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In Royal Bank v Hogg, [1930] 2 DLR 488, Riddell, JA, stated at 489: Then, coming down to the note on demand, while no formal demand was made, it has been law certainly for nearly a century, since Norton v Ellam (1837), 2 2M & W 461, 150 ER 839, and probably for centuries before, that a promissory note on demand is due as soon as it is delivered. It was strongly argued by the primary debtor that it was only for the purpose of determining whether an action could be brought without demand that the rule was established that a demand note was due at all times after its delivery, as the institution of an action was considered equivalent to a formal demand; but such cases as Norton v Ellam, 2 M & W 461; Re Brown, [1893] 2 Ch 300, at 304; Edwards v Walters, [1896] 2 Ch 157, at 162, Boulton v Langmuir (1897), 24 AR (Ont) 618, at 622, show that a demand note matures for all purposes as soon as it is delivered: consequently, this demand note had matured and was due before action begun, and the original note could be sued on. ... The latter case of Norton v Ellam, 2 2M & W 461, is to the same effect. ...

(b) Appellant is also a sole shareholder of S Filger & Associates Limited (hereinafter referred to as SF Ltd) and is the sole member of S Filger & Co (hereinafter referred to as SF Co). ... It is still found in January 1974 ($13,500 + $9,130- $22,630). It was reversed on February 1, 1975, and included in the income of 1975. ...

It is the appellant’s contention that he was a manufacturer’s agent and for purposes of this appeal, I do not believe anything turns on the actual title that the appellant had with G H Wood & Company Limited. ... It is the appellant’s evidence and it was not contested, that for the period of 1974,1975 and 1976, the period in which he was operating for G H Woods & Company Limited, he was successful in increasing the income of that company by 52% from 1974 to 1975 and by an additional 20% in the 1976 taxation year. ... For the 1975 taxation year, the commission income, which I understood is exclusively from G H Wood & Company Limited, was $23,570.90 and in 1976 it was $30,520.04. ...

At the hearing counsel for the appellant admitted in its entirety the reply to notice of appeal which reads as follows: That on 21 September, 1965, John J Dunn sold certain shares to Morgan, pany for $227 000 an, for $23,395.77, and certain others to the same com- That cheques in these amounts were deposited in a new bank account on 21 September, 1965; That on 21 September, 1965, John J Dunn issued a cheque in the amount of $250,075.00 to Excelsior Life for the purchase of a single premium in- That on 21 September, 1965, John J Dunn signed an agreement to borrow from Excelsior Life on the collateral of his single premium life insurance policy with the said insurance company; That on 23 September, 1965, Excelsior Life issued a cheque in the amount of $215,000.00 with respect to a loan that John J Dunn made on his life insurance policy and on that same date, the said John J Dunn deposited this cheque in his bank account; That on 23 September, 1965, John J Dunn borrowed $4,823.74 from Morgan, Ostiguy & Hudon Inc in order to have his bank account the exact amount to cover a cheque made to Sherbrooke Trust, said cheque being more fully described in the following paragraph herein; That on 23 September, 1965, John J Dunn issued a cheque in the amount of $220,155.00 to Sherbrooke Trust Company and this cheque was cashed only on October 7, 1965, by Sherbrooke Trust; That on September 24, 1965, Morgan, Ostiguy & Hudon Inc sold certain shares purchased from Mr Dunn to Jan Pick: That on October 7, 1965, Sherbrooke Trust Company issued a cheque in the amount of $220,697.00 to said Jan Pick for ‘and in the name of John J Dunn for the re-purchase of the shares that he had bought from John J Dunn through the intermediary of Morgan, Ostiguy & Hudon Inc: That the cumulative loans made from Excelsior Life and the interest paid with respect to the said loans are as follows: Loan Interest 1965 $215,000.00 1966 $232,140.00 $12,794.01 1967 $247,207.38 $13,928.40 $261,716.00 $14,822.80.: 1968 1969 $275,143.57 $15,427.25 The Minister disallowed the interest paid on the loans made to Excelsior Life Insurance Company in the taxation years as indicated in the above paragraph. ...

Telephone $ 12.00 2. Travel I i ng expenses 93.00 3. Rent expense 419.00 4. Heat, Light & Power 66.00 5. Professional dues 20.00 6. Periodicals & Books 100.00 7. ...

By notices of reassessment dated November 30, 1967 the Minister added $5,000 to the appellant’s declared income for each of the taxation years 1964 and 1965, it being designated as “Income from Pemberton, Labow & Haynes” for the 1964 taxation year, and “Income from Pemberton, Labow & Haynes Ltd deemed to be taxable income” for the 1965 taxation year; and by notice of reassessment dated January 18, 1968 the Minister added $5,000 to the appellant’s declared income for the 1966 taxation year designated as “Earnings received from Pemberton, Labow & Haynes Ltd deemed to be taxable income”. ...

The appellant was engaged as a commission salesman during the said taxation year with the firm of Jenkin Evans & Company Limited and placed orders for the purchase and sale of securities on behalf of clients. ... The employer of the appellant, Jenkin Evans & Company Limited, was in the business of buying and selling securities, and the appellant, in so far as his own accounts were concerned, was in the same position as any other client. ... “Nil” assessment — Right of appeal. The appellant company, in its returns for its fiscal years 1967 and 1968, reduced its taxable income to nil by carrying forward unapplied portions of losses incurred in 1965 and 1966. ...

Admissions of the Appellant At the beginning of the hearing, counsel for appellant made admissions concerning different items so that the following amounts be considered as revenue: 1970— income not included $3,649.34 1971— income not included $1,972.97 —unidentified cheques deposited $ 51.25 1972— unidentified cheques deposited $ 74.50 During the evidence, counsel for appellant admitted that penalties were well founded. 4. Admissions of the Respondent After the evidence was given and before the arguments were presented, counsel for respondent made admissions so that the following amounts should not be considered as revenue: 1970— Nil 1971— manure trade $ 500 —unidentified cheques deposited $1,500 1972— sale of one truck $5,999 5. ...

RP/Ir Ends Mr John Howe, Chartered Accountant, now practising under his own name, but in the year under review with the firm of Winspear, Higgins, Stevenson & Co, Chartered Accountants of Niagara Falls, Ontario, had the responsibility for the preparation of the income tax returns filed with the Board. ... Howe’s evidence and cross-examination relating to the financial statements of the Company, showed that the following had been expenses charged in the accounting records of the Company: (1973)—Management salaries $115,000.00 (1974)—Retirement allowance 11,159.71 $126,159.71 That total, however, was paid out of the funds of the Company in the following manner: 1974— (To the appellant and Dell, from 1973 accrued management salaries) $ 41,766.00 1975— (To Industrial for the purchase of lAC’s for four shareholders) 84,393.71 $126,159.71 Particular reference was also made to one specific journal entry dated December 31, 1974: Dr Accrued Mgmt salaries $73,234.00 Dr Retiring allowance 11,159.71 Cr Term Deposit $65,000.00 Cr Bank $19,393.71 To record mgmt salary. According to Howe, the payment of the $41,766 in 1974 out of the 1973 accrued management salary expense of $115,000 left a balance in that account of $73,234 as at December 31, 1974 which together with the amount of the $11,159.71 expense from the year 1974 made up the total company payment of $84,393.71 (later established to have been made on February 4, 1975), for the purchase of IAC’s for the four shareholders. ($115,000 (1973) accrual) — $41,766 (1974 payment) + $11,159.71 (1974 journal entry charge) = $84,393.71 (1975 payment)) Several quotations from the cross-examination of Mr Howe dealing with this point are reproduced: Q Now, in 1973 a journal entry under December 31st was prepared which, I believe, debited management salaries and credited accrued salaries of or for $115,000, is that correct? ...

RP/Ir Ends Mr John Howe, Chartered Accountant, now practising under his own name, but in the year under review with the firm of Winspear, Higgins, Stevenson & Co, Chartered Accountants of Niagara Falls, Ontario, had the responsibility for the preparation of the income tax returns filed with the Board. ... Howe’s evidence and cross-examination relating to the financial statements of the Company, showed that the following had been expenses charged in the accounting records of the Company: (1973)—Management salaries $115,000.00 (1974)—Retirement allowance 11,159.71 $126,159.71 That total, however, was paid out of the funds of the Company in the following manner: 1974— (To the appellant and Dell, from 1973 accrued management salaries) $ 41,766.00 1975— (To Industrial for the purchase of lAC’s for four shareholders) 84,393.71 $126,159.71 Particular reference was also made to one specific journal entry dated December 31, 1974: Dr Accrued Mgmt salaries $73,234.00 Dr Retiring allowance 11,159.71 Cr Term Deposit $65,000.00 Cr Bank $19,393.71 To record mgmt salary. According to Howe, the payment of the $41,766 in 1974 out of the 1973 accrued management salary expense of $115,000 left a balance in that account of $73,234 as at December 31, 1974 which together with the amount of the $11,159.71 expense from the year 1974 made up the total company payment of $84,393.71 (later established to have been made on February 4, 1975), for the purchase of IAC’s for the four shareholders. ($115,000 (1973) accrual) — $41,766 (1974 payment) + $11,159.71 (1974 journal entry charge) = $84,393.71 (1975 payment)) Several quotations from the cross-examination of Mr Howe dealing with this point are reproduced: Q Now, in 1973 a journal entry under December 31st was prepared which, I believe, debited management salaries and credited accrued salaries of or for $115,000, is that correct? ...