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Canada, 2014 ONSC 7302, aff'd supra, rev'd 2016 SCC 56-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission continuing non-specific intention to maintain a tax neutral structure In order to facilitate the acquisition in 2002 of a hotel in Washington by a REIT ("Legacy") of which it was the manager, Fairmont Hotels Inc. ... In granting an application to rectify the 2007 unwinding transactions so that the U.S. dollars advanced by FHIW Canada to FHI were a loan rather than redemption proceeds (and in responding to the Attorney General's position (at para. 21) "that a loan to FHI…was not part of the plan in 2006 or even 2007"), Newbould J found that from 2002 on there had been a continuing Fairmont intention for the reciprocal loan arrangement to be tax neutral (although "they had no specific plan as to how they would" "deal with the unhedged position of FHIW Canada" following the 2006 acquisition of control" (para. 33)), that "the purpose of the 2007 unwind of the loans was not to redeem the preference shares of FHIW Canada or FHIS Canada, but to unwind the loans on a tax free basis," and that "the redemption of the preference shares was mistakenly chosen as the means to do so" (para. 43). As he was bound by Juliar, he did not have the "luxury" of following Graymar and, in any event, he did not think that Brown J in that case "has accurately described what happened in Juliar " (para. 41). ...

Canada, 2015 ONCA 441, aff'g 2014 ONSC 7302, leave granted, SCC docket 36606-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission continuing non-specific intention to maintain a tax neutral structure In order to facilitate the acquisition in 2002 of a hotel in Washington by a REIT ("Legacy") of which it was the manager, Fairmont Hotels Inc. ... Simmons JA noted (at para. 5) that, in granting an application to rectify the 2007 unwinding transactions so that the U.S. dollars advanced by FHIW Canada to FHI were a loan rather than redemption proceeds, Newbould J had found that from 2002 on there had been a continuing Fairmont intention for the reciprocal loan arrangement "to be carried out on a tax…neutral basis through a plan whereby any foreign exchange gains would be offset by corresponding foreign exchange losses" and that "the preferred shares of the two relevant companies…would not be redeemed." In dismissing the crown's appeal, Simmons JA stated (at paras. 10, 12): Juliar … does not require that the party seeking rectification must have determined the precise mechanics or means by which the party's settled intention to achieve a specific tax outcome would be realized. ...

(Re), 2014 BCSC 1791-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission failure to file timely tax returns did not invoke the dirty hands bar to equitable rescission In 2011, the petitioners conveyed undeveloped B.C. lands to a limited partnership with an affiliated general partner. ... Tsavliris Salvage (International) Ltd., [2002] EWCA Civ 1407, [2002] 4 All E.R. 689 (C.A.), Loo J stated (at para. 73) that here "the CRA does not argue that the equitable doctrine of mistake is not available. ...

T & S First Choice Renovations Limited v. Canada Revenue Agency, 2012 DTC 5152 [at at 7377], 2012 FC 1146-- summary under Subsection 220(3.1) Summary Under Tax Topics- Income Tax Act- Section 220- Subsection 220(3.1) The taxpayer appealed the Minister's decision to deny relief of interest on corporate tax, payroll deductions, and GST accounts. ... The corporation had allowed penalties to accrue on its accounts since 2002. ...

The Queen, 2019 TCC 6-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission a rectification judgment was “justifiably obtained” and, therefore, followed for tax purposes On April 15, 2002, the taxpayer signed an agreement for the purchase of shares of a real estate corporation (“Quatre Saisons”) that stated that the purchase price was to be satisfied by the payment to the vendor (“Placeval,” a corporation owned by a Mr. ... Before granting the taxpayer’s appeal from the assessment, Favreau J stated (at paras. 55, 59-60, 62): [T]he judgment of the Superior Court is not binding on the respondent as neither the Attorney General of Canada nor the Minister was involved in the application. … Although the judgment of the Superior Court is not binding on the respondent and is not res judicata, the conduct of the parties, both before and after the concluding of the transaction, clearly demonstrates their true intention to purchase and sell the shares of Quatre Saisons for nominal consideration and not for consideration based on the future sales of lots. ... The financial statements of Quatre Saisons for its fiscal years ending on March 31 of 2003, 2004 and 2005, also reflected the commissions paid in the cost of the sales of the lots. … [I]t is evident that the agreement, as reduced to writing, contained drafting errors of material importance …. ...

From 2002 to 2006, the U.S. s collected approximately US $5.4 billion in duties in relation to imports of Canadian softwood lumber products into the United States. Although a few – including Oroville – were U.S. companies, the vast majority of the importers of record who paid the duties were Canadian lumber producers. ... This can only be so if the application of the SLPECA to the Appellant is justified on the ground of territoriality. … Translated to the case at bar, the question is whether there is a "real and substantial link" between Canada and the activities giving rise Canada's claim for tax. ...

., 2015 ONSC 7189-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission stock option deduction was peripheral to the larger share sale transaction The general partner of an Ontario limited partnership (“Atria”) granted stock options on its Class C shares to 10 Atria executives. ... Respecting the second point, he stated (at para. 42) before quoting Performance Industries, 2002 SCC 19, at para. 31 that “rectification in cases of unilateral mistake is possible, but the requirements for invoking this doctrine are intentionally much, much narrower and thus more demanding.” ...

., 2002 DTC 7517, 2002 FCA 408-- summary under Cumulative Eligible Capital Summary Under Tax Topics- Income Tax Act- Section 14- Subsection 14(5)- Cumulative Eligible Capital cost of assets purchased with treasury shares was the agreed purchase price being the shares’ stated capital In connection with a privatization transaction and at a time that it was still owned by the federal Crown, the taxpayer purchased assets for a stipulated purchase price that was less than the price at which an arm's length purchaser had committed (pursuant to the same agreement under which the asset sale occurred) to purchase the common shares of the taxpayer. ...

., 2002 DTC 7517, 2002 FCA 408-- summary under Adjusted Cost Base Summary Under Tax Topics- Income Tax Act- Section 54- Adjusted Cost Base cost of assets acquired was the stated capital of the shares issued therefor, being the agreed transaction value In connection with a privatization transaction and at a time that it was still owned by the federal Crown, the taxpayer purchased assets for a stipulated purchase price that was less than the price at which an arm's length purchaser had committed (pursuant to the same agreement under which the asset sale occurred) to purchase the common shares of the taxpayer. ...

Citibank Canada, 2002 DTC 6876, 2002 FCA 128-- summary under Ordinary Meaning Summary Under Tax Topics- Statutory Interpretation- Ordinary Meaning phrase directed at sophisticated transctions should be given its commercial meaning The legislative history of the definition of term preferred share in s. 248(1) indicated that the provision applied to a specific and sophisticated segment of taxpayers, with the result that it was appropriate that the phrase "guarantee, security or similar indemnity or covenant" be interpreted in accordance with its more technical meaning derived from the laws that applied to commerce in general and public business companies in particular, rather than its ordinary dictionary meaning. Malone J.A. also stated (at p. 6881): "... as indicated in Bon-Secours, once ambiguity becomes an issue, the legislative provision should be given a strict or liberal interpretation depending on the purpose underlying the provision. ...