Search - consideration

.)-- summary under Paragraph 6(1)(a) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(1)- Paragraph 6(1)(a) A lump sum which an employee of a company received from the Department of Economic Development in consideration for giving up his rights under a redundancy scheme was found not to be "benefits and facilities of whatsoever nature" provided to him "by reason of his employment" for purposes of s. 154 of the Income and Corporation Taxes Act 1988. ... In addition, there was no benefit because "the money received was paid to him, by way of fair valuation, in consideration of his surrender of a right to receive a larger sum in the event of the contingency of redundancy occurring" (p. 406). ...

Remai, 2009 DTC 5188 [at at 6257], 2009 FCA 340-- summary under Subsection 245(4) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(4) no abuse in controlling funds established In order to make promissory notes that he had donated to a charitable foundation cease to be non-qualifying securities, the taxpayer arranged for the Foundation to sell those promissory notes to a corporation ("Sweet") owned as to 90% by his nephew, with Sweet issuing notes with identical terms to the Foundation as consideration for the purchase. In rejecting a submission of the Crown that the "non-qualifying security" provisions of the charitable gift rules were intended to prevent donors from claiming a charitable tax credit for the value of the gift when they still retain control of the funds from which the obligation would be satisfied (which was the case on the facts in this case), the Court noted (at para. 58) that nothing in the text of the provisions supported this purpose, and that the associated Budget statements instead referred only to loan-back situations, which was not the case in the transactions under consideration before the Court. ...

The Appellant claimed input tax credits ("ITCs") on its purchase of one such item of equipment (a boat) on the basis that some of the funding for the boat purchase came from the Nova Scotia government, and that such funding should be viewed as the consideration for a taxable supply of the boat to the government. The Minister denied the ITC claim on the basis that the boat instead was used in making exempt supplies for no consideration under Sched. ...

Blair J stated (at para. 32): Accordingly, their claims are for monies loaned to Confederation Life, plus an amount in excess of the monies advanced to reflect a consideration for the use of the monies advanced to the due date. Such a return, or consideration, is normally called "interest". ...

.)-- summary under Supply Summary Under Tax Topics- Excise Tax Act- Section 123- Subsection 123(1)- Supply In finding that a parent corporation was making a taxable supply of the services of its employees to its subsidiary, Slade L.J. stated (p. 5084): "If A agrees with B that B will perform certain services for A and that he will reimburse B for certain specified expenses which will be incurred by B in the performance of both services, the agreement to reimburse is, in my judgment, well capable of constituting sufficient consideration in law for those services. The bargain may be a bad one from B's point of view, but the courts do not enquire into the monetary adequacy of consideration." ...

This arrangement was characterized as a release by her of all her claims for an allowance in consideration for a single consideration (the mortgage for $45,000) rather than as an agreement for the payment by him to her of a periodic allowance for maintenance. ...

Expense- Contract or Option Cancellation The taxpayer, which had agreed to pay a royalty to an American company in consideration for the provision by the American company of technical knowledge and of plans on an on-going basis, was entitled to deduct a payment made by it in consideration for the cancellation of the agreement. ...

A week later, the action was settled by one of the trustees agreeing to pay him two lump sums in consideration for a release. ... The Appellant's father demanded and received consideration as provided in the form of the deed of release and disclaimer.... ...

Submissions made that full consideration was given in the form of the taxpayer's legal entitlement to be supported by her husband, and the use by her husband of a room in the home as an office, were inconsistent with the Yates decision. Furthermore, although the taxpayer performed household chores, these "were more in the nature of a donation rather than as consideration for the property transferred" [para. 26]. ...

.))-- summary under Subsection 153(1) Summary Under Tax Topics- Excise Tax Act- Section 153- Subsection 153(1) A theatre company which invited members of the public to sponsor a new seat in the theatre by paying £150, and which provided such subscribers with a personalized brass plaque displayed on the seat, an acknowledgement in its main foyer and a limited edition print by a Glagow artist, was liable to VAT on the total proceeds received pursuant to s. 10(2) of the Value Added Tax Act, 1983 (which provided that "if the supply is for a consideration in money its value shall be taken to be such amount as... is equal to the consideration"), notwithstanding evidence that the payments included an extremely large element of donation. ...