation year. ...

The Toronto, Hamilton & Buffalo Railway Company v. Minister of National Revenue, [1974] CTC 2270 Judge K A Flanigan (orally: July 17, 1974):—This is an appeal by the Toronto, Hamilton and Buffalo Railway Company against reassessments by the Minister of National Revenue for the taxation years 1967, 1968, 1969, 1970 and 1971. ...

W Vézina & Fils Ltée v. Minister of National Revenue, [1973] CTC 2197, 73 DTC 149 The Chairman (orally):—This is an appeal by W Vézina & fils Ltée against the reassessment of the Minister of National Revenue for the taxation year 1965 in which a sum paid into a pension plan, pursuant to section 76, for past services, was disallowed. ...

Part of this document shows “LOSS FOR INCOME TAX PURPOSES” for the following years: 1973 1974 1975 1976 1977 1978 1979 1980 $ $ $ $ $ $ $ $ 2,500 21,771 28,699 19,632 20,126 22,789 26,925 7,566 He inserts as an “Add Back” item “LOSS (INCOME) FOR ACCOUNTING PURPOSES’ with the following figures: 1973 1974 1975 1976 1977 1978 1979 1980 $ $ $ $ $ $ $ $ (2,024) (2,494) 4,838 27,077 14,118 6,878 24,956 2,749 He shows a combined income from the appellant’s employment with his companies, S & M Pizza Ltd and Schaeffer Rentals as follows: 1973 1974 1975 1976 1977 1978 1979 $ $ $ $ $ $ $ 39,804 37,091 50,484 56,222 20,759 37,192 17,900 He indicated that his “Add back” represented an unrealistic capital cost allowance which he considered “far in excess of actual physical depreciation” and as an illustration pointed out the 1975 taxation year wherein there was a tax loss of $28,699 but was really a mere accounting loss of $4,838. ... Mr Kentner was referred to Exhibit R-1, filed by the Minister, which document is entitled “Statement of Income by Source 1972-1978” and reads as follows: RAYMOND SCHAEFFER STATEMENT OF INCOME BY SOURCE 1972-1978 1972 1973 1974 1975 1976 1977 1978 Salary S & M Pizza $21,026 $22,100 $29,700 $26,847 $31,230 $18,200 $13,104 Vehicle Rental Income 11,167 17,704 7,391 23,637 24,991 2,559 24,088 Dividend Income 1,209 1,213 1,219 1,200 1,200 — 82 Interest Income 2,837 2,794 1,332 333 138 145 6 TCG 2 $36,241 $43,811 $39,642 $52,017 $57,559 $20,000 $37,000 Farming Income (2,894) (2,500) (22,708) (25,670) (19,427) (19,765) (25,740) The respondent also filed as Exhibit R-2, a document entitled “Raymond G Schaeffer/Statement of Farm Income and Expense” showing a net farm loss for the respective years as follows: December 31, 1972 — Net farm loss for the year $ 2,894 December 31, 1973 — Net farm loss for the year $ 4,942 December 31, 1974 — Net farm loss for the year $21,771 December 31, 1975 — Net farm loss for the year $22,641 December 31, 1976 — Net farm loss for the year $19,222 December 31, 1977 — Net farm loss for the year $19,404 December 31, 1978 — Net farm loss for the year $29,290 The appellant, with his wife, were the sole shareholders of S & M Pizza Limited which is a business that he had started eighteen years ago and which manufactured 6,000 Pizzas a day for wholesale purposes. ... He says this arose because in 1978 it was the year he came up with problems with the operation of S & M Pizza. ...

Facts 3.1 The respondent’s reassessments for 1970, 1971, 1972 and 1973 with respect to the appellant were supported by the following facts appearing in the financial statement filed by the respondent with the reply to the notice of appeal: CAPITAL RECONCILIATION PERIOD FROM 1/1/70 to 31/12/1973 1970 1971 1972 1973 Capital at end of year $52,417.83 $102,727.48 $115,914.35 $122,202.32 Minus: Capital at beginning of year $35,970.89 $ 52,417.83 $102,727.48 $115,914.35 Capital increase $16,446.94 $ 50,309,65 $ 13,186.87 $ 6,287.97 Plus: Personal expenses $ 9,169.80 $ 9,652.00 $ 8,275.10 $ 8,310.10 Federal tax— Albert $ 4,163.95 $ 1,663.13 $ 134.16 $ 743.00 Provincial tax—QPP—QHIP —Albert $ 3,990.83 $ 478.74 $ 229.77 $ 869.56 Federal tax—Carmen — $ 26.03 $ 53.57 $ 117.94 Capital loss on disposition of cars: Mr and Mrs $ 3,500.00 $ 3,751.20 $ 934.76 — Capital loss—Granby Motel — — — $ 3,700.00 Life insurance premium— — Albert $ 764.30 $ 1,581.84 $ 1,581.84 $ 1,581.84 Life insurance premium— Carmen $ 667.32 $ 667.32 $ 667.32 $ 662.47 Unexplained withdrawals $14,900.00 $ 5,600.00 Nil $ 2,000.00 $37,156.20 $ 23,320.26 $ 11,876.52 $ 17,984.91 Revised total income $53,603.14 73,629.91 $ 25,063.29 $ 24,272.88 Minus: Capital gain—Sale of Cafe Domino shares — 1,680.00 — — Capital gain—Sale of property—100 Séville — $ 7,576.00 — — Cashing in of an insurance policy — $ 3,740.00 — — Family allowance $ 379.00 $ 379.00 $ 373.00 $ 370.00 Reported income—Albert $25,685.50 $ 12,216.81 $ 8,044.74 $ 5,251.37 Reported Income—Carmen $ 1,490.04 $ 1,775.34 $ 2,055.53 $ 2,526.36 Total explained income $27,554.54 $ 27,367.15 $ 10,473.27 $ 8,147.73 Additional income $26,049.10 $ 46,262.76 $ 14,590.12 $ 16,125.15 3.2 During the hearing and in the pleadings admissions were made that alter the above figures as follows: 1970 1971 Capital at beginning of year $42,670 Unexplained withdrawals $10,900 Nil 3.3 The appellant, who maintained that his net worth was not as low as $35,970.89 on January 1, 1969 but over $115,000, filed during the hearing as Exhibit A-1 a summary of capital gains and losses resulting from transactions made between 1951 and 1971. ... Se also Vaillancourt v Carignan, (1919) 29 RL 173 (C de rev): idem. 27 (27) See our work on liability at Vol 8 of the Traité de dr civ du Québec, at Nos 645 and 656; Adde: Delisle v Goodwin, (1924) 62 CS 335. 28 (28) Meunier v Forand cited above. 29 (29) Montreal Tramways Co v Léveillé, [1933] S.C.R. 456: evidence of the cause of an injury inflicted on a child en ventre sa mère who was the victim of an accident. 30 (30) Hervieux v Auger, [1945] RL 290; Nationale de Paris v Corp de la ville de Lachute, (1925) 63 CS 512 and comment by Demogue and Lepaulle, Rev trim de dr civ (1926), Vol 25, p 482 and rev’d (1926) 40 BR 484. 31 (31) Paquet cited above. 32 (32) Supra, No 138; Ins Co of America v Packard & Co, (1942) 9 LLR 67; Gen Exch Ins Co v Simard Frère Cie Ltée, [1945] BR 726: concerning the cause of a fire in an automobile; The Guardian Insurance Company of Canada v Jakusovic, [1964] RL 375: fire in a building. 33 (33) Pelletier v Slack, (1918) 54 CS 148: fire related to escaping sparks; Gagnon v Price Bros, (1928) 45 BR 540. 34 (34) Gibb v McAdam, (1888) 16 RL 425 (QB): evidence of an implied mandate; Dupuis v Archambault, (1898) 7 BR 393: idem. 35 (35) Hervieux v Auger, [1945] RL 290: accidents. 36 (36) Lapointe v Plante, [1945] RL 496: evidence of fault: ...

Those respective amounts were calculated as follows: 1971 1972 1972 1973 1974 Net Income Previously Assessed $30,241.39 $12,374.13 $(16,261.00) $(9,816.00) Add: Unreported Income: ‘A’ Unreported Taxable Beer and Liquor Sales Green Door (See Schedule I attached) $ 9,832.49 $11,309.66 $ 10,224.07 $11,611.90 Tropicana Room (See Schedule ll attached) $ 2,361.33 $11,779.40 $ 6,207.58 Ernie’s Corral (See Schedule III attached) $ 657.04 $ 3,566.91 $ 4,664.27 Dutch Mill Inn (See Schedule IV attached) $ 6,239.59 ‘B’ Unreported non- taxable Draught Beer sales (See Schedule V attached) $ 5,356.55 $ 7,098.94 ‘C’ Unreported Bar Revenue (See Schedule IV attached) $ 6,674.84 $ 5,296.95 ‘D’ Unreported Room Revenue (See Schedule $(1,214.50) VI) $ 4,087.13 $ 4,815.15 Decrease in Capital Cost Allowance (not appealed) $ 84.02 $ 80.00 $ 256.00 Revised Net Income $47,791.76 $43,303.19 $ 14,579.53 $ 24,282.36 Less 1970 Loss Applied $3,004.99 Revised Taxable Income $44,786.77 $43,303.19 $ 14,579.53 $ 24,282.36 MURPHY HOTEL ENTERPRISES LIMITED Quinte Hotel Calculation of Unreported Taxable Beer and Liquor Sales MURPHY HOTEL ENTERPRISES LIMITED SCHEDULE I Green Door Room Taxation year ended May 31, 1971 Ontario Retail Sales Tax Reported $ 11,589.49 Multiply by factor of 10 x 10 Projected Sales $115,894.94 Sales Reported (excluding Draught Beer Sales) $106,062.45 Unreported Taxable Beer and Liquor Sales $ 9,832.49 Taxation Year Ended May 31, 1972 Ontario Retail Sales Tax Reported $ 13,518.54 x 10 Projected Sales $135,185.00 Sales Reported $123,875.00 Unreported Taxable Beer and Liquor Sales $ 11,309.00 Taxation Year Ended May 31, 1973 Ontario Retail Sales Tax Reported $ 15,429.38 Multiply by factor of 10 x 10 Projected Sales $154,293.82 Sales Reported $144,069.75 Unreported Taxable Beer and Liquor Sales $ 10,224.07 Taxation Year Ended May 31, 1974 June 1, 1973 to February 28, 1974 Ontario Retail Sales Tax Reported $ 13,751.74 Multiply by factor of 10 x 10 Projected Sales $137,517.35 Sales Reported $129,044.95 $ 8,472.40 Average Rate of Suppression June 1/73 to February 28, 1974 $ 8,472.40 x 100 = 6.57% $129,044.95 Projected—March 1974—$16,195.27 @ 6.57% $ 1,022.27 —April 1974 — 16,030.57 @ 6.57% 1,053.20 — May 1974 — 16,195.27 @ 6.57% 1,064.03 Unreported Taxable Beer and Liquor Sales (A-4) $11,611.90 MURPHY HOTEL ENTERPRISES LIMITED Quinte Hotel Calculation of Unreported Taxable Beer and Liquor Sales SCHEDULE II Tropicana Room Taxation Year Ended May 31, 1971 Ontario Retail Sales Tax Reported $ 12,219.11 Multiply by factor of 10 x 10 Projected Sales $122,191.06 Sales Reported $119,829.73 Unreported Taxable Beer and Liquor Sales $ 2,361.33 Taxation Year Ended May 31, 1972 Ontario Retail Sales Tax Reported $ 14,274.93 Multiply by factor of 10 x 10 Projected Sales $142,749.26 sales Reported $130,969.86 Unreported Taxable Beer and Liquor Sales $ 11,779.40 Taxation Year Ended May 31, 1973 Ontario Retail Sales Tax Reported $ 8,792.64 Multiply by factor of 10 x 10 Projected Sales $ 87,926.40 Sales Reported $ 81,718.82 Unreported Taxable Beer and Liquor Sales $ 6,207.58 The Tropicana Room ceased operation February 24, 1973. Quinte Hotel Calculation of Unreported Taxable Beer and Liquor Sales MURPHY HOTEL ENTERPRISES LIMITED SCHEDULE III Ernie’s Corral Room Taxation Year Ended May 31, 1972 Ontario Retail Sales Tax Reported $ 847.41 Multiply by factor of 10 x 10 Projected Sales $ 8,474.10 Sales Reported $ 7,817.06 (1) Unreported Taxable Beer and Liquor Sales $ 657.04 Taxation Year Ended May 31, 1973 Ontario Retail Sales Tax Reported $ 5,070.28 Multiply by factor of 10 x 10 Projected Sales $50,702.83 Sales Reported $47,135.92 Unreported Taxable Beer and Liquor Sales $ 3,566.91 Taxation Year Ended May 31, 1974 Ontario Retail Sales Tax Reported 1/6/72 to 28/2/74 $ 4,394.08 Multiply by factor of 10 x 10 Projected Sales June 1/73 to February 28/74 $43,940.80 Sales Reported June 1/73 to February 28/74 $40,590.85 $ 3,349.95 Average Rate of Suppression June 1/73 to February 28/74 $ 3,349.95 x 100 8.25% $40,590.85 Reported Sales—March 1974 @ 8.25% $ 448.05 —April 1974 @ 8.25% $ 430.05 — May 1974 @8.25% $ 436.22 Unreported Taxable Beer and Liquor Sales (B-4) $4,664,27 Dutch Mill Inn Calculation of Unreported Bar Revenue SCHEDULE IV Dutch Mill Inn Bar Basic Calculation Average Rate of Suppression August 8, 1973 to February 28, 1974 $ 6,239.59 x 100 = 5.14% $121,340.09 Taxation Year Ended May 31, 1973 Reported Sales $129,860.70 @ 5.14% $ 6,674.84 Taxation Year Ended May 31, 1974 August 8, 1973 to February 28, 1974 Ontario Retail Sales Tax Reported $ 12,757.97 Multiply by factor of 10 x 10 Projected Sales $127,579.68 Sales Reported $121,340.09 $ 6,239.59 Reported Sales—June/73 — $21,874.31 @ 5.14% $1,124.33 —July/73 — 22,950.05 @ 5.14% 1,179.62 —Aug 1 to 7/73 — 5,069.36 @ 5.14% 260.56 — March/74— 19,568.02 @ 5.14% 1,005.79 —April/74 — 13,796.17 @ 5.14% 709.12 — May/74 — 19,796.40 @ 5.14% 1,017.53 $5,296.95 MURPHY HOTEL ENTERPRISES LIMITED Quinte Hotel Calculation of Unreported Non-Taxable Draught Beer Sales MURPHY HOTEL ENTERPRISES LIMITED SCHEDULE V Green Door Room, Tropicana Room, Ernie’s Corral Room Basic Calculation Total Reported Sales June 1 to September 30, 1972 $107,678.03 Suppressed Sales June 1 to September 30,1972 10,344.37 Percent that Suppressed Sales is of Reported Sales $ 10,344.37 x 100 = 9.61% $107,678.03 Taxation Year Ended May 31, 1971 Reported Draught Beer Sales $55,739.40 @ 9.61% $ 5,356.55 Taxation Year Ended May 31, 1972 Reported Draught Beer Sales $7,098.94 @ 9.61% $ 7,098.94 Dutch Mill Inn Calculation of Unreported Room Revenue Dutch Mill In Rooms SCHEDULE VI Basic Calculation Average Rate of Suppression Room Revenue per Cash Room Number of Register Revenue Days Tape Reported Suppression December 1973 31 $ 3,718.18 $ 3,416.18 $ 302.00 January 1974 31 3,679.50 3,380.00 299.50 February 1974 28 4,256.40 3,887.02 369.38 March 1974 18 2,943.50 2,699.88 243.62 $14,597.58 $13383.08 $1.214.50 $ 1,214.50 x 100 = 9.07% $13,383.08 Fiscal Year Ended May 31, 1973 Room Revenue reported October, 1972 to May 31, 1973 $45,062.00 Projected Suppressions October 1, 1972 to December 31, 1972— $45,062.00 @ 9.07% $4,087.13 Fiscal Year Ended May 31, 1974 Room Revenue Reported $66,472.00 Less: Room Revenue on which suppression is documented 13,383.08 $1,214.50 Reported Room Revenue on which suppression is not documented $53,088.92 Projected Suppression $53,088.92 @ 9.07% $4,815.15 The appellant, Mr Kenneth J Murphy, testified but did not introduce any evidence to refute the respondent’s figures with respect to the unreported beer and liquor sales for the years under appeal. ...

He also imposed penalties as follows: TAXATION YEAR ADDITIONAL INCOME PENALTIES 1972 $ 14,374.76 $ 745.80 1973 $ 14,119.19 $ 880.12 1974 $ 39,509.39 $ 2,885.67 1975 $ 16,551.25 $ 1,043.94 1976 $ 26,453.92 $ 1,816.55 1977 $ 41,004.00 $ 3,083.06 $152,012.51 $10,455.14 3.04 The two-page statement of personal net worth of the appellant prepared by the employees of the respondent was filed as Exhibit R-1. ... It reads as follows: Ray Poratto 1972 1973 1974 1975 Net Personal Assets $40,866.28 $74,689.10 $120,602.20 $158,784.68 Add: Net Business Equity $36,189.25 $17,581.99 $ 4,230.06 (17,077.81) Total Worth $77,055.53 $92,271.09 $124,832.26 $141,706.87 Annual Increase $13,632.21 $15,215.56 $ 32,561.17 $ 16,874.61 Deduct: Non-Taxable Capital Gains $ 6,284.06 $ 3,875.00 $ $ 10,750.00 Add: 6 months accrued $ 7,348.15 $11,340.56 $ 32,561.17 $ 6,124.61 interest, Labarge $ 424.89 $ 1,068.41 $ 3,403.87 $ 8,193.26 Net Increase $ 7,773.04 $12,408.97 $ 35,965.04 $ 14,317.87 Add: Personal Expenditures $11,288.10 $ 9,133.44 $ 11,138.57 $ 11,997.38 Total Income Should Read $19,061.14 $21,542.41 $ 47,103.61 $ 26,315.25 less — (Reported) income $ 4,686.38 $ 7,423.22 $ 7,594.22 $ 9,764.00 Discrepancy: $14,374.76 $14,119.19 $ 39,509.39 16,551.25 1976 1977 Net Personal Assets $131,350.34 $189,479.00 Add: Net Business Equity $ 29,631.00 $ 15,840.00 Total Worth $160,981.34 $205,319.00 Annual Increase $ 19,274.47 $ 44,337.66 Deduct: Non-Taxable Capital Gains Add: 6 months accrued $ 19,274.47 $ 44,337.66 interest, Labarge $ 6,551.65 ($ 4,719.18) Net Increase $ 25,826.12 $ 39,618.48 Add: Personal Expenditures $ 10,830.82 $ 19,331.29 Total Income Should Read $ 36,656.94 $ 58,949.77 less — (Reported) income $ 10,203.02 $ 17,945.77 Discrepancy: $ 26,453.92 $ 41,004.00 3.07 The appellant does not dispute the quantum of the figures in the statement. ... He also sold different items with the cottage: cottage $2,000 steam bath $ 600 boy’s cabin $ 400 girl’s cabin $ 600 motor boat $ 550 $4,150 According to counsel for the respondent, this total is included in the $15,215 which appears on the second page of R-1 as item “Annual Increase” and a “non-taxable capital gain” of $3,875 is deducted concerning the same item. 3.10.16 “Sudbury & Soo Tilden” franchise $21,000 (SN pages 39 & 40) In 1975 or 1976, the appellant sold for $5,000 (but he is not sure of the amount) a franchise of a Tilden Rent-A Car in Sault Ste Marie. ...

Contributions (2,629.00) (4,030.00) (4,088.00) (1,581.00) Board Money (2,280.00) (2,200.00) (2,340.00) (2,880.00) Income Tax Refunds (1,129.11) (1,824.36) (1,732.85) (966.37) Total Discrepancy $ 9,583.32 $ 7,840.58 $ 3,076.27 $ 3,440.05 Deduct: Unreported Interest Income (949.88) (1,625.13) (2,897.93) (5,658.61) Sale of Excess Furniture (6/73-12/74) (800.00) (1,600.00) Unexplained Discrepancy $ 7,833.44 $ 4,615.45 $ 178.34 $ Nil To be allocated as follows: Mrs Legros Unreported Interest Income $ 949.83 $ 1,625.13 $ 2,897.93 $ 5,658.61 Unexplained Portion of Discrepancy 2,741.70 1,615.41 62.42 $ Nil Total $ 3,691.58 $ 3,240.54 $ 2,960.35 $ 5,658.61 Mr Legros: Unexplained Portion of Discrepancy $ 5,091.74 $ 3,000.04 $ 115.92 $ Nil *Unexplained portion of discrepancy allocated on an availability of funds basis. ... Contentions For both appellants: — The calculation of the net worth discrepancy has been based on faulty calculation by the Minister of National Revenue. ... For the respondent: — The appellants failed to report income, whether “other income” or “interest income” as assessed. — Penalties as imposed are warranted. ...

Minister of National Revenue, [1978] CTC 3221, [1978] DTC 1888 Delmer E Taylor:—Cet appel a été interjeté à la suite des cotisations d’impôt dans lesquelles le Ministre du Revenu national a inclus au revenu de l’appelant les montants suivants à titre de “revenu additionnel’’ pour les années en cause: Années Montants 1971 $ 8,414.70 1972 11,948.74 1973 4,587.84 1974 5,080.42 De plus, le Ministre a ajouté une pénalité de 25% sur l’impôt payable. ... De plus, Me Bélair a souligné les détails des cotisations qui ont été faites par la méthode de l’avoir net: M Jacques Delouvrier 4970 boul Montpetit no 4 Conciliation de capital Pour les quatre années terminées le 31-12-74 Annexe A 1971 1972 1972 1973 1974 1974 Capital 31 décembre $11,100.07 $22,822.53 $28,859.01 $36,301.90 Moins: Capital 1er janvier 5,900.00 11,100.07 22,822.53 28,859.01 Variation de capital $ 5,200.07 $11,722.46 $ 6,036.48 $ 7,422.89 Ajouter: Coût de vie 3,843.27 3,843.00 3,898.00 3,898.00 Impôt, RRQ, Ass chômage 797.98 1,388.36 1,581.45 Revenu total selon conciliation $ 9,043.34 $16,363.44 $11,322.84 $12,922.34 Déduire: Revenu déclaré 628.64 4,414.70 6,735.00 7,841.92 Revenu non déclaré $ 8,414.70 $11,948.74- $ 4,587.84 $ 5,080.42 Marcel Tremblay/1p section 41-1 Piece 1047 Montréal, le 6 mai 1976. M Jacques Delouvrier 4970 boul Montpetit no 4 Bilan au 31 décembre 1970 1971 1971 1972 1972 1973 1973 1974 1974 Actif $ $ $ $ $ BOM no 5985 $ 698.50 537.45 2,552.98 812.0 BOM no 5026072 2,661.9 CP CSN no 306 428.34 893.64 1,227.2 BCIC no 01-88867 12,620.28 317.68 136.06 1,522.8 BE p no 3846-7 1,100.00 981.29 710.48 111.03 501.5 Inventaire 2,500.00 2,500.00 2,700.0 Equipement 3,200.00 2,560.00 2,048.0 Frais de finance différés 3,553.19 1,701.00 442.0 Chalets 4,800.00 4,800.00 4,800.00 4,800.00 4 800.0 Achalandage, 40,650.00 38,417.00 36,587.0 Total actif $5,900.00 $19,100.07 $56,697.14 $53,671.71 $53,302.6 Passif Comptes à payer $ 600.61 $ 645.00 $ 1,012.0 à payer Cambourieu- 26,100.00 16,450.00 8,200.0 Cheque en circulation 250.00 793.70 864.7 Dû Mlle Dorais 8,000.00 6,924.00 6,924.0 6,924.00 Total passif $ 8,000.00 $33,874.61 $24,812.70 $17.000.7 Capital $5,900.00 $11.100.07 $22,822.53 $28.859.01 $36,301.9 —- — —-- Marcel Tremblay/1p Piece 1047 section 41-1 Montreal, le 6 mai 1976 Annexe B Plaidoyer Le procureur de l’appelant a demandé que la Commission considère comme “preuve” les dépositions de M Violand (pieces A-2 et A-3) et qu’elle accepte la crédibilité du témoignage de l’appelant. ...

Minister of National Revenue, [1979] CTC 2896 Delmer E Taylor [TRANSLATION]:—This appeal was filed as a result of tax assessments in which the Minister of National Revenue included in the appellant’s income the following amounts of “additional income” for the years in question: Year Amount 1971 $ 8,414.70 1972 11,948.74 1973 4,587.84 1974 5,080.42 The Minister also added a penalty of 25% of the tax payable. ... Miss Bélair also gave details of the assessments made by the net worth method: Mr Jacques Delouvrier 4970 boul Montpetit no 4 Capital reconciliation for the years ending December 31, 1974 1971 1972 1972 1973 1973 1974 1974 Capital at December 31 $11,100.07 $22,822.53 $28,859.01 $36,301.90 Less: Capital at January 1 5,900.00 11,100.07 22,822.53 28,859.01 Capital increase $ 5,200.00 $11,722.46 $ 6,036.48 $ 7,422.89 1971 1972 1972 1973 1973 1974 1974 Add: Cost of living 3,843.27 3,843.00 3.898.00 3,898.00 Tax, QPP, Unemployment Insurance 797.98 1,388.36 1,581.45 Total income on basis of reconciliation $9,043.34 $16,363.44 $11,322.84 $12,922.34 Deduct: Reported income 628.64 4,414.70 6,735.00 7,841.92 Unreported income $8,414.70 $11,948.74 $ 4,587.84 $ 5,080.42 Marcel Tremblay/1p Section 41-1 Room 1047 Montreal, May 6, 1976. Appendix A Mr Jacques Delouvrier 4950 boul Montpetit no 4 Balance sheet at December 31 1970 1971 1971 1972 1972 1973 1973 1974 1974 Assets $ $ $ $ $ B M No 5985 698.50 537.45 2,552.98 812.0 B M No 5026072 2,661.9 CP CSN No 306 428.34 893.64 1,227.2 CIBC No 01-88867 12,620.28 317.68 136.06 1,522.8 BE p No 3846-7 1,110.00 981.29 710.48 111.03 501.5 Inventory 2,500.00 2,500.00 2,700.0 Equipment 3,200.00 2,560.00 2,048.0 Deferred finance charges 3,553.19 1,701.00 422.0 Cottages 4,800.00 4,800.00 4,800.00 4,800.00 4,800.0 Goodwill 40,650.00 38,417.00 36,587.0 Total assets $5,900.00 $19,100.07 $56,697.14 $53,671.71 $53,302.6 Liabilities Accounts payable $ 600.61 $ 645.00 $ 1,012.0 Due to Cambourieu 26,100.00 16,450.00 8.200.0 Cheques outstanding 250.00 793.70 864.7 Due to Miss Dorais 8,000.00 6,924.00 6,924.00 6,924.0 Total liabilities $ 8,000.00 $33,874.61 $24,812.70 $17,000.0 Capital $5,900.00 $11,100.07 $22,822.53 $28,859.01 $36,301.9 Marcel Tremblay/1p Room 1047 Section 41-1 Montreal, May 6, 1976. ...