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., 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. ...

There was evidence that the taxpayer's farming operations resulted in connections that enhanced the profitability of his law practice and that "his day to day life involved both, and the contacts he made in farming became valuable to his law practice". ...

In finding that this purchase by Sweet represented a purchase by a person with whom the Foundation dealt at arm's length for purposes of s.118.1(18), Evans, J.A. stated (at para. 48) that "the fact that it may seem that a transaction has been entered into largely as a favour by one party to the other does not necessarily mean that it cannot be at arm's length" and noted that while the taxpayer exercised a degree of influence over the nephew by virtue of their family relationship and business connections, Sweet was not entirely dependant on the taxpayer for its business, so that the Trial Judge did not commit any reversible error in this regard. ...

., 2004 DTC 6475, 2004 FCA 234-- summary under Subsection 248(10) Summary Under Tax Topics- Income Tax Act- Section 248- Subsection 248(10) a transaction with an independent purpose and existence nonetheless can form part of a common law series Normal course dividends paid by two public corporations (“CU” and “CUH”) which gave rise to a Part IV tax refund were considered part of the series of transactions that included s. 85(3) deemed to be received by CU and CUH in connection with a reorganization of another public company (“ATCOR”) and an acquisition by a third party (“Forest”) because, although they had an independent purpose and existence, they were part of the series of transactions that included such deemed dividends received by CU and CUH, and were appropriately assessed pursuant to s. 55(2). ...

The underwriting commissions constituted an "outlay or expense" under the definition that was paid for services rendered by the underwriter in connection with pricing, distributing and managing the public issue of its shares, rather than a discount, notwithstanding that there was a firm underwriting. ...

In connection with finding that the safe income of Newco was reduced by the amount of corporate income tax ultimately payable by it on its gain on the building sale, notwithstanding that at the time of sale, no income taxes had yet become payable, Webb JA first stated (at para. 39): I agree with … Deuce Holdings that it would only be logical that any arm’s length third party purchaser of shares would take into account any existing tax liability of the corporation, even though such liability may not be payable until a later date. ...

In connection with finding that the Tax Court lacked jurisdiction under s. 171 to reverse a Ministerial opinion that a requested s. 247(10) downward adjustment is inappropriate given that the jurisdiction accorded to the Tax Court under ITA s. 171(1) is only to vacate or vary an assessment or refer it back to the Minister, whereas a s. 247(10) opinion is not an assessment (although it will affect an assessment), he noted (at para. 74): Anchor Pointe … found that what is under appeal to the Tax Court is the product of the process of determining a taxpayer’s liability under the ITA and not the process itself. ...

Canada, 2022 FCA 115-- summary under Paragraph 250.1(a) Summary Under Tax Topics- Income Tax Act- Section 250.1- Paragraph 250.1(a) s. 250.1(a) did not supersede Oceanspan principle An individual with no connection to Canada paid significant tuition fees while in attendance at U.S. universities prior to 2012 then, on immigrating to Canada, claimed his “unused” tuition tax credits as a deduction from Canadian tax. ...

Canada (Attorney General), 2022 FCA 158-- summary under Subsection 266(2) Summary Under Tax Topics- Income Tax Act- Section 266- Subsection 266(2) FATCA information reporting requirements did not contravene s. 8 of the Charter Woods JA confirmed the rejection by the Federal Court of the position of two American citizens, who had had no significant connection with the U.S. since early childhood, that the information-reporting requirements in ITA Part XVIII (the “Impugned Provisions”) resulted in the unreasonable seizure of financial information belonging to U.S. persons in Canada, contrary to s. 8 of the Charter. ...

HIS MAJESTY THE KING, 2023 FCA 12-- summary under Negligence, Fiduciary Duty and Fault Summary Under Tax Topics- General Concepts- Negligence, Fiduciary Duty and Fault CRA investigation had not breached CRA's duty of care to the taxpayers After a criminal prosecution of the appellants, in connection with allegedly fraudulent SR&ED claims, was stayed, the appellants brought an action in the Federal Court against the Crown for damages based on multiple grounds including a negligent investigation by CRA of their claims (which were found by Barnes J in the Federal Court to have entailed their use of backdated documents). ...