Search - consideration

Menzies exceeded the fair market value of any consideration tendered by Mrs. ... Menzies’ business and longstanding and sufficient consideration tendered by Mrs. ... This is not perfect, but remains cogent evidence of consideration tendered by Mrs. ...

I quote: Gift: “A voluntary transfer of personal property without consideration. A parting by owner with property without pecuniary consideration. A voluntary conveyance of land, or transfer of goods, from one person to another, made gratuitously, and not upon any consideration of blood or money.”’ ... The explanation follows that: “ Marriage settlements, no less than marriage articles, have always been treated as made for good consideration so that not only the spouses but also the issue of the marriage (as being without the ‘marriage consideration’) can enforce them”. ...

The Minister denied the property renovation expenses as constituting consideration, on the basis the expense documentation did not show they related to the property, nor did they show that the Appellant personally had paid the expenses. ... However, these adjustments were not enough to move the amount of consideration below the amount of tax outstanding in the 2005 year of the transfer, extended to the August 23, 2013 assessment date. ... I am not persuaded by the Appellant’s position now that the fair market value was actually less, inferring she was in error in making the said statement on December 8, 2005. [16]   Turning to the matter of consideration, in my view on the particular facts of this case, I would add the $22,353 of renovation expenses to the consideration figure as assessed by the Minister. ...

Then, if so, what criteria should dictate the apportionment between what is received by way of consideration and what is to be viewed as a gift? ... Zandstra, [1974] C.T.C. 503; 74 D.T.C. 6416, wherein the Court quoting from Black’s Law Dictionary (revised 4th edition) found that "gift" is defined as: a voluntary transfer of personal property without consideration and a parting by owner with property without perceiving consideration... and also referred to the Shorter Oxford Dictionary defining "giving" as:... a transfer of property in a thing, voluntary and without any valuable consideration... ... If a transfer of property is in return for valuable consideration received by the transferor from the transferee, it will not be a gift by the transferor. ...

The nature and character of the transfers were absolute vesting control in the appellant and without contractual consideration. ... The Appellant’s counsel put a good deal of emphasis on the argument that consideration was given for the transfer. But what was that consideration? Can it be said that the paying of household expenses is consideration for the transfers? ...

Was this consideration? If so, did the parties agree on the value of that assumption? ... The Respondent argues the consideration has simply been separated into two parts. ... Is the vendor receiving:   a)                  cash consideration for a dented car; or   b)                 greater consideration in the form of cash plus an assumption of the estimated cost of repairs?   ...

This section shows the GST being calculated at 6% of the calculated consideration. ... When a person sells property and services on a tax-included basis, the consideration for the supply is calculated by multiplying the tax-included consideration by the so-called consideration fraction. ... The consideration for the supply pursuant to the agreement of purchase and sale and the additional consideration is $213,104.34. ...

Act which states that: a share with par value shall not be issued except for a consideration at least equal to the par value thereof. ... Modern Canadian company law statutes usually permit the issuance of shares for a consideration payable in property. ... C.A.), where Lord Greene, M.R., delivering the judgment for the Court, said at page 638: Accordingly, when fully-paid shares are properly issued for a consideration other than cash, the consideration moving from the company must be at the least equal in value to the par value of the shares and must be based on an honest estimate by the directors of the value of the assets acquired. ...

The relevant provisions [31] Sections 23 and 123 of the Act read as follows:... 23.(1) [definition as added by S.C. 1990, c. 45, subs. 12(1)] "recipient", in respect of a supply, means the person who pays or agrees to pay consideration for the supply or, if no consideration is or is to be paid for the supply, the person to whom the supply is made; 123.(1) [definition as amended by S.C. 1993, c. 27, subs. 10(1), deemed to be in force on December 17, 1990] "recipient" of a supply of property or a service means (a) where consideration for the supply is payable under an agreement for the supply, the person who is liable under the agreement to pay that consideration, (b) where paragraph (a) does not apply and consideration is payable for the supply, the person who is liable to pay that consideration [italics added]... and any reference to a person to whom a supply is made shall be read as a reference to the recipient of the supply. ... Often it is the case that an agent pays consideration on behalf of a purchaser who is liable to pay. ... The documentary evidence has amply established that the appellant was legally obligated to pay the consideration for the supplies. ...

We must first determine the fair market value of the consideration paid by ZT22 for the two condos ...   [34]         The definition of “consideration” in subsection 123(1) of the ETA is more specific. ... The term “ consideration ” in paragraph 325(1)(a) of the ETA is qualified by the terms “ fair value ”. ...