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Justice McNair, after quoting paragraph 7(1)(a) and subsection 7(5), concludes that profits arising from such options are deemed to have been received as income ” provided that it was received in respect of, in the course of, or by virtue of the employment. ... If there were any doubt as to the intent of Night Hawk Resources Ltd. in granting the options it may be found in the preamble to the agreement which reads: * Whereas the Holders are Directors of the Company and in that capacity are devoting considerable time and effort to the affairs of the Company. ... Lord Denning had said ” the offer itself (the option) would not be a perquisite or profit, for it conferred only the expectation of profit, not any profit itself. ...

Culver himself was very directly on point in his expert report (Appeal Book, appendix /, at page 6): Faced with a choice between the alternative of accruing or not accruing the unbilled income, I would opt for the former. ... Kohler, in A Dictionary for Accountants, 1957 edition, page 408, defines it as “ collectible, whether or not due. ... Gardner Mountain & D'Anbrumenil, Ltd. (1947), 29 T.C. 69, at page 93 was willing to accept "an estimate of what the future remuneration will amount to" and even "a discounting of the amount to be paid in the future.” ...

Perhaps the best expression of the principle involved is found in the case of Canadian Propane Gas & Oil Limited v MNR, [1972] CTC 566; 73 DTC 5019 in which Cattanach, J stated at 577 [5028]: I should think that “reasonable” as used in the context of paragraph 20(6)(g) does not mean from the subjective point of view of the Minister alone or the appellant alone, but rather from the point of view of an objective observer with a knowledge of all the pertinent facts. ... Making the same calculation at 11 % gives a valuation of $338,160.63 and at 12% of $293,813.91. ... Judgment might be given for the plaintiff on these facts alone. see also the statement of Cattanach, J in the Canadian Propane Gas & Oil case (supra) at 580 [5029] where he said: The onus of demolishing the Minister’s assumptions falls on the appellant and, in my view, for the reasons expressed, the appellant has failed to discharge that onus. ...

As Kerwin J, as he then was, pointed out in Montreal Light, Heat & Power Consolidated v MNR, [1942] S.C.R. 89 at 105; [1942] 1 DLR 596; [1942] CTC 1; 2 DTC 535; [1944] AC 126, [1944] 1 All ER 743; [1944] 3 DLR 545; [1944] CTC 94; 2 DTC 654, applying the principle enunciated by Viscount Cave in British Insulated and Helsby Cables, Limited v Atherton, [1926] AC 205 at 214; 10 TC 155, the usual test of whether an expenditure is one made on account of capital is, was it made “with a view of bringing into existence an advantage for the enduring benefit of the appellant’s business”. ... Compare IRC v Gardner Mountain & D’Ambrumenil, Ltd (1947), 29 TC per Viscount Simon at 93: “In calculating the taxable profit of a business... services completely rendered or goods supplied, which are not to be paid for till a subsequent year, cannot, generally speaking, be dealt with by treating the taxpayer’s outlay as pure loss in the year in which it was incurred and bringing in the remuneration as pure profit in the subsequent year in which it is paid, or is due to be paid. ... See Naval Colliery Co Ltd v CIR, supra, per Rowlatt, J at 1027: “... and expenditure incurred in repairs, the running expenses of a business and so on, cannot be allocated directly to corresponding items of receipts, and it cannot be restricted in its allowance in some way corresponding, or in an endeavour to make it correspond, to the actual receipts during the particular year. ...

Funk & Wagnail's definition is: "To lay or place, as something to be borne or endured; levy or exact as by authority, as to impose a tax, toll or penalty.” ... The defendant in 1964 had purchased most of the assets of Simard & Frères Cie Limitée and had undertaken to pay the seller's debts incurred prior to January 1, 1965. ... & J. 502 where he stated at 507-508: No universal rule can be laid down for the construction of statutes as to whether mandatory enactments shall be considered directory only or obligatory only with an implied nullification for disobedience. ...

In this calculation he looked at the billings achieved up to December 31st, 1991 and came up with a low goodwill value of $73,257.00 and a high goodwill value of $107,354.00 based on the Guthrie / Bonnatyne formula. [12] He considered valuations based upon the ICABC goodwill surveys and admitted that different interpretations could be placed upon schedule G depending upon the factors he looked at. ... On page 16 of his report he concluded that the valuation of the goodwill on the date in question based upon the different methods was as follows: (1) excess earnings method.- low, $49,100.00, high, $61,400.00. (2) Rule of thumb method-schedule F (A)- Exhibit A-2- low $65,900.00, high $82,400.00. (3) Githrie / Bonnatyne method,- low $73,300.00, high, $107,300.00 (4) ICABC surveys- low $74,400.00- high $86,800.00. (5) Actual retention rates method- low, $86,400.00, high, $98,800.00. (6) Future billings method- low, $83,600.00- high $92,100.00. (7) Discounted future cash flows method- low, $117,600.00, high, $147,500.00. [15] It was his position that the most appropriate method of calculating value was considered to be the rule of thumb calculations based on the ICABC surveys. [16] He was referred to the Respondent`s report and he said that he had reviewed it. ... Landry at page 3, the limitations of his report are set out by him when he said, "based on the information available to me in the restricted scope of my review, the attached calculations indicate that the estimated fair market value goodwill is within the range of $74,000.00 / $87,000.00. ...

In the years in question, he was fishing off the "Wally & Sisters" with a crew of five to six including himself. ... Powell & Company. The cheque register was kept at Stephenville and it was on the computer before 1990. ... In Andrew Paving & Engineering Ltd. et al. v. M.N.R., [1984] C.T.C. 2164, 84 D.T.C. 1157 (T.C.C.), it was held that where statutory provisions are open to two interpretations, the one to adopt is that which is just and reasonable rather than that which is neither. ...

Subsection 223(5) of the current Income Tax Act read as follows: (5) Charge on land—a document (in this section referred to as a “ memorial”) issued by the Federal Court of Canada evidencing a certificate in respect of a debtor registered under subsection (3) may be filed, registered or otherwise recorded for the purpose of creating a charge or lien on or otherwise binding land in a province, or any interest therein, held by the debtor in the same manner as a document evidencing a judgment of the superior Court of the province against a person for a debt owing by the person may be filed, registered or otherwise recorded in accordance with the law of the province to create a charge or lien on or otherwise bind land, or any interest therein, held by the person. ... Lambert, J.A. gave the judgment of the Court and at page 379 he stated: There can be no doubt about the general principle that if there are a number of creditors of equal degree and the Crown is one of them, then subject to contrary legislation, the Crown is entitled to be paid in priority to the other creditors: see Crowther v. the Attorney General of Canada, 42 M.P.R. 269, [1959] I.L.R. 1-326, 17 D.L.R. (2d) 437 (N.S.C.A.), and Household Realty Corp. v. the Attorney General of Canada; MacCulloch & Co. v. the Attorney General of Canada, [1980] 1 S.C.R. 423,9 R.P.R. 145, 105 D.L.R. (3d) 266, 34 N.S.R. (2d) 583, 59 A.P.R. 583, 29 N.R. 174. ... The charges and amounts thereof against Lot “A” District Lot 181 Kootenay District Plan 9041 are as follows: Castlegar Savings and Credit Union—Mortgage $47,259.00, as of January 16, 1991 and per diem interest thereafter at $18.89 a day = approximately $5,700.00. ...

The above excerpts of the oral argument advanced on behalf of both appellants must he considered with the submission made in the undated notice of appeal filed with the Court in file No. 86-1443(IT) by the appellant, Serafino Tiberio, in respect of the 1985 taxation year, which submission is couched in the following terms: "This claim is based on the Canadian Charter of Rights & Freedoms; in particular section 15, which does not allow discrimination based on age. ... The following excerpts from the judgment of Hugessen, J. in Smith, Kline & French Laboratories Ltd. v. ... If paragraph 122.2(2)(a) is invalid it falls, and in the absence of legislative action to fill the void it cannot be said that the appellant is, within the meaning of subsection 122.2(1), ”... an individual who has an eligible child... ...

The Charter, however, was in effect and the section was of no force or effect in law — it required only a decision of the courts to declare that invalidity. ... Prohibition This trial was fixed some time ago to commence on Monday, March 2 — three days hence. ... (e), I am not deciding this point — no order. Order accordingly. ...