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In conclusion, the following table sets out my views. 1971 Value 1976 Value Lot 14 $343,400 $486,744 Lot 13 75,650 131,904 Lot 12 — 157,914 Lot 10 — 44,000 $820,562 3.08 The basic figures of this computation were, in fact, confirmed by the respondent’s witness, Mr Innes James Mitchell, leasing officer of the Royal Bank of Canada who has been employed with the said bank for twenty-nine years. ... Law — Cases at Law — Analysis 4.01 Law The main provisions involved in the present case are sections 3, 38, 39, 40 and 53 of the Income Tax Act and sections 20 and 26 of the Income Tax Application Rules. ... J G Vicq, Farm Property Valuation in the Prairie Provinces, an article in the “Canadian Tax Journal’’, Vol 25, No 6 — November/December 1977; 15. ...

That amount was founded on the following assumptions of fact: — That the Appellant was at all times material director and sole shareholder of Cawsey Enterprises Ltd (Cawsey); — That the Appellant was at all times material the spouse of one Ronald Waddell; — That Cawsey paid in 1976 pursuant to the direction of, or with the concurrence of, the Appellant, to Ronald Waddell the amount of $48,000,000.00; — That the payment of the said $48,000.00 constituted a benefit that the Appellant desired to have conferred on Ronald Waddell; — That the said payment if made to the Appellant would have been included in computing the Appellant’s income for the 1976 taxation year. ... Therefore, the taxation sought by the Minister can only be upheld if the final phrase in subsection 56(2) of the Act — “to the extent that it would be if the payment or transfer (of property) had been made to him” — can be applied directly to Mrs Waddell. ...

Mr Myles S Robinson, the appellant’s principal shareholder, had at that time been advised by the accounting firm of Ernst & Ernst that there would be advantages in making the appellant — whose operations were planned to extend beyond Winnipeg to other Canadian cities and to the United States — a public company. ... However, the only pertinence that these factors may have in the determination by the Courts of profit for tax purposes — once the legal requirements have been met — is the necessity of scrutinizing even more carefully which of a variety of GAAP are being invoked — as they are in this appeal — as an acceptable basis for the computation of income for tax purposes. ... For example, he is entitled to set up reserves — either expressly or implicitly — against unrealized losses. ...

She testified that she had not received the amounts stipulated in the agreement during the year — several cheques received had been returned “not sufficient funds”, and: — she had paid several accounts which were the responsibility of the third party; — several different kinds of payments from Mr Bourdeau, required under the agreement, had not been met. ... The “allowance” under the agreement was “payable” — it was not critical how it had been “paid”. ... It is not relevant that the appellant did not intend to terminate the plan — it was terminated and it was income to her. ...

Wong to each purchase an undivided / interest in the property in question. ... Both Tsao and Wong acted through their lawyers and agreed to sell their undivided / interests in the land. ... There was no income from the land — only expenses (Tsao sent his taxes c/o Dr. ...

The misrepresentations consisted in the appellant reporting and omitting the following income: Reported Omitted 1967 $3,170.00 $30,000.00 1968 2,204.00 11,000.00 1969 102.24 17,000.00 1970 730.40 4,000.00 1971 1,963.00 8,000.00 5,953.00 1,000.00 1972 (loss — 338.00) 2,818.00 In addition, in 1975 the appellant pleaded guilty to having defrauded the National Revenue Department. ... The said service stations had been purchased as follows: 1962 — St-Jean service station 1963 — Iberville service station 1964 and 1965 — Châteauguay and Varenne service stations He also advised Mr Durocher to incorporate the appellant company in 1966, so that it could become the owner of the new service stations he would be purchasing. ... Counsel then referred the Board to the following decision to show, first, that the intent to sell at a profit must exist at the time the assets were purchased, and also that secondary intent is insufficient to make a transaction commercial in nature: MNR v Foreign Power Securities Corp Ltd, [1967] CTC 116; 67 DTC 5084; Birmount Holdings Ltd v The Queen, [1977] CTC 34; 78 DTC 6254; Racine Demers & Nolin v MNR, [1965] CTC 150; 65 DTC 5098; Choice Realty Corp v The Queen, [1978] CTC 613; 78 DTC 6415. ...

The respondent, in the reply to notice of appeal, contended: — The appellant was employed by Can-Val from July of 1974 to sometime in 1977; — In 1978 the appellant received from his former employer remuneration in the amount of $11,383.50 as a deferred bonus based on the employer’s earnings from 1974 to 1977; — The said deferred bonus was paid to the appellant in 1978 by his former employer pursuant to a contractual arrangement between the employee and employer, the terms of which are set out in the agreee- ment; — On February 1, 1977 the appellant purchased an income averaging annuity contract; — In reporting his income for 1978 the appellant claimed a deduction (for the amount in question) pursuant to section 61 of the Income Tax Act; — The deferred bonus referred to and paid into the said income averaging contract was on account of remuneration from employment. ... According to Mr Hoyt, he could not have had “longer service” with Can- Val — he had been with the company right from its beginning. ... I am not certain that would be a point to be considered fatal to his case — because it would raise a question regarding the length of service necessary before a resignation would be effective as retirement. ...

The appellant’s function was “... to direct television commercials and also to help to get that business in”. ... (SN page 59) (e) Mr Brandes “... had a good reputation as a director and had been in business for himself. ... Cases at Law — Analysis 4.01 Cases at Law Counsel for both parties referred the Board to the following cases: 1. ...

Act — Case Law — Analysis 4.01 Act The provisions of the Income Tax Act on which the notices of assessment were based are subsections 153(1) and 227(9). ... HMQ v Coopers & Lybrand Limited, [1980] CTC 367 and 406; 80 DTC 6281; 7. ... The Board has concluded therefore that the penalty in respect of the principal of $5,089.65 ($3,957.50 — 1978 and $1,132.15 — 1979) should be upheld. ...

Suffice it to be said that the testimony and evidence support only one conclusion — that the Liquor Board employees knew they would be getting their “net pay” cheques while on strike — when they agreed to go on strike and that, without that understanding, they would not have gone on strike. ... That does not dipose of the second arrow in the Minister’s bow — that the amount is “income... from a source”. ... The Board then turns to the real question in this appeal — the taxability of strike pay. ...