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Canada, 2023 FCA 91-- summary under Interpretation/Definition Provisions Summary Under Tax Topics- Statutory Interpretation- Interpretation/Definition Provisions deeming provision altered reality In connection with noting that BMO had treated an FX loss on shares not to be a loss from their disposition because the loss was deemed by s. 39(2) to be from the disposition of foreign currency, Webb JA noted that Novopharm had stated that a “deeming provision is a statutory fiction that replaces or modifies reality; it cannot be ignored” and then stated (at para. 40): The deeming provision in subsection 39(2) of the ITA in BMO altered reality by deeming the loss realized by the Bank of Montreal (of which there was only one loss in issue) to be a capital loss from the disposition of foreign currency. ...

Canada, 2001 FCA 159-- summary under Agency Summary Under Tax Topics- General Concepts- Agency taxable resupply (made as principal) of otherwise exempt insurance The appellant orally contracted for the services of owner-operators of trucks in connection with its freight transportation business, and provided them with the option of acquiring insurance, motor vehicle and motor carrier licences, as well as oil and fuel at discounted rates. ...

For property to be considered a tax shelter, there must have been statements or representations made in connection with that property, as described in para. ...

In rejecting a submission that the gains realized on donation did not qualify for exemption under s. 39(1)(a)(i.1) because the paintings were acquired on income account, Sexton J.A. found that properties purchased for the purpose of donation are, therefore, not acquired in connection with a 'scheme for profit-making'. ...

Canada, 2010 DTC 5172 [at at 7304], 2010 FCA 280-- summary under Sham Summary Under Tax Topics- General Concepts- Sham trust deed did not reflect the factual expectatons of the settler and trustee A purported Barbados trust that was used in connection with a tax plan to avoid Canadian capital gains tax on the disposition of shares of a corporation was found not to exist at the time of a purported sale of shares by the purported trust given that the settler never intended to lose control of the shares to the Barbados trustee, or of the money resulting from their sale, he did not sign the trust deed until after the sale of the shares to the third party, and the shares were not validly transferred to the trust (and, in fact, at the relevant time, they could not be so transferred because they were subject to the security interest of a third party). ...

Canada, 2014 FCA 289-- summary under Legal and other Professional Fees Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Legal and other Professional Fees fees incurred to preserve reputation and income-earning capacity were capital expenditures The taxpayer who was the CEO of an income trust and the holder, through a personal holding company of 8.1% of its units, and who provided consulting services through that or a related company, incurred $2.1 million in legal fees in connection with charges brought against him by the OSC (which ultimately were withdrawn) alleging that he and other senior employees had misstated the financial statements and a class action brought against various parties including the taxpayer, which ultimately was settled. ...

., 99 DTC 5358, [1999] 3 CTC 520 (FCA)-- summary under Subsection 93(1) Summary Under Tax Topics- Income Tax Act- Section 93- Subsection 93(1) s. 93 deeming a dividend in kind of a note to be a dividend received precluded a subsequent bad debt claim for the note In connection with the liquidation of a U.S. corporation owned by the two Canadian corporate taxpayers, they received promissory notes owing by another U.S. corporation and cash, and elected under s. 93(1) in respect to the distribution. ...

Guindon, 2013 DTC 5133 [at at 6117], 2013 FCA 153, aff'd supra-- summary under Section 11 Summary Under Tax Topics- Other Legislation/Constitution- Charter (Constitution Act, 1982)- Section 11 The taxpayer provided grossly negligent opinions on a charitable donation scheme (which unbeknownst to her was a scam) and signed charitable donation receipts in connection therewith. ...

Guindon, 2013 DTC 5133 [at at 6117], 2013 FCA 153, aff'd supra-- summary under Subsection 220(3.1) Summary Under Tax Topics- Income Tax Act- Section 220- Subsection 220(3.1) The taxpayer provided grossly negligent opinions on a charitable donation scheme (which unbeknownst to her was a scam) and signed charitable donation receipts in connection therewith. ...

., 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. ...